Online Outward Foreign Remittance To Be Permitted In India Soon
India’s Central Bank the Reserve Bank of India (RBI) is considering whether to allow online money transfer portals and other non banking entities to offer outward remittance services from India. Currently such facilities are limited to inward remittances and only banks are permitted to provide outward remittance services.
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RBI Sold US$ 20.63 Billion in October
India’s central bank, the Reserve Bank of India (RBI) sold US$ 20.63 billion or Rs 99,024 crore in foreign currency during the month of October to try and prevent the steep depreciation of the Rupee. The amount was a record sale of foreign exchange by the Indian central bank.
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Indian Banks Unhappy With Tax on Foreign Exchange Transactions
The Revenue Department of the Government of India, has decided to levy a 0.25 per cent service tax on foreign exchange transactions undertaken by banks for their clients, a move which would have seriously negative implications on the profitability of the business.
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