tagged w/ Reserve Bank of India
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Reserve Bank of India on Monday opined against setting up a separate entity -- debt management office -- to manage the sovereign debt of the government, saying only the central bank has the requisite expertise to manage market volatility.Reserve Bank of India on Monday opined against setting up a separate entity -- debt... more
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Bank of India has become the first Indian bank to offer trade settlement facility between the rupee and the Chinese RMB from Hong Kong. This follows intense persuasion by the China Banking Regulatory Commission, which is trying to gain acceptance of the RMB as an international currency.
"We are the first Indian bank to offer real-time settlement facility in RMB to Indian exporters and importers. It will be save a lot of time because settlement in US dollars usually takes three working days," Arun Kumar Arora, BoI's chief executive in Hong Kong, said during a recent visit to meeting regulators in Beijing.
Indian buyers are at present making payments in US dollars, and they often have to convert rupee into the US currency for the purpose. The US dollars will no more be the intermediary currency as the BOI is offering direct settlement between the rupee and the Chinese money.
Chinese exporters want their money in the local currency, which is regarded as more stable compared to the US dollar. They are also in a position to have their way because Indian buyers do not have an alternative source of low-cost goods, sources said.
The process has been facilitated by a recent memorandum of understanding signed between the Reserve Bank of India and the CBRC to enhance banking relationship between the two giant neighbors....
Continued at:
http://timesofindia.indiatimes.com/world/china/Bank-of-India-becomes-first-to-offer-trade-settlement-in-yuan/articleshow/7565143.cmsBank of India has become the first Indian bank to offer trade settlement facility... more
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Dagum
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added this
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1 year ago
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Prime Minister Manmohan Singh today said the Reserve Bank should look into Islamic banking practices in Malaysia, amid pressure on the central bank to introduce such a system in India."There have been from time to time demands for experimenting (with) Islamic banking. I would certainly recommend to RBI, which is looking into the question, to look at what is happening in Malaysia in this regard". http://www.indiareport.com/India-usa-uk-news/latest-news/924708/International/2/20/2Prime Minister Manmohan Singh today said the Reserve Bank should look into Islamic... more
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Reserve Bank of India is paying close attention on PayPal. Few week back, Indian financial regulator RBI enquired PayPal about their cross-border merchant transactions and due to that PayPal suspended their service of withdrawing funds to Indian local banks. Although PayPal got relief from Indian financial regulator and withdrawn from the suspension and resumed the service again since March 3rd, but imposed new rule for Indian PayPal users. This time onwards whenever you will withdraw money to your Indian bank, you have to select “Purpose Code” of your withdrawal. As per PayPal blog quote:
This information is required under the laws of India in order to identify the nature of cross-border merchant transactions.
So, “Purpose Code” is not at all the only requirement for Indian PayPal users, you have to furnish your PAN number too to update your account information once at the time of your log-in to PayPal.Reserve Bank of India is paying close attention on PayPal. Few week back, Indian... more
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