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Good going RBI


Good going RBI

Last updated: April 26 2007
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  • Good going RBI

    More than 50 senior officials from various banks participated in the workshop on "Foreign Exchange Management Act, organised by the Reserve Bank of India at Tirunelveli.

    The objective of the workshop was to sensitise senior bankers from Tirunelveli, Tuticorin and Kanyakumari districts in the backdrop of globalisation, official sources said.

    Similar workshops would be organised in Chennai, Coimbatore, Salem, Tirupur and Madurai every year to update the bankers' awareness about forex business.

    As per RBI Regional Director, F R Joseph, the foreign exchange transactions have been made easy with less restrictions and hence bankers of authorised dealer branches should offer the best possible service to the customers by completely understanding the features of FEMA.

    RBI has authorised 450 of the 4,000 odd branches of various banks in the state to transact forex business and the banks were free to increase this number according to their convenience. The hawala transactions had come down after the procedures were simplified by the bank.
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