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Offer best services to NRIs, Bimal Jalan tells forex dealers

Reserve Bank of India governor Bimal Jalan has urged authorised dealers and the RBI to offer best services to travellers, students, non-resident Indian visitors and commercial clients.

Inaugurating the annual conference of in-charges of forex departments and international divisions of authorised dealers in Bombay today, Jalan stated that the frequency and volume of individual transactions should be oriented towards individual clients.

Jalan shared the macro-economic perspectives of the central bank with the gathering. He said that the objective of the current policy in regard to foreign exchange market was to maintain orderly conditions in the financial markets. The policy was aimed at preventing any destabilising speculation in the market while at the same time facilitating foreign exchange transactions at market rates for all permissible purposes.

Jalan pointed out that the RBI will continue to decentralise decision-making process in respect of foreign exchanges operations and give maximum responsibility and freedom to authorised dealers to meet their customer requirements. They will not have to seek specific permissions from the RBI. He also stressed on greater transparency and clarity in rules less discretionary.

UNI