The RBI has set up a dedicated helpline for advice on cross-Border remittances, which are subject to guidelines issued under the foreign exchange management.
An email ID is actually a helpline (firstname.lastname@example.org), through which RBI will respond to queries. The central bank said that, it will offer guidance/assistance to them for undertaking cross-border transactions within the ℅ambit of the regulatory framework.
“While seeking guidance, the enterprise should provide complete information to the RBI and mention the specific issues on which they need guidance in relation to the foreign exchange management regulations.
This would enable the personnel attending the helpline to offer timely and effective information.”
Prime Minister, Narendra Modi had already announced in his Independence Day speech, that government would take measure to promote startups in country. One of the issues raised was the cumbersome process in complying with the foreign exchange management act.