FX retail: Now Foreign Exchange retail trading platform for retail customers of banks

The Reserve Bank of India, on Thursday (June 20, 2019), communicated that the electronic trading platform for buying/selling foreign exchange (FX-Retail) by retail customers (individuals, MSMEs) of banks is ready for rollout. The FX-Retail platform can be accessed by retail customers of a bank (through the websitehttps://www.fxretail.co.in), who has a need to purchase or sell…

Foreign exchange remittance limit available to residents

Section 2(j) of FEMA states that ‘Current Account Transaction’ means a transaction other than a capital account transaction. Non-trade current account transaction refers to   transactions not related to foreign trade transactions (such as exports and imports of goods and services of a country). Effective 1 June 2015, under the Liberalised Remittance Scheme (LRS) made available…