To popularise cross-border transactions in Indian rupee, the Reserve Bank has enhanced the scope of 'Special Non-resident Rupee' (SNRR) by allowing persons residing outside India to open such accounts for purposes like external commercial borrowing and trade credit in INR.
The RBI, in a notification on Friday, said: "With a view to promote the usage of INR products by persons resident outside India, it has been decided, in consultation with the Government of India, to expand the scope of SNRR Account by permitting person resident outside India to open such account for external commercial borrowings in INR; trade credits in INR..."
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The RBI, in a notification on Friday, said: "With a view to promote the usage of INR products by persons resident outside India, it has been decided, in consultation with the Government of India, to expand the scope of SNRR Account by permitting person resident outside India to open such account for external commercial borrowings in INR; trade credits in INR..."
Read full report here
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