Business Daily from THE HINDU group of publications
Thursday, Aug 24, 2006
Business Daily from THE HINDU group of publications Thursday, Aug 24, 2006 |
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Money & Banking
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Forex Internet-based forex service allowed Our Bureau
Mumbai , Aug. 23 The Reserve Bank of India has now allowed banks to offer Internet-based foreign exchange services. "On a review, it has been decided that banks may be permitted to offer Internet-based foreign exchange services for permitted underlying transactions, in addition to the local currency products already allowed to be offered on Internet-based platforms," said an RBI notification. According to the RBI, the services offered through Internet for banks' customers on an Internet-based platform for dealing in foreign exchange, should allow only reporting and initiation of foreign exchange related transactions. The actual trade transactions should be permitted only after verification of physical documents, said the notification. "With the click of a button, corporate clients will now be able to book deals with respect to their USD/Euro or GBP/Japanese Yen exposures. This was only possible until now for the USD/Indian Rupee exposures," said the treasury head at a private bank.
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