Foreign Exchange Management Act: GK, Current Affairs, Questions, Trivia and News

Banking Reforms during Liberalization

The economic liberalization in India refers to the economic liberalization of the country’s economic policies, initiated in 1991 with the goal of making the economy more market-oriented and service-oriented, and expanding the role of private and foreign investment. The basic aim of liberalization was to put an end to those restrictions which became hindrances in ..

RBI permits Reinsurance brokers to open Foreign Currency accounts

RBI has permitted Reinsurance brokers to open non interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued notification and then RBI issued Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 – Opening of Foreign Currency Accounts by ..

RBI imposes penalty on 5 foreign banks for violating FEMA rules

The Reserve Bank of India (RBI) has slapped a fine on five foreign banks, namely, Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland for violating reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). Germany’s Deutsche Bank has been imposed a fine of Rs ..