In a desperate bid to save the rupee from falling further, the Reserve Bank of India has asked banks to close accounts of customers undertaking online forex transactions
GN Bureau | September 19, 2013
Those undertaking forex trading transactions using debit/credit cards, beware! The Reserve Bank of India has directed banks to close accounts of customers undertaking such transactions that have been banned.
In a notification issued on Wednesday, the RBI has asked banks to block the card or account of any customer making such transactions and has also warned banks against inaction.
“If it is observed that a bank has failed to carry out the measures as outlined above, Reserve Bank of India may proceed against the defaulting bank and take any action as may be deemed necessary,” the notification stated.
The regulator has said that customers continue to undertake online trading in foreign exchange on different portals offering such schemes wherein they make payments from their Indian bank accounts to foreign entities and in turn receive cash refunds from them.
Most of these transactions on portals are done on margin basis with huge leverage or on an investment basis, where returns depend on forex trading.
The apex bank has been trying to curb the offshore rupee market after the rupee hit new lows ove the last couple of months. Banks have been instructed to cut down on overnight positions. In addition, the apex bank has slashed the limit for remittances made by residents from $200,000 to $75,000 per year.
India’s climate actions cut across various sectors and are being implemented through various programs and schemes of different union ministries, departments and state/ union territory governments. The government of India through concerned ministries and departments organises workshops, exhibiti
In a judgment with far-reaching implications, the Supreme Court has held that the civil consequences of an account being declared as fraud under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016 or its Master Directions on Fraud amount to ci
The Dehradun-based Forest Survey of India (FSI), an organization under the Ministry of Environment, Forests and Climate Change, carries out the assessment of forest cover biennially since 1987 and the findings are published in the India State of Forest Report (ISFR). As per the latest ISFR 2021, there is a
While the average growth of energy requirement in the country for 2023-24 viz-a-viz 2022-23 has been estimated as 4.9%, the months of April and May have been projected as high demand period. During the current year, the peak demand is expected to be around 229 GW during the summer period. The government ha
As the UN has declared 2023 as the International Year of Millets, the Indian Army has steered introduction of millets flour in the rations of soldiers. This landmark decision will ensure troops are supplied with native and traditional grains after over half a century, when these were discontinued in favour
When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This currency is the liability of a commercial bank. There is also cryptocurrency, a digital medium of exchange issu