The Reserve Bank of India (RBI) in circular No. 51 on 11 February stated the following with respect to startups accepting payments on behalf of subsidiaries:
- A startup in India with an overseas subsidiary is permitted to open a foreign currency account abroad to pool the foreign exchange earnings out of the exports/sales the subsidiary has made;
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.