The Reserve Bank of India (RBI) on Thursday, the 11th day of February, 2016 has issued circular RBI/2015-16/318 A.P. (DIR Series) Circular No. 51 to the Authorised Dealer Category – I Banks, Pursuant to paragraph 14 of the Sixth Bi-Monthly Monetary Policy Statement for 2015-16 RBI_Press Release_Sixth Bi-monthly Monetary Policy Statement, 2015-16_02.02.16, RBI vide Press Release dated February 2, 2016, had announced that in case of start-ups, to facilitate ease of doing business, certain permissible transactions under the existing regime shall be clarified. One of the issues relate to the start-ups accepting payment on behalf of overseas subsidiaries.
The said circular cane be accessed at the following link:RBI 2015-16_318_A.P. (DIR Series) Circular No. 51_Regulatory relaxations for start ups Clarifications relating to acceptance of payments_11.02.2016