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India central bank liberalises FX rules to promote cross-border trade - REUTERS
MUMBAI, Jan 16 (Reuters) - To encourage the use of the rupee and other currencies to settle cross-border transactions, India's central bank took steps to further liberalise regulations under the foreign exchange management act, it said in a release on Thursday.
Indian exporters will now be able to open accounts in any foreign currency overseas to settle trade transactions, including receiving export proceeds, and use these proceeds to pay for imports, the Reserve Bank of India said.
