Indian consultants and service providers request direct foreign currency transactions within India through the RBI, bypassing US banking.
Consultants and service providers in India, including ICT Chairman K.K. Kapila, have urged the government to enable direct foreign currency transactions within the country via the Reserve Bank of India (RBI), bypassing the current practice of routing transactions via the US banking system. This would streamline the process, reduce transaction fees paid to US banks, and prevent unnecessary costs and funds draining from the Indian economy.
June 19, 2024
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