Marshall Islands to become world’s first country to issue digital legal tender “Sovereign”

The Republic of the Marshall Islands (RMI) will become the first sovereign nation to issue a cryptocurrency that will be legal tender. The new currency is called “Sovereign” with the symbol “SOV”. The SOV will be distributed to the public ..

RBI raises currency derivative trade limit to how much amount for residents and foreign portfolio investors

The Reserve Bank of India (RBI) has raised exposure limit under Exchange Traded Currency Derivatives (ETCD) trading for residents and foreign portfolio investors (FPIs) to $100 million across all currency pairs involving the Indian rupee. The RBI’s decision to raise ..

Renminbi, Rupee included in ADB’s TFP

Noticing the expanding influence of the economies of China and India among the Asian economies, the Asian Development Bank (ADB) decided to encourage and support deals denominated in their local currencies under its Trade Finance Programme (TFP) as intra-regional trade ..

Month: Current Affairs - July, 2012

RBI extends flexibility on FX forward contracts

The RBI has extended the relaxation of cancelling and re-booking of forward contracts with tenures of more than 1 year, for companies and exporters to hedge their FOREX transactions.

Month: Current Affairs - July, 2012

1991-like crisis highly improbable: D Subbarao

As per RBI governor D Subbarao, despite high fiscal and current account deficit it is highly improbable that India could witness the replication of the 1991 economic crisis that was caused by similar reasons. As per him factors like floating ..

Month: Current Affairs - June, 2012

Forex Reserves of India tumble, looses 1.74 Billion Dollar

India’s Foreign exchange reserve plunged by $1.74 billion to $290 billion The RBI data showed a sharp fall in the India’s Forex reserves The Forex reserves has slipped by 1.80 billion dollar, 1.37 billion dollar and 2.18 billion dollar, respectively, ..

Month: Current Affairs - June, 2012