One-Time Amnesty Scheme for Export Obligations under FTP 2023-28: A Fresh Start for Defaulting Exporters
The Indian government has recently introduced the Foreign Trade Policy 2023-28 (FTP 2023-28) to promote exports and boost economic growth. One of the key highlights of this policy is ...
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Understanding Overseas Direct Investment (ODI) and Latest RBI Guidelines for Indian Investors
Investing in companies or assets outside of India is known as overseas direct investment. For Indian citizens looking to diversify their portfolios, open up new markets, and expand their businesses...
Understanding OPEC and OPEC+: Their Role in the Global Oil and Currency Market
The Organization of the Petroleum Exporting Countries, commonly referred to as OPEC is a group of 13 countries that are major producers of crude oil. These countries are Algeria, Angola, Con...
CGTMSE Scheme: Ceiling of Coverage Increased to Rs. 500 Lakh
The Indian economy is supported by micro and small businesses (MSEs). However, because they frequently lack collateral or credit history, small companies frequently struggle to get loans from conve...
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HSIIDC Industrial Estate Panipat: A Booming Hub for Manufacturers and Investors
One of the most significant industrial centers in Haryana, India, is the HSIIDC Industrial Estate close to the Panipat Refinery. One of India's biggest oil refineries, the Panipat Refinery, is...
Underlying (purchase order) is not mandatory for booking forward contracts up to USD 10 million.
Forward Contract Meaning:
A forward contract is a contract between the bank and its customer to buy or sell a s...
Exploring the Key Highlights of Foreign Trade Policy 2023
The government had received requests from Export Promotion Councils and leading exporters that they should continue with the current Foreign Trade Policy (2015-20), which had been extended from tim...
What is a Forex card rate and how it differs from an IBR rate?
What is a Forex card rate?
A forex card exchange rate is a like a display board where a bank publishes ex...
Understanding the concept of Interbank exchange rates (IBR Rate)
Interbank exchange rates refer to the exchange rates at which banks buy and sell currencies from each other. These rates are important because they affect th...
All of your GIC-related questions have now been resolved-IBRLive
GIC- The name "GIC" stands for "Guaranteed Investment Certificate," and it refers to a short-term liquid investment that Canadian banks typically issue for up to a year. It is intended for Indian s...
Benefits of RoDTEP scheme for Exporters and how to get the best price for selling your scrips
RoDTEP means Remission of Duties and Taxes on Exported Products. The scheme was started by the Government of India in September 2019 to boost India's exports by refunding the taxes ...
All you need to know about CIBC (Canadian Imperial Bank of Commerce International Student Pay)
CIBC- The Canadian Imperial Bank of Commerce has its headquarters at CIBC Square in the District of Toronto, Ontario. CIBC has tied up with many educational institutes for acceptin...
PayMyTuition - Is PayMyTuition cheaper for sending college fees abroad? A must-read for Indian students planning to study abroad
An integrated payment system is now a reality rather than simply a pipe dream.
WUBS- Well-known platform for making international tuition payments
WUBS now have commonly known as Convera. It was formerly known as Western Union Business Solutions. It is the largest non-bank B2B Cross-border payments company in the world.
They offer bette...
E-BRC meaning, new process to print E-BRC & utilization for export incentives?
E-BRC- A digital proof of completion of export
E-BRC (Electronic-Bank Realizations Certificate) is a certification for all export...
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Flywire payments from India made convenient | Everything Indian students need to know
These days, many Institutions worldwide are accepting payments through FLYWIRE and have made It compulsory.
Flywire is headquartered in Boston, Massachusetts, United States and is a payments ...
Tax collected at source (TCS) on remitting money abroad under liberalized remittance scheme (LRS)
Tax collected at source (TCS) on remitting money abroad under liberalized remittance scheme (LRS)
What is TCS? - Tax Collection at source is the excess amount co...
Legal Entity Identifier, Objective, Necessity, Timelines, Pricing
Evolution of Legal Entity Identifier: During 2007-2008, it was the time of financial crisis. So, the regulators realized that it was difficult to estimate the amount of risk exposure in the market. It became very hard to resolve the problems of failing institutions in the market.
EEFC Account: Everything Exporters Need to Know!
What is an EEFC account? Exchange Earners Foreign Currency Account is called an EEFC account. An EEFC account is like a current account maintained in foreign currency with a bank authorized to deal in foreign exchange. However, there is no interest given on this type of account.
What is OFAC? How to deal with OFAC Countries as an Importer or Exporter?
What is OFAC? OFAC stands for Office of Foreign Assets Control. It is administrated by the Treasury Department of the United States. OFAC carries out economic sanctions (penalty or rules) which are imposed by the U.S on Foreign Countries. The program may freeze assets of sanctioned countries and may restrict services to sanctioned countries. It can also restrict payment of funds to the person or entities named in the SDN list (Specially Designated Nationals and Blocked Persons List).
How understanding of USD to INR CASH, TOM, SPOT & FORWARD rates can benefit an Exporter or Importer?
When it comes to USD to INR exchange, there are four types of exchange rates differentiated by settlement date. With an understanding of these rates, you can save a lot of money & hedge your currency exposure.
Currency Forward Contract
What Is a Currency Forward Contract? A currency forward contract can be defined as buying or selling a specific currency at a specified future price for delivery on a specified future date.
10 Powerful Strategies of Booking Currency Forward Contract For Exporters
Booking a currency forward contract hedge your adverse currency movement risk, but by adopting the following strategies, you may earn good profits out of it.
Fx Retail platform for Exporters & Importers USD-INR transactions
What is the Fx Retail platform? It is a platform developed by Clear Corp Dealing Systems India Pvt Ltd. a subsidiary of Clearing Corporation of India Limited in association with RBI. It was launched on 1st July 2019 and started doing transactions on August 5th, 2019. The platform provides sale & purchase of USD/INR pair by retail customers of banks for delivery-based Cash, TOM, SPOT, and Forward transactions up to 13 months.
Limit of foreign currency one can take abroad for travel, business and education purpose
Amount of foreign currency one can take abroad on private visit: Any resident India can take up to USD 250000 or equivalent in a financial year under liberalized remittance scheme by RBI. USD 250000 as on 15.08.2021 are equivalent to Rs. 1,85,61,500. There is no limit on number of travels but in any case, the limit should not exceed USD 250000 per financial year.
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