Foreign Bank Accounts
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Russian Bank Launches Rupee Accounts For Individuals
Russia's dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro.
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Foreign Trade Can Be Done In Indian Currency Soon: Minister
Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders will soon be able to settle foreign trade in the rupee currency as several banks from different countries are opening special Vostro accounts with Indian banks.
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Probe Agency Seizes Rs 75 Lakh Cash, 50 Shell Firms Of Gangster Atiq Ahmed
The Enforcement Directorate (ED) has seized Rs 75 lakhs of Indian and foreign currency as well as some documents pertaining to nearly 200 bank accounts and 50 shell entities from the premises of jailed gangster-turned-politician Atiq Ahmed.
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What Trade Body Chief Said About "Rupee Becoming A Global Currency"
When asked about the trading INR by foreign countries in FTP 2023, he said that the special Vostro accounts have been opened in 18 countries after getting the approval of the RBI and the Central Bank of that country.
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Multiple Banks Open Special Vostro Accounts For Trade In Rupee
"As of now there are 20 banks which have opened a special rupee vostro account," Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said.
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PhonePe Launches Support for Cross-Border UPI Payments in Select Countries: Report
PhonePe, Indian digital payments and financial technology company, has launched support for cross-border UPI payments, under UPI International. The apps' users can now use their Indian bank accounts to pay at merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan, The Bhutan Live reported. Earlier, Indian users had to use either foreig...
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Pakistan Ex PM Imran Khan Booked For Receiving Illegal Foreign Funding
According to reports, Pakistan's former ruling party leaders violated the Foreign Exchange Act and were declared as beneficiaries of suspicious bank accounts
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Overall Forex Reserves To Shrink Further This Year: Deutsche Bank
The overall foreign exchange reserves will deplete further this year due to a ballooning current account deficit and interventions by the central bank to support the rupee, Deutsche Bank said on Wednesday.
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ED Freezes WazirX Funds Worth Rs 64-Cr for 'Assisting' in Money Laundering
The Directorate of Enforcement (ED) said it had conducted searches on the premises of one of the directors of crypto exchange WazirX, and has issued an order to freeze their bank balances over Rs 60 crore. The ED has been conducting Money Laundering investigation against a number of Indian non-banking finance companies (NBFCs) and their fintech par...
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ED's Seizure of Xiaomi India Assets Worth $725 Million Said to Be Put on Hold by Indian Court
An Indian court is said to have put on hold a federal enforcement agency's decision to seize $725 million from local bank accounts of China's Xiaomi for suspected violations of foreign exchange laws, according to sources.
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On Christmas, Foreign Funds Clearance Was Rejected For Mother Teresa's Charity
The government did not freeze bank accounts operated by Mother Teresa's Missionaries of Charity, the Home Ministry said Monday evening, claiming the organisation had itself written to SBI asking for its accounts to be suspended.
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18,377 NGOs Open SBI Accounts To Receive Foreign Funds: Centre
Minister of State for Home Affairs Nityanand Rai informed that under the Foreign Contribution (Regulation) Amendment Act 2020, all foreign-funded NGOs have to compulsorily open an FCRA account in State Bank of India's main branch at Delhi
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Open FCRA Accounts For Non Profits Within 10 Days Of Approval, High Court Tells State Bank
Some NGOs informed the court that despite receiving approval from Ministry of Home Affairs, SBI was delaying opening of accounts under the Foreign Contribution (Regulation) Act (FCRA).
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Will Your Credit Card Dues Be Covered In COVID-19 Loan Relief? Read This
The credit of relief in loan accounts will arrive days ahead of Diwali, as the country prepares for the ongoing festive season, normally a preferred time for consumers to make new purchases.
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Land, Bank Papers Can't Be Used As Citizenship Proof: Gauhati High Court
Documents like land revenue receipts, bank statements and Permanent Account Number (PAN) cards cannot be used to show proof of citizenship, the Gauhati High Court has said while rejecting a woman's plea against a tribunal that placed her under the "foreigner" category.
-
Russian Bank Launches Rupee Accounts For Individuals
Russia's dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro.
-
Foreign Trade Can Be Done In Indian Currency Soon: Minister
Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders will soon be able to settle foreign trade in the rupee currency as several banks from different countries are opening special Vostro accounts with Indian banks.
-
Probe Agency Seizes Rs 75 Lakh Cash, 50 Shell Firms Of Gangster Atiq Ahmed
The Enforcement Directorate (ED) has seized Rs 75 lakhs of Indian and foreign currency as well as some documents pertaining to nearly 200 bank accounts and 50 shell entities from the premises of jailed gangster-turned-politician Atiq Ahmed.
-
What Trade Body Chief Said About "Rupee Becoming A Global Currency"
When asked about the trading INR by foreign countries in FTP 2023, he said that the special Vostro accounts have been opened in 18 countries after getting the approval of the RBI and the Central Bank of that country.
-
Multiple Banks Open Special Vostro Accounts For Trade In Rupee
"As of now there are 20 banks which have opened a special rupee vostro account," Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said.
-
PhonePe Launches Support for Cross-Border UPI Payments in Select Countries: Report
PhonePe, Indian digital payments and financial technology company, has launched support for cross-border UPI payments, under UPI International. The apps' users can now use their Indian bank accounts to pay at merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan, The Bhutan Live reported. Earlier, Indian users had to use either foreig...
-
Pakistan Ex PM Imran Khan Booked For Receiving Illegal Foreign Funding
According to reports, Pakistan's former ruling party leaders violated the Foreign Exchange Act and were declared as beneficiaries of suspicious bank accounts
-
Overall Forex Reserves To Shrink Further This Year: Deutsche Bank
The overall foreign exchange reserves will deplete further this year due to a ballooning current account deficit and interventions by the central bank to support the rupee, Deutsche Bank said on Wednesday.
-
ED Freezes WazirX Funds Worth Rs 64-Cr for 'Assisting' in Money Laundering
The Directorate of Enforcement (ED) said it had conducted searches on the premises of one of the directors of crypto exchange WazirX, and has issued an order to freeze their bank balances over Rs 60 crore. The ED has been conducting Money Laundering investigation against a number of Indian non-banking finance companies (NBFCs) and their fintech par...
-
ED's Seizure of Xiaomi India Assets Worth $725 Million Said to Be Put on Hold by Indian Court
An Indian court is said to have put on hold a federal enforcement agency's decision to seize $725 million from local bank accounts of China's Xiaomi for suspected violations of foreign exchange laws, according to sources.
-
On Christmas, Foreign Funds Clearance Was Rejected For Mother Teresa's Charity
The government did not freeze bank accounts operated by Mother Teresa's Missionaries of Charity, the Home Ministry said Monday evening, claiming the organisation had itself written to SBI asking for its accounts to be suspended.
-
18,377 NGOs Open SBI Accounts To Receive Foreign Funds: Centre
Minister of State for Home Affairs Nityanand Rai informed that under the Foreign Contribution (Regulation) Amendment Act 2020, all foreign-funded NGOs have to compulsorily open an FCRA account in State Bank of India's main branch at Delhi
-
Open FCRA Accounts For Non Profits Within 10 Days Of Approval, High Court Tells State Bank
Some NGOs informed the court that despite receiving approval from Ministry of Home Affairs, SBI was delaying opening of accounts under the Foreign Contribution (Regulation) Act (FCRA).
-
Will Your Credit Card Dues Be Covered In COVID-19 Loan Relief? Read This
The credit of relief in loan accounts will arrive days ahead of Diwali, as the country prepares for the ongoing festive season, normally a preferred time for consumers to make new purchases.
-
Land, Bank Papers Can't Be Used As Citizenship Proof: Gauhati High Court
Documents like land revenue receipts, bank statements and Permanent Account Number (PAN) cards cannot be used to show proof of citizenship, the Gauhati High Court has said while rejecting a woman's plea against a tribunal that placed her under the "foreigner" category.
