Experts say Indian students will have to accept that international space for them is shrinking.
These are the Zipp money centres which are being introduced for the first time in the country by the Commonwealth Business Council (CBC), a forum formed in 1997 and which has inclusive banking interventions as one of its key projects. The money centres have already brought banking to the doorstep in many villages and far-flung areas in one district in Uganda where CBC started the project.
The Reserve Bank of India (RBI) has advised the public not to succumb to the temptation of fictitious offers of large funds through e-mails from unknown entities.The RBI clarified that under FEMA restrictions on transfer of funds also apply to lottery-like schemes functioning in different names such as money circulation scheme or remittances for the purpose of securing prize money/awards etc.
The Reserve Bank of India is expected to do a balancing act by further liberalising limits on the foreign exchange outflow to tackle the capital inflow and its impact on inflation. The central bank was likely to raise the limit on corporate investment abroad and the ceiling on individual remittances overseas. RBI has liberalised limits on the overseas investment by companies from 200% to 400% of their networth. Liberalisation is proposed since India has good forex situation.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
The Reserve Bank of India has restricted individuals from utilising the facility of $1,00,000 scheme for maintaining any kind of speculative positions in overseas markets.
Gurucharan Singh's Dhawan Creative apparently clocked trades 10 times its capital in a few months.
A wide import-export gap led to India's current account deficit rising to $5.4 billion in the third quarter of 2007-08, despite a higher surplus of earnings from software services, tourism and remittances from abroad.A sharp rise in trade deficit due to rise in imports caused the current account deficit to rise by $1.7 billion from $3.7 billion in the corresponding quarter last year, the Balance of Payment Data released by the Reserve Bank showed.
India's foreign exchange reserves touched $301.23 billion by the end of February 2008. Over $102 billion have been added to the reserves since the beginning of the financial year (April 2007) due to huge capital flows, and remittances as well as weakening of dollar. The reserves stood at $294.61 billion at the end of February 22, 2008. The forex kitty swelled by $6.62 billion, amongst the largest accretion to reserves in a span of a week.
The crackdown on black money has manifested itself in a doubling in outward remittances as black money attempts to leave India.
The Reserve Bank of India has opposed the government's move to bring in a law to introduce a new reporting system for inward flow of foreign contributions.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
The Gulf countries, a major source of NRI remittances to India, have been experiencing unprecedented growth in the cost of living on the one hand and a steep decline in exchange rates due to most Gulf currencies' peg to the dollar.
'The Saudis are in the driving seat in navigating the relations with India; they set its compass and calibrate its pace,' points out Ambassador M K Bhadrakumar.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
Widening its probe in the Rs 3,600 crore VVIP chopper deal, the ED has begun a trail of "cash" which is suspected to have been paid as alleged kickbacks.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Bharatiya Janata Party chief Narendra Modi on Tuesday said that the land of tourism like Kerala has turned into "nursery of terrorism", as he accused the Congress-led government of ignoring the state's development agenda.
Unified Payments Interface launched to simplify mobile banking.
Kerala floods take a toll on small businesses, NBFCs brace for losses
The private IndusInd Bank plans to enter into strategic tie-ups with foreign banks in the US, UK and South East Asia for its expansion plans.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
The Department of Posts will be launching its international money order service in March, which will enable money to be received at any place in the country from select countries within 48-to-72 hours at the most.
The four million expatriate Indians in the six Gulf Cooperation Council states remit an incredible $5 billion annually, a study shows.
In a bid to move toward full float of rupee, the Reserve Bank of India on Tuesday announced a slew of measures such as doubling of resident individual remittances to $50,000 per year.\n\n
Global bank HSBC has launched a new money transfer service for Indians living in the Gulf in a bid to boost its share of the multi-billion dollar India remittance pie.
India's foreign exchange reserves grew marginally by $253 million to $141.45 billion for the week ended April 8, 2005.
The Central Bureau of Investigation has started fresh questioning of the cousins of former IAF chief SP Tyagi in the Rs 3,600 crore AgustaWestland VVIP helicopter deal in light of claims by alleged middleman Guido Haschke that he had paid money to them.
Two midcap banking stocks have been on a roll; Centurion BoP on the news of its merger with Lord Krishna Bank merger, and IndusInd Bank, which might be looking at a foreign buyer.
The statements of the Mukerjeas were recorded by the Enforcement Directorate, which is probing the money laundering angle in the case, while the CBI had only recorded Indrani's statement before a magistrate as per section 164 of the CrPC, they said.
The ICICI Bank, India's largest consumer lender, on Thursday launched commercial operations in Sri Lanka, with an eye on the growing bilateral trade and inward remittances market.
Kotak Mahindra Bank on Monday launched its online remittance service - FundstoHome - for non-resident Indians.
In the Anti Money Laundering (AML) Basel Index 2013 India has been ranked 93rd and 70th in 2012 and 2013 respectively out of 140 countries.
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