RBI allows resident Indians to open foreign currency accounts in GIFT City
Indian residents are allowed to remit up to $250,000 (around ₹2.06 crore) per year without any prior approval from the Reserve Bank of India.
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Overseas credit card spends come under LRS, to attract 20% TCS
Credit card spends on foreign trips will now attract 20% TCS from July 1
Multi-polar monetary system to challenge US dollar dominance: Credit Suisse
The report notes that the current monetary system has repeatedly been criticised by senior policy makers, due to the stresses created outside the United States from major shifts in US monetary policy.
RBI eases norms to boost forex inflows
The Reserve Bank of India has allowed FPIs to purchase more government securities under the fully accessible route.
Forex reserves drop by $28.05 billion in 6 months: RBI
The country's forex reserves decreased from $635.36 billion at the end of September 2021 to $607.31 billion at the end of March 2022, shows RBI data.
Russia-Ukraine war triggers war against dollar
Two-pronged transformations in the global financial system will result in swifter downfall of the dollar.
India’s foreign exchange reserves at lifetime high
The big question is how much more foreign exchange will the Reserve Bank of India buy, and why?
India’s forex kitty could swell to $550 billion
Since April 2001 foreign exchange reserves grew 11.15 times to $476.09 billion in mid-February; the RBI may add $21 billion more by March 2021, according to a BofA Securities report.
The tale of India’s forex reserves
In the week ended October 4, India’s forex kitty swelled to an all-time high of $437.8 billion. In the 471 weeks from October 2010, it has crossed the $400-billion mark 81 times.
Govt gets a shot in the arm
Based on the Bimal Jalan committee recommendations, the central bank decides to transfer ₹52,637 crore of excess provisions, apart from ₹1,23,414 crore of surplus for FY19.
