Finance Ministry Simplifies Rules for Foreign Investments with New 2024 Regulations
The Ministry of Finance has introduced the Foreign Exchange (Compounding Proceedings) Rules 2024 to make foreign investments easier. The new rules aim to streamline existing regulations, promote ease of doing business, and introduce digital payment options for application fees and penalties.
- Country:
- India
New Delhi: The Ministry of Finance has unveiled the Foreign Exchange (Compounding Proceedings) Rules 2024, aiming to simplify the landscape of foreign investments. This move is part of a broader initiative to streamline regulations and enhance the ease of doing business in the country.
The ministry declared in a statement that these new rules will replace the existing Foreign Exchange (Compounding Proceedings) Rules, 2000. The comprehensive review was conducted in consultation with the Reserve Bank of India to rationalise the regulations further.
The revised rules are expected to expedite the processing of compounding applications, with the ministry focusing on digital payment options for application fees and penalties. The government's commitment to promoting 'ease of investment' and facilitating smoother business operations is evident in these amendments. Union Finance Minister Nirmala Sitharaman has also stressed prioritising foreign investments and simplifying the rules for FDI and overseas investments to boost economic growth.
(With inputs from agencies.)
ALSO READ
Domestic Savings to Drive India's Future Economic Growth: RBI Deputy Governor
Paysharp Joins India’s Payment System with RBI Authorization
India's FDI Surges 47.8% to $16.17 Billion in Q1 Fiscal
AU Small Finance Bank Seeks Universal Bank Licence Approval from RBI
With monsoon progressing well and healthy Kharif sowing, food inflation outlook could become more favourable: RBI Guv Das.
Google News