PRAVAAH PORTAL
Pravaah portal is launched by RBI in order to stream line the process of obtaining approvals under FEMA. The portal is set to revolutionize the approval process, offering a faster and streamlines solution to FEMA related issues. The portal allows direct digital communication between the applicant and the RBI by passing the need for intermediary like Authorized Dealers. The Indian corporates as well as Non resident India can utilize the services to have direct issues placed before RBI through the portal. The following facilites may be available from the portal
- Approval to corporates for multiple account opening
- Payment of external commercial borrowing
- Remittance to maintain foreign branches
- Foreign companies can seek approval to expand branch activities in India
- NRIs can apply for sale of agriculture land
- Approval for remittance to NRIs for amount exceeding USD 1 million..
- NRIs can apply for approval to receive gifts of immovable properties from relatives in India
- Approval for credit sale proceeds from sale of more than two housing properties into their non resident external accounts.
