RBI Circular to shut down IT Startups and SMEs in India

RBI has released a circular that requires every exporter of software products or services to submit export invoices for certification to STPI (Software Technology Park of India), being the nodal designated agency irrespective of whatever value. This will enable multiple issues for IT and software startups in India. Basically, RBI wants to regulate and track incoming foreign exchange but that is quite well done as all payments coming in India are tracked anyway through bank. Read more

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