RBI expands scope of SNRR account; permits opening of SNRR a/c for ECB, Trade credits, Trade invoici

With a view to promote usage of INR products by persons resident outside India, the RBI in consultation with Govt. has decided to expand the scope of Special Non-Resident Rupee Account (SNRR) by permitting the person resident outside India to open such account for 1. ECBS 2. Trade Credits in INR, 3. Trade (export/Import) invoicing in INR 4. Business related transactions outside IFSC by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap

from taxmann.com News https://ift.tt/2Of5KGk