Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
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.
There are some advantages of a falling rupee.
India's foreign exchange reserves grew by $297 million to $141.20 billion for the week ended April one 2005,
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 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 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.
The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
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 sources said questioning revolved around accounts of IDS Tunisia and remittances received by it.
'Let me talk about young Indian startups with their hearts in the right place and how they are proving that innovations that represent 'affordable excellence' -- breaking the myth that 'affordability' and 'excellence' cannot go together -- is indeed possible!' says Dr R A Mashelkar, the eminent scientist, in this fascinating feature.
Record inflows of over $1.5 billion saw India's foreign exchange reserves cross $102.1 billion for the week ended January 2, 2004.
The Reserve Bank of India has allowed investments by NRIs or Persons of Indian Origin in the capital of an entity or a proprietary concern on a non-repatriation basis, subject to certain norms.
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Reliance, Birla Group, Airtel eye small finance banks.
The four million expatriate Indians in the six Gulf Cooperation Council states remit an incredible $5 billion annually, a study shows.
Liberalising and simplifying the existing regulations, Reserve Bank of India on Wednesday said an individual resident may borrow up to $250,000 or its equivalent from close relatives residing outside India, subject to certain conditions.
The rise in India's foreign exchange reserves continued with further fresh inflows and export remittances of $595 millon pushing the forex reserves past the $71 billion mark during the week ended January 10.
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.
India's foreign exchange reserves grew marginally by $253 million to $141.45 billion for the week ended April 8, 2005.
Bandhan expects to have a loan portfolio of Rs 14,500 crore.
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
India's foreign exchange reserves surged ahead by a record inflow of over $1.7 billion to touch $103.82 billion during the week ended January 9, 2004.
Ajit Balakrishnan offers a New Year resolution for our policy-makers.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
Kotak Mahindra Bank on Monday launched its online remittance service - FundstoHome - for non-resident Indians.
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 foreign exchange reserves during the week ending February 14 rose by $616 million mainly due to foreign investments and export remittances at $75,283 million, according to Reserve Bank of India
India needs to sustain a GDP growth rate of 8 per cent to become a five trillion dollar economy by 2025, the Economic Survey has stated.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
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.
