Thursday 12 January 2017

SEBI to go digital on all payments

Securities & Exchange Board of India (SEBI) plans to give an option to all market intermediaries and companies to make their regulatory payments in digital wallet supporting the government on the post-demonetization cashless drive. The move would help in speedy and easy transactions together reducing failures due to payment gateway bottlenecks. SEBI would consider a proposal in this matter this week, sources said. The move comes following the demonetization of high-value notes by RBI in November. Many of the intermediaries such as brokers, Foreign Portfolio Investors, stock exchanges, custodians make payments to SEBI through online banking. In addition to this, SEBI has already introduced an option for e-payment through RTGS to enable ease of paying penalties, disgorgement amounts, settlements amounts, legal charges, recovery amounts etc. However, certain receipts like filing fees for IPOs, takeover fees, payment from mutual funds are still received through cheques and DDs. Further, option of online payment from market intermediaries is not available in the respective regulations.

Saturday 31 December 2016

Forex reserves decline by USD 935.2 million to USD 359.671 billion

The Reserve Bank of India (RBI) said on Friday, that  India's foreign exchange (FOREX) reserves declined by USD 935.2 million to USD 359.671 billion in the week to December 23 owing to fall in foreign currency assets.  In the preceding week, Forex reserves  had fallen by USD 2.380 billion to USD 360.606 billion by touching a life-time high of USD 371.99 billion in the week to September 30, 2016. It further added that the Gold reserves remained steady at USD 19.982 billion in the reporting week.
Foreign currency assets (FCAs)  dipped by USD 933.2 million to USD 335.970 billion in the reporting week.  FCAs, expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.
The data indicated that the special drawing rights with the IMF  decreased by USD 0.9 million to USD 1.427 billion, while India's reserve position with the Fund also declined by USD 1.1 million to USD 2.290 billion.

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