Download - Foreign Exchange
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A global decentralized market for the trading ofcurrencies.
Presented by : AAYUSH AVISHAK
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The foreign exchange market determines the relative values of different currencies.The foreign exchange market works through financial institutions, and it operates on several levels.
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Traders- commercial banks Brokers- brokerages firmsSpeculators - long position and short positionHedgersArbitrageursgovernments
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Transactions in foreign exchange were absolutely prohibited excepting in certain selected sectors. Every foreign company had to maintain Indian share of 26 percent.
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FERA was repealed in 1998 and Foreign Exchange Management Act (FEMA) was enacted. No unauthorized person would be allowed to deal in foreign exchange. The authorized person could sell; draw foreign exchange from any authorized person on current Account transaction, subject to approval of R.B.I.
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GLOBALISATIONEXAMPLE.
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An Association of banks dealing in foreign exchange in India (typically called Authorized Dealers ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It's major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis--vis public and liaison with RBI for reforms and development of forex market.
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AUTHORISED DEALERS
CATEGORY I : BANKSCATEGORY II : RRBCATEGORY III : EXIM BANK,IFCI BANK OTHERS FOREX DEALERS FFMC - BUY AND SELL FOREX RMC - ONLY PURCHASE FOREX
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EXPOTERSIMPOTERSREMITANCESSTATISTICSDEALING SECTION
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NOSTROVOSTROLORO