Indian cos to bid for foreign projects without Centre's nod

MUMBAI: To boost Indian Inc's participation in global bidding, the Reserve Bank has exempted corporates from seeking prior permission of the central government for international competitive bidding (ICB) in forex.

"Persons resident in India are now permitted to incur liability in forex and to make or receive payments in forex in respect of global bids for projects to be executed in India without insisting on prior approval of the concerned Administrative Ministry for the International Competitive Bidding," the banking regulator said in a notification.

Earlier, residents could bid in foreign currency for projects to be executed in the country only after the approval of the concerned ministry.

The RBI has simplified the procedure by allowing them to incur liability in forex without the prior approval of the government.