Today, they can't meet even the piffling capital norm set by Mint Road - Rs 5 crore for partnerships and Rs 10 crore for public and private firms in this line of business. Bulk of the trades are put through e-platform offerings of Reuters, Bloomberg, JPMorgan, Barclays or Deutsche Bank. And they have the web-based FXall, FXconnect, Atriax, Hotspotfx and LavaFX for company.
The move would help tax authorities get leads on evasion.
Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
The CAD was brought under control in 2013-14 after government imposed restrictions on import of gold. Following, this in 2014, certain restrictions were withdrawn.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
The crackdown on black money has manifested itself in a doubling in outward remittances as black money attempts to leave India.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The cap of Rs 10,000 on daily withdrawal has also been removed.
Monetary policy stance to depend on inflation data
Watal panel had suggested an independent payments regulator be set up.
The World War I had been triggered by an assassination in then relatively unknown Serbia.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
The finance ministry has put out a revised draft in public domain.
'The temptation of governments, to have a finger in the RBI pie will be just too great to resist, unless extensive amendments are carried out in the RBI Act treating it almost as the fourth branch of the government.'
With a sole mandate of inflation targeting, RBI wears many hats.
Govt is keen to push reforms in the insurance sector.
Aadhaar-related schemes and the Aadhaar Act exist on the assumption that Right to Privacy is not a Fundamental Right.
In a recent lecture, RBI governor Raghuram Rajan dished out some frank advice -- don't get into 'jugaad', instead try for the long haul. Only that will sustain in the long-run.
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