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- Автор : Dik
- 16.10.2019
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Forex trading in india rbi guidelines on liquidity
Money markets may continue to grapple with a shortage of funds for the next few days. So far, the RBI has drained Rs 2. Why the drop? The RBI has been selling dollars from its reserves to prevent the fall of the rupee due to hardening interest rates in the US and globally. When the RBI sells US dollars in the spot market, it sucks out rupee liquidity from the banking system.
The RBI has been taking out Rs 35, to Rs 37, crore per week for the last three weeks through its forex interventions. India's foreign exchange reserves fell to their lowest in over 20 months as the central bank stepped up its intervention to protect the rupee from tumbling past 80 a dollar.
The country's foreign exchange reserves declined by USD 7. In the previous week ended July 8, the reserves shrunk by USD 8. It should have a minimum net worth of INR 5 billion. The net non-performing assets NPAs of the bank should not exceed six percent, during previous four quarters. The bank should have made profit in the preceding two years. It should have sound internal control systems and must not have any major regulatory and supervisory concerns.
How can the eligible bank apply for Authorized Dealer Category I license? The eligible small finance banks can approach the Foreign Exchange Department, Central Office, RBI with their applications along with the supporting documents with regard to their eligibility and other documents as required. What are the documents required to be furnished along with the application for Authorized Dealer Category I license? What are small finance banks? A small finance bank is a bank registered as a public limited company under the Companies Act, They are set up primarily for furthering financial inclusion by: Provision of savings vehicles primarily to unserved and underserved sections of the population.
Supply of credit to small business units, small and marginal farmers, micro and small industries, and other unorganised sector entities, through high technology-low cost operations. These small finance banks will be given scheduled bank status immediately upon commencement of operations. Scope of activities undertaken by small finance banks The primary responsibility of a small finance bank is to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections.
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Other electronic payment wallets such as PayPal, Skrill, Neteller should not be confused as approved money exchangers. However, you can use them for making international payments against invoices raised by international businesses for rendering services or sale proceeds.
The RBI also asks to share the reason for international transfers. Therefore, you need to submit the following documents to the money exchanger or the relevant bank to proceed with foreign transactions. In compliance with international laws on anti-money laundering activities, all financial institutions and intermediaries entrusted with public money need to follow the KYC process.
Depending upon the purpose of remittance, submission of different documents might be required. Generally, the following documents might be sufficient to prove your identity. However, you can be asked to submit additional documents as well. International funds transfer to an online broker for forex trading is also banned under the LRS.
Learn more on here and here. Capital account remittances to countries marked as non-cooperative jurisdictions are also not allowed under LRS. Funds transfer to terrorist oriented entities is also prohibited as per LRS. However, one of the main purposes is when they plan to travel abroad. Let me quickly explain the RBI guidelines for foreign exchange transactions needed for international travel.
However, the available limit to buy foreign currency is not separate from the limit applicable to foreign transactions. RBI added, "While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz.
The central bank has also mentioned that the persons undertaking forex transactions for purposes other than those permitted under the FEMA or on trading platforms unauthorised by the RBI will be liable for legal action under FEMA. Finally, some regulations on forex trading Forex trading apps have been going mainstream in India. OctaFX, along with other forex trading apps, has been promoting itself in social media, Youtube, TV and print ads for some time now. And especially with crypto hype going down, these apps, with their get-rich-quick schemes have bumped up on the advertisements and YouTube video collaborations.
It has also to be noted that some of these apps have been subject to data leaks too. But these platforms have been operating by not following the legal requirements in India, and RBI has called them out and has issued a warning for these apps by putting them on Alert List.
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