Taking forward the India’s efforts reforming business, Reserve Bank of India is all set to launch a dedicated helpline number that will help startups and freelancers understand Forex matters better. The RBI issued a notification providing details of the hotline and its usage.
In recent past, more than 100 startups have been fined and succumbed to death because of erratic laws and unclear notions. The Central Government is on a reforming spree and aims to help startups and established business houses make better use of opportunity at the hand.
Standing forex matters intricately will prevail a sense of confidence among entrepreneurs and they will be able to take wise decisions under extreme conditions. The helpline aims to help entrepreneurs at all hours of the day. This helpline is going to be the milestone in reforming business practices. Government will be able to help entrepreneurs and act as a catalyst in their growth.
“While seeking guidance, the enterprises should provide complete information to the RBI and mention the specific issues on which they need guidance from the RBI in relation to the Foreign Exchange Management regulations,” the central bank said in a statement.
Sharing information with the designated officers on the other hand of the helpline will help enterprises seek specific details at the specific period of time. This two-way communication system will promote ease of doing business and will also help entrepreneurs understand the unclear laws better.
India is on its way to becoming the second largest startup community in the world. With over 3100 startups in the country, India is very close to beat UK(around 6000 startups) but it is going to take a lot of effort to beat US, which has 50,000 startups. The steps taken so far by the central and varied other state governments ensures that we as a community are moving in the right direction with right set of reforms. Sooner or later, all the changed policies will start working in the favor of startups and a better world will emerge.