Startup

Another helping hand for Startups in India; RBI sets up a dedicated helpline to address forex issues

Indian Business Blog featuring on Business, Technology and Education
Written by Harshad Patankar

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.

  1. Google Accelerator helping for Indian Startups and
  2. CI to help Indian and US startups

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.

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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,”

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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 helpstartup@rbi.org.in.

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.

 

About the author

Harshad Patankar

My name is Harshad Patankar and I am the chief blogger at BumbleBeeHub Blog and where I like to share my internet/tech experience along with some fascinating updates around the Business, Technology, Education and Government sectos with my online readers on this website. You can read more about me at my About Page. You can follow me on Twitter, Facebook & Google