El RBI modificó el reglamento de la FEMA para fomentar el uso de la rupia india o de monedas nacionales en la liquidación de transacciones transfronterizas.

The Reserve Bank of India (“RBI”) is taking all the steps to encourage greater use of Indian Rupee (INR) for trade transactions. In July 2022, Special Rupee Vostro Account (SRVA) was introduced. Several foreign banks have since opened SRVAs with banks in India. RBI further signed a Memorandum of Understanding (MoU) with the central banks of the United Arab Emirates, Indonesia and Maldives, to encourage cross-border transactions in local currencies.

To promote cross-border transactions in INR and national currencies, FEMA Regulations were further reviewed by the RBI in consultation with the Central Government and amendments are made under the following FEMA regulations:

1. Foreign Exchange Management (Deposit) Regulations, 2016 (Deposit Regulations)
2. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 (FCA Regulations)

1 . Amendments related to Foreign Currency Account by Person resident in India

1. As per Regulation 5(C) of FCA Regulations, following exporters, resident in India, shall be allowed to open, hold and maintain a Foreign Currency Account with a bank outside India:
   1. Exporter who has undertaken a construction project or turnkey project outside India; or
   2. Who is exporting services or engineering goods from India on deferred payment terms

2. However, exporter is required to obtain approval under FEM (Export of Goods and Services) Regulations, 2025 for undertaking the contract/ project/ export of goods or services.

3. As per amended FCA Regulations, now all the exporters, resident in India, are allowed to open, hold and maintain a Foreign Currency Account with a bank outside India, for realisation of full export value and advance remittance towards export of goods or services.

‍Also Read: FEMA | Foreign Exchange Management Act

4. Funds in this account may be utilised by the exporter for paying for its imports into India. Balance in this account is to be repatriated into India by the end of the next month after adjusting for forward commitments.

5. Also, there is no requirement of prior approval under FEM (Export of goods and services) to open Foreign currency account.

2. Amendments in Deposit Regulations

2.1 Special Non Resident Rupee (SNRR) Account:

1. At per Regulation No. 5(4) of FEM (Deposit) Regulations,  Any person resident outside India (PROI) having a business interest in India may open, hold and maintain a SNRR Account with an authorised dealer in India.

2. SNRR Account permits the following transactions in Indian Rupees toa  person resident outside India:
   1. Trade (Export/Import) Invoicing;
   2. External Commercial Borrowings;
   3. Trade Credits etc.

3. Amended Deposit regulations have permitted the persons resident outside India to open SNRR Account with the foreign branches of Authorised dealer banks. Accordingly, PROI may open a SNRR Account in their home currency and can operate the same in INR. Home branches offer convenience and facilitate the coordination necessary for conducting daily transactions.

2.2 Transactions in SNRR Account

1. As per Schedule 4 of FEM (Deposit) Regulations, SNRR Account can be used to put through bona fide transactions in rupees. The business interest, apart from generic business interest, shall include the following INR transactions:
   1. Investments;
   2. Import/ Export of goods or services;
   3. Trade Credit and lending under ECBs; etc

2. Deposit regulations are amended to provide that SNRR Account (opened with AD in India or their branch outside India) can be used for permissible current and capital account transactions with a person resident in India by the rules and regulations framed under the Act and and for putting through any transaction with a person resident outside India.

3. Accordingly, now the use of SNRR Account is more liberalised to use for all permissible capital and current account transactions as compared to earlier provisions where SNRR could be used only for specified transactions.

2.3 Tenure of SNRR Account

1. As per Para No. 8 of Schedule 4 of FEM (Deposit) Regulations, The tenure of the SNRR account shall be earlier of the following period:
   1. tenure of the contract/period of operation / the business of the account holder;
   2. Period of 7 years

2. Sin embargo, mediante modificaciones, se ha eliminado el límite de tiempo de 7 años. En consecuencia, la cuenta SNRR seguirá siendo válida durante la vigencia del contrato o el periodo de actividad comercial.

2.4 Transferencia de fondos entre cuentas en rupias repatriables:

1. Según el párrafo n.º 5 del Anexo 4 del Reglamento FEM (Depósitos), los débitos y créditos en la cuenta SNRR deben ser específicos o incidentales a la actividad comercial que el titular de la cuenta se propone realizar.
2. Ahora, la modificación sobre depósitos establece que se permite la transferencia de fondos entre cuentas en rupias repatriables (como cuentas ordinarias de no residentes, cuentas externas de no residentes y cuentas SNRR) para todas las transacciones de buena fe, independientemente de si dichas transacciones son específicas o incidentales a las operaciones comerciales del titular de la cuenta.

3. Conclusión

Es evidente que el gobierno está tomando todas las medidas necesarias para facilitar las operaciones comerciales en la India a las personas residentes fuera del país, con el fin de promover las transacciones transfronterizas en rupias indias. Además, la libertad de abrir una cuenta bancaria en la sucursal principal del banco autorizado es una medida proactiva que facilita el acceso a las operaciones bancarias para los residentes fuera de la India. Asimismo, la eliminación del límite de duración de las cuentas SNRR también simplificará las operaciones para estos usuarios.