Growth in Helping hands for Indian Startups
Indian start ups are encouraged to start a new business and help the nation in the #MakeInIndia movement. This week we have seen two major updates for helping the start ups in India and create new business opportunities in India.
The RBI Initiative
Now The Reserve Bank of India (RBI) move forward towards helping the startups and has set up an helpline. This helpline would offer guidance and assistance for undertaking cross-border transactions within the ambit of the regulatory framework.
How to get help from RBI for Foreign Exchange Management
As per the official notification RBI said that Enterprises should provide complete information to RBI and mention the specific issues on which they need guidance; while seeking guidance. RBI will provide guidance in relation to the Foreign Exchange Management regulations.
This would enable the personnel attending the helpline to offer timely and effective information,”
RBI said that startups do a lot of cross border transactions especially when it comes to matters related to investment. Note that while the RBI calls it a helpline, it is an email only service. Companies can send their queries to firstname.lastname@example.org.
In India, all cross-border transactions are regulated by the Foreign Exchange Management Act, 1999.
Earlier this month RBI have mandated with its NFS enabled banks to enable customers to register by internet banking.