BUDGET
To simplify FDI invest rules to promote overseas rupee usage
This story was originally published at 15:28 IST on 23 July 2024
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NEW DELHI – Rules and regulations for foreign direct investment and overseas investments will be simplified to promote opportunities for using the Indian rupee as a currency for overseas investments, Finance Minister Nirmala Sitharaman said today.
The measure will also be taken to facilitate FDI flows and nudge prioritisation, Sitharaman said while presenting the Union Budget for 2024-25 (Apr-Mar) in the Lok Sabha. India recorded gross FDI inflow of $70.94 bln in the year ended March, lower than $71.36 bln in 2022-23.
The measure is seen as a step forward in the Reserve Bank of India and the government's broader plan for internationalisation of the Indian currency. In July 2022, the RBI had announced measures to increase the use of the rupee in foreign trade, allowing exports and imports between two trading partner countries to be invoiced and settled in rupee denomination and exchange rate. End
US$1 = 83.69 rupees
Reported by Pratiksha
Edited by Akul Nishant Akhoury
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