Srinagar: In what could come as a good news to J&K’s exporters, importers (EX-IMs) and non-resident Indian (NRI) designated professionals and businessmen, Reserve Bank of India (RBI) has launched a new portal that has opened a direct digital interface with RBI for seeking approvals under the Foreign Exchange Management Act (FEMA).
Pertinently, until now, all communication for FEMA approvals had to be routed through authorised dealer (AD) banks, which follow their own internal due diligence measures, often making the process complex and time-consuming. There could also be favouritism shown to bigger clients.
According to an RBI statement received by Ziraat Times, the new portal – PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) – could be accessed through any mobile platform in the form af app.
Foreign entities and Indian corporates that seek RBI approval for opening more than one bank account for branch offices in India; prepayment of external commercial borrowings to foreign lenders by Indian companies and remittance by Indian companies beyond stipulated limits for maintenance of foreign branches will also benefit from this latest move.
Other key benefits of the PRAVAAH portal include:
- Online Application: Enables online submission of applications for regulatory approvals.
- User Convenience: Designed to make the approval process more accessible and less cumbersome.
- Streamlined Process: Facilitates a more efficient approval and clearance process by the RBI.
- Centralized Access: Provides a single, secure platform for all regulatory application needs.
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