RBI launches helpline to guide startups on forex matters

The Reserve Bank has said it has created a dedicated helpline to assist start-ups undertaking cross-border transactions.

"While seeking guidance, the enterprises should provide complete information to the RBI and mention the specific issues on which they need guidance from the RBI in relation to the Foreign Exchange Management regulations," the central bank said in a statement.

This would enable the personnel attending the helpline to offer timely and effective information, it said. Start-up enterprises usually undertake a wide range of cross-border transactions including those related to investment, it said.

Cross-border transactions of resident are subject to the regulatory regime provided by the Foreign Exchange Management Act, 1999, it said.