Financial Daily from THE HINDU group of publications
Saturday, Sep 06, 2003
Financial Daily from THE HINDU group of publications Saturday, Sep 06, 2003 |
|
|
|
|
|
Money & Banking
-
Forex No more FERA hangovers: Jalan Our Bureau
Mumbai , Sept. 5 THE rupee should become as good a currency as the dollar or the yen and India should be the strongest in external sector, was the parting shot from the Reserve Bank Governor, Dr Bimal Jalan. Dr Jalan who will demit from his office on September 6, has stated that foreign exchange was now not a constraint at all. Strong external position of the country has many dimensions. It gave a sense of security and confidence to the entire country, he said when addressing authorised dealers and chiefs of international banking divisions of various banks in Mumbai. According to a press release from the apex bank, he said, this was achieved through sheer professionalism and collectivity in decision-making at the RBI. He urged bankers and policy makers to get out of the hangover of FERA (Foreign Exchange Regulation Act). "While accountability is necessary, it is not necessary to mistrust Indians," he said and added that bankers should implement the `know your customer' principle while entering into transactions but should always give the benefit of doubt to the customer.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|