1. How will the Customer know whether the Registration has been approved or rejected by the Relationship Bank?
Answer: The Customer will receive an email on his registered email id on approval or rejection by the Relationship bank. The customer can also check the status of the registration using the link sent to
the email id.
Continue reading FX-Retail Platform – FAQ
In earlier article “Forex Trading Platform – FX-Retail” we discussed about basic features of the FX-Retail platform.
This article further dives into the terms and conditions applicable while dealing on FX-Retail.
Continue reading FX-Retail Platform: Terms and Conditions
What is FX-Retail ?
RBI was getting issue of transparent and fair pricing in the retail forex market in various fora and public interactions. In 2017 RBI issued “Discussion paper on foreign exchange trading platform for retail participants” and based on the feedback received a web based trading platform was developed by Clearcorp which is called FX-Retail.
Continue reading Forex Trading Platform “FX-Retail” from CCIL & RBI
Forward contract being an agreement to exchange currencies at a future date, it is likely that sometimes the customer may be unable to adhere to the contracted delivery schedule or the underlying transaction may itself get modified or cancelled. The importer/exporter may, therefore, in these cases request for
- Early delivery
Continue reading Guidelines on Early Delivery, Extension & Cancellation of Forward Contract
What is Exchange Rate?
Exchange rate is a rate at which one currency can be exchanged into another currency. In other words, it is the value of one currency in terms of another. Say:
USD 1 = INR 70
Continue reading Basics of Exchange Rate
What is Legal Entity Identifier (LEI) ?
The LEI is a 20-digit, alpha-numeric code that identifies legal entities participating in financial transactions. Each LEI is unique and contains reference information that enables simple and quick identification of an entity. As an international standard (based on ISO 17442), all LEI information is openly published and accessible to all.
Continue reading Legal Entity Identifier (LEI) Number
Currency fluctuation is one of the factor effecting Buyers Credit.
From 62 Level starting 2015, USD INR moved to 68 levels and since then has come back to 64 levels in 2017. This article explores impact of stronger rupee on importers who have availed buyers credit.
Continue reading Stronger Rupee Impact on Buyers Credit
Of late few banks have started asking their clients to compulsorily book forwards against their buyers credit exposure (existing as well new transactions). This change is because of earlier and current directives given by Reserve Bank of India (RBI). Summary of which is given below:
Continue reading Banks Insisting of Forward Booking for Buyers Credit Exposure
RBI via circular dated 28/12/2010 revised the extant guidelines on OTC (Over the Counter) Foreign Exchange Derivatives and which became effective from 1st February 2011. Below is the extract of the guidelines related to importers and exporters.
Continue reading Comprehensive Guidelines on Foreign Exchange Derivatives
RBI via circular dated 15/12/2011 made changes in Foreign Exchange Derivative Contacts with immediate effect until further review. Below is the extract of the same related to importers and exporters.
Continue reading Recent Changes to India’s Currency Forward Contract Norms for Hedging