In a major move towards ease of doing business in India, the Reserve Bank of India – regulator responsible for the Foreign Exchange Control Regulations in India, have come up with an online portal called “PRAVAAH” ((Platform for Regulatory Application, Validation and AutHorisation). PRAVAAH is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approvals from the Reserve Bank of India.
Unlike previously the applications which were required to be routed through the AD Banks, now the applications can be directly made to the Reserve Bank of India. At present 60 applications forms covering different regulatory and supervisory departments of RBI have been made available on the portal.
From FEMA perspective, following applications can now be made online on the new PRAVAAH portal:
- Approval for Opening of Special Rupee Vostro Account
- Regulatory Approvals pertaining to LO or BO or PO in India
- Approval for Acquisition or Sale of Immovable Property
- Regulatory Approvals under FEMA – five R and FEMA ten R
- Approval for Bank Guarantees beyond limit available to AD Banks
- ECB proposals under Approval route
- Compounding application
We have prepared a detailed note on the same.