Business Daily from THE HINDU group of publications
Sunday, Jun 10, 2007
ePaper
Business Daily from THE HINDU group of publications Sunday, Jun 10, 2007 ePaper |
|
|
|
|
|
|
|
Industry & Economy
-
Foreign Trade Money & Banking - Financial Services Panel proposes fine-tuning of banking data under GATS Our Bureau
"Cross-border trade in banking services may be compiled based on Foreign Exchange Transactions Electronic Reporting System."
Our Bureau Mumbai June 9 Foreign banks with presence in India and Indian banks with overseas operations may have to categorise their income from banking services (such as loans, deposits, payment services, among others) into income paid by "residents" and "non-residents". This is one of the suggestions made by a technical group set up by the RBI to "finetune" the data (for statistical purposes) on international trade in banking services for negotiations under General Agreement on Trade in Services (GATS).
Feedback to survey
According to feedback on a pilot survey done by the technical group, foreign banks were of the opinion that data on various services can be compiled from their General Ledger (GL). These services could be account management, lending, cash management and payments, credit card, custodial, advisory, derivative services, mortgage, foreign exchange and trade finance services. The RBI has reasoned that liberalisation of international trade in financial services is one of the important aspects of negotiations on trade in services as a part of the GATS, which mainly depends on the multilateral negotiations with WTO members. "In order to have meaningful negotiations under GATS, especially under the financial sector, the availability of comparable data at the international level is a prerequisite," said an RBI press release. The technical group's report said, "Cross-border trade in banking services may be compiled based on FETERS (Foreign Exchange Transactions Electronic Reporting System)."
FATS statistics
The group has further suggested that FATS (Foreign Affiliates Trade in Services) statistics, on an aggregate level, with country-wise break up, can be collected and compiled based on data available on various Off Site Monitoring and Surveillance Returns.
More Stories on : Foreign Trade | Financial Services | Overseas Investments
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, 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
|