The NPCI Bharat BillPay Limited (NBBL) on August 06, 2024, issued a circular regarding the expansion of the Scope for Cross Border Transactions on BBPS.
The following has been stated: -
•RBI has expanded the approval for cross-border transactions to permit all personal inward and outward non-trade bills of current account nature routed through any authorized payment system, subject to adherence to applicable rules/regulations/guidelines under the Foreign Exchange Management Act (FEMA) and RBI’s Master Direction-Know Your Customer (KYC) Direction, 2016 dated February 25, 2016.
•The BBPS is live with cross-border transactions for foreign inward remittances. Given the approval, BBPS shall extend cross-border transactions to foreign outward remittances, under applicable rules/regulations/guidelines.
[Circular No. NPCI/2024-25/BBPS/004]
