RBI allows utility bills, tax payments under inward remittance

Reserve Bank today allowed payments to utility service providers, tax payments, and EMI payments in India with a view to expand the scope of cross-border inward remittances.

Cross-border inward remittance is a Rupee Drawing Arrangement (RDA) were remittances are received in India through exchange houses situated in the Gulf, Hong Kong, Singapore and Malaysia (for Malaysia, only under Speed Remittance Procedure). 

The RBI said that payments to utility service providers in India, for services such as water supply, electricity supply, telephone (except for mobile top-ups), internet, television, tax payments and EMI payments in to Banks and Non-Banking Financial Companies (NBFCs) for loan repayment  would be allowed under RDA.

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