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RBI Permits Banks To Open Current Accounts For Export Proceeds In Addition To Special Rupee Vostro Accounts
India has been trying to promote rupee trade following the Russia-Ukraine war and the sanctions imposed by the West.
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America's Largest Reptile Sanctuary Applies To Import Gharials From India
America's largest reptile bank based in Arizona has applied to the federal government to import six gharials and another equal number of mugger crocodiles from Tamil Nadu, which it says would help preserve these endangered species.
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Fall In Commodity Prices To Shrink India's Trade Deficit, Lift Rupee: Report
On a month-on-month basis, exports expanded by 7.4% in November, while imports retreated 1.4%, helping narrow the trade deficit, Barclays Bank said in a note.
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Russian Bank Opens Special "Vostro" Account In Indian Branch
Russia's No.2 lender VTB on Wednesday said it had opened a special "vostro" account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts between Russia and India.
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Rupee Settlement Will Help India Trade With Russia, Iran and Neighbours: Report
The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours.
-
Crisis-Hit Sri Lanka Seeks $55 Million Loan From India To Buy Fertilizers
Sri Lanka has sought a $55 million loan from India for the procurement of urea amidst threatening a severe food shortage. The Cabinet has approved a proposal by the Prime Minister to sign an agreement with India to purchase urea.
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Banks Concerned As Trade Settlements With Russia Stall Amid Sanctions
Indian banks are scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed by the west on Russia following its invasion of Ukraine.
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ICICI Bank Launches Online Platform To Help Exporters, Importers
Private sector lender ICICI Bank on Tuesday launched its online platform 'Trade Emerge' to offer digital banking and value-added services to exporters and importers across the country.
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Key Challenges For Finance Minister Ahead Of Union Budget
Finance Minister Nirmala Sitharaman will present the first full year Budget on February 1, 2020 after Prime Minister Narendra Modi's National Democratic Alliance government returned to power in May last year. The Budget will be preceded by the presentation of Economic Survey by Chief Economic Advisor Krishnamurthy Subramanian. The Economic Survey a...
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RBI Enhances Scope Of Non-Resident Rupee Accounts
The purpose for allowing such a move are for export or import invoicing and business related transactions outside International Financial Service Centre, all in rupee.
-
Imports, Exports Down, Bank Credit Has Declined: P Chidambaram Slams Government
The former finance minister said he has asked his family to tweet, giving two more economic indicators for the people to draw their own conclusions.
-
Rupee Off Record Low, Logs Best Single-Day Gain In 18 Months: 10 Points
The rupee rose sharply against the US dollar to close at 72.37 on Wednesday, breaking its two-day fall. That marked the biggest single-day recovery in the rupee since March 14, 2017. The upmove in the rupee came on a day the government proposed a hike in effective import duty on some steel products, as part of its plan to cut "non-necessary" import...
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PNB-Nirav Modi Fraud: What Had Transpired At Mumbai's Brady Road Branch
Nirav Modi, and the firms he controls, allegedly leveraged the loopholes in the banking system by seeking letters of undertaking (LoU) and raising credit from foreign banks to pay its merchants. An LoU is a bank guarantee issued for overseas import payments. For past seven years, Nirav Modi and his three firms-Diamond R Us, Solar Exports and Stella...
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Government Says 7,000 Steps Taken To Improve Ease Of Doing Business
Steps taken to improve ease of doing business includefixing timeline for clearance of applications, de-licensingthe manufacturing of many defence products, reduction in numberof documents required for export and import, and mandatoryfiling of all returns on-line through a unified form.
-
Pakistani Exports To India Grow Despite Border Tensions
Despite mounting tension along the border, the trade between Pakistan and India has remained intact since the beginning of the current fiscal year, a media report said on Friday. A report by the State Bank of Pakistan (SBP) revealed that Pakistan grew its exports to India during the first eight months of 2016-17 while curtailing imports by 23 per c...
-
RBI Permits Banks To Open Current Accounts For Export Proceeds In Addition To Special Rupee Vostro Accounts
India has been trying to promote rupee trade following the Russia-Ukraine war and the sanctions imposed by the West.
-
America's Largest Reptile Sanctuary Applies To Import Gharials From India
America's largest reptile bank based in Arizona has applied to the federal government to import six gharials and another equal number of mugger crocodiles from Tamil Nadu, which it says would help preserve these endangered species.
-
Fall In Commodity Prices To Shrink India's Trade Deficit, Lift Rupee: Report
On a month-on-month basis, exports expanded by 7.4% in November, while imports retreated 1.4%, helping narrow the trade deficit, Barclays Bank said in a note.
-
Russian Bank Opens Special "Vostro" Account In Indian Branch
Russia's No.2 lender VTB on Wednesday said it had opened a special "vostro" account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts between Russia and India.
-
Rupee Settlement Will Help India Trade With Russia, Iran and Neighbours: Report
The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours.
-
Crisis-Hit Sri Lanka Seeks $55 Million Loan From India To Buy Fertilizers
Sri Lanka has sought a $55 million loan from India for the procurement of urea amidst threatening a severe food shortage. The Cabinet has approved a proposal by the Prime Minister to sign an agreement with India to purchase urea.
-
Banks Concerned As Trade Settlements With Russia Stall Amid Sanctions
Indian banks are scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed by the west on Russia following its invasion of Ukraine.
-
ICICI Bank Launches Online Platform To Help Exporters, Importers
Private sector lender ICICI Bank on Tuesday launched its online platform 'Trade Emerge' to offer digital banking and value-added services to exporters and importers across the country.
-
Key Challenges For Finance Minister Ahead Of Union Budget
Finance Minister Nirmala Sitharaman will present the first full year Budget on February 1, 2020 after Prime Minister Narendra Modi's National Democratic Alliance government returned to power in May last year. The Budget will be preceded by the presentation of Economic Survey by Chief Economic Advisor Krishnamurthy Subramanian. The Economic Survey a...
-
RBI Enhances Scope Of Non-Resident Rupee Accounts
The purpose for allowing such a move are for export or import invoicing and business related transactions outside International Financial Service Centre, all in rupee.
-
Imports, Exports Down, Bank Credit Has Declined: P Chidambaram Slams Government
The former finance minister said he has asked his family to tweet, giving two more economic indicators for the people to draw their own conclusions.
-
Rupee Off Record Low, Logs Best Single-Day Gain In 18 Months: 10 Points
The rupee rose sharply against the US dollar to close at 72.37 on Wednesday, breaking its two-day fall. That marked the biggest single-day recovery in the rupee since March 14, 2017. The upmove in the rupee came on a day the government proposed a hike in effective import duty on some steel products, as part of its plan to cut "non-necessary" import...
-
PNB-Nirav Modi Fraud: What Had Transpired At Mumbai's Brady Road Branch
Nirav Modi, and the firms he controls, allegedly leveraged the loopholes in the banking system by seeking letters of undertaking (LoU) and raising credit from foreign banks to pay its merchants. An LoU is a bank guarantee issued for overseas import payments. For past seven years, Nirav Modi and his three firms-Diamond R Us, Solar Exports and Stella...
-
Government Says 7,000 Steps Taken To Improve Ease Of Doing Business
Steps taken to improve ease of doing business includefixing timeline for clearance of applications, de-licensingthe manufacturing of many defence products, reduction in numberof documents required for export and import, and mandatoryfiling of all returns on-line through a unified form.
-
Pakistani Exports To India Grow Despite Border Tensions
Despite mounting tension along the border, the trade between Pakistan and India has remained intact since the beginning of the current fiscal year, a media report said on Friday. A report by the State Bank of Pakistan (SBP) revealed that Pakistan grew its exports to India during the first eight months of 2016-17 while curtailing imports by 23 per c...
