RBI ‘Rationalises’ FEMA Norms to Improve Ease of Doing Business

With an aim to promote ease of doing business, the Reserve Bank on Thursday came out with nine updated regulations under the Foreign Exchange Management Act (FEMA), 1999.

Consequently, RBI said, respective original notifications and subsequent amendments stand repealed.

“Keeping in view the objective of promoting ease of doing business, a need was felt to consolidate the regulations and rationalise them in light of evolving business environment and changing practices in cross-border transactions relating to external trade and payments,” RBI said.

For easy identification, revised regulations will carry same numbers as the old ones with a suffix ‘(R)’, along with the year in which these are published.

Source: NDTV