The Reserve Bank of India has allowed foreign inward remittances received under the rupee drawing arrangement to be done through the Bharat Bill Payment System.
These remittances are transferred to the know-your-customer compliant bank account of the biller.
In 2014, the central bank had released a circular that allowed foreign inward remittances received under rupee drawing arrangement to be transferred to the know-your-customer compliant beneficiary bank accounts through electronic mode, such as, National Electronic Funds Transfer, immediate payment service.
In the RBI’s August monetary policy, Governor Shaktikanta Das announced that the Bharat Bill Payment System will be enabled to accept cross-border inward payments.
