RBI liberalises exchange control procedures

INDIA - The Reserve Bank of India on Wednesday said banks authorised to deal in foreign exchange may permit importers in India to avail short-term credit for periods less than three years and amount not in excess of $20 million per import transaction without prior approval from the RBI.

The procedure has been amended with a view to simplifying and streamlining the procedures for imports in to India, the apex bank said in a release, the Economic Times in India reported.

The RBI would continue to

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