The Reserve Bank of India has expanded the governance options for Authorised Dealers approving internal guidelines on outward foreign exchange remittances based on online or physical Form A2 submissions. Authorised Dealer Category I banks and Category II entities may now obtain approval from their board or a board or management committee with delegated powers. The change revises the 2024 requirement for board approval of these guidelines. All other instructions issued in July 2024 remain unchanged.
Reserve Bank of India allows delegated committees to approve outward remittance guidelines
The Reserve Bank of India will allow Authorised Dealers to have internal outward remittance guidelines approved by their board or a duly delegated board or management committee. All other instructions issued in July 2024 remain unchanged.