To popularize cross border transactions in indian rupee, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has enhanced the scope of 'Special Non-resident Rupee' (SNRR) by allowing persons residing outside india to open such accounts for purposes like external commercial borrowing and trade credit in indian rupee. The bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi, in a notification said "With a view to promote the usage of INR products by persons resident outside india, it has been decided, in consultation with the government of india, to expand the scope of SNRR Account by permitting person resident outside india to open such account for external commercial borrowings in INR; trade credits in INR".
Other purposes for allowing such a move is for export or import invoicing and business related transactions outside international Financial service Centre, all in INR.
The notification said "Apart from Non-Resident Ordinary (NRO) Account, permit credit of amount due or payable to non-resident nominee from account of a deceased account holder to Non-Resident External (NRE) Account or direct remittance outside india through normal banking channels".
