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The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India". [1]
The foreign-exchange reserves are managed by the Reserve Bank of India (RBI) for the Indian government, and the main component is foreign currency assets. Foreign-exchange reserves act as the first line of defense for India in case of economic slowdown, but acquisition of reserves has its own costs. [1]
The Union of RBI employees made a strong protest against the Narasimham II Report. [19] There were other plans by the United Forum of Bank Unions (UFBU), representing about 1.3 million bank employees in India, to meet in Delhi and to work out a plan of action in the wake of the Narasimham Committee report on banking reforms.
The Reserve Bank of India (abbreviated as RBI) is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance of the Government of the Republic of India , it is responsible for the control, issue and maintaining supply of the Indian rupee.
The Export-Import Bank of India (Exim Bank) was founded by the Government of India under the Export-Import Bank of India Act, 1981, which was introduced in the Indian Parliament by the then Finance Minister, Shri Pranab Mukherjee. The act was passed by both houses of parliament and received the assent of the President of India on 7 April 1982 ...
The Merchandise Export from India Scheme (MEIS) is a government initiative implemented by the Government of India with the objective of encouraging exports. [ 1 ] [ 2 ] It was launched on April 1, 2015, as a part of the Foreign Trade Policy (FTP) to boost India's exports of goods and services.
Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold and silver held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets.
ECGC Limited (Formerly Export Credit Guarantee Corporation of India Limited) is a government owned export credit agency of India. It is under the ownership of the Ministry of Commerce and Industry, Government of India, and is headquartered in Mumbai, Maharashtra. [1] It provides export credit insurance support to Indian exporters and banks. Its ...