India may let foreign investors raise capital in rupees to invest overseas, source says

India is considering allowing certain foreign investors to raise capital in rupees for investments in select countries, aiming to boost the global use of the Indian currency. This comes after Finance Minister Nirmala Sitharaman's July announcement to simplify foreign direct investment and overseas investment rules. The move targets nations of strategic interest to India, enabling capital raising in rupees. Legislative amendments to the Foreign Exchange Management Act will be required for implementation. Recently, India introduced changes to simplify cross-border share swaps to aid Indian businesses in their global expansion efforts.