What Is the
Foreign Exchange Dealers Association of India
(FEDAI)? The Foreign Exchange Dealers Association of India (FEDAI) is an association of commercial banks that specializes in the foreign exchange (forex) markets in India. These institutions are also called Authorised Dealers or ADs.
How many Fedai rules are there?
- 2.2 Application of Interest. …
- 2.3 Normal Transit Period. …
- 2.4 Substitution/Change in Tenor. …
- 2.5 Export Bills sent for collection: …
- 3.1 Application of exchange rate.
- 3.2 Application of Interest. …
- 3.3 Crystallisation of Import Bill under Letters of Credit.
What is Fedai rate?
| 3.30 p.m. On 27/8/2021 | 99% | 1 Month 5.24 | 3 Months 5.57 | 6 Months 5.92 |
|---|
Where is the headquarters of Fedai?
| Kochi C/o. The Federal Bank Limited Head Office Operations Department Parackal Towers Parur Junction, Thottakattukara Kochi – 683 102 | Chennai C/o. Indian Overseas Bank Post Box No.3765 762, Anna Salai Chennai – 600 002 |
|---|
Who is issued license to Authorised dealer?
Authorised dealers are the institutions that have the license
from the RBI
to sell and buy foreign currencies. Most of the authorised dealers are banks.
What do you mean by Loro account?
loro account. noun [ C ]
BANKING
.
us
.
an account that one bank holds for another bank
, usually one in another country.
Who governs the currency regulation?
The foreign exchange regulations in India are governed by the Foreign Exchange Management Act, 1999 (“FEMA”). The apex foreign exchange regulatory authority in India is
the Reserve Bank of India (“RBI”)
which regulates the law and is responsible for all key approvals.
What is form A3?
Form A3 should be used for
reporting all credits to accounts of non-resident banks arising from permitted transfers from
accounts of other non-resident banks and remittances received from. abroad.
What is TT selling?
TT (Telegraphic Transfer) buying rate indicates the rate at which bank convert foreign inward remittances to INR. TT Selling rate indicates
the rate at which the bank sends an outward remittance through telegraphic transfer
.
What is Noop limit?
The aggregate limit (on-shore + off-shore) may be termed
Net Overnight open Position
(NOOP) and will be subjected to capital charge. Accumulated surplus of foreign branches need not be reckoned for calculation of open position.
Which is the largest foreign exchange market?
Forex
is the largest and most liquid market in the world. In 2020, the global Forex market was valued at $2.4 quadrillion.
What is the full form of FERA?
The
Foreign Exchange Regulation Act
(FERA) was legislation passed in India in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex) and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency.
What is indirect quote in foreign exchange?
An indirect quote in the foreign exchange markets
expresses the amount of foreign currency required to buy or sell one unit of the domestic currency
. An indirect quote is also known as a “quantity quotation,” since it expresses the quantity of foreign currency required to buy a unit of the domestic currency.
Who is a Authorised dealer?
An Authorised Dealer (AD) is
any person specifically authorized by the Reserve Bank under Section 10(1) of FEMA, 1999
, to deal in foreign exchange or foreign securities (the list of ADs is available on www.rbi.org.in) and normally includes banks.
What is ad category?
Authorised Dealer Category
-I Banks (AD Category–I Banks) is one of the three types of Authorised Money Changers (AMCs) approved by the RBI under Section 10 of the Foreign Exchange Management (FEMA) Act, 1999. An AMC is a Full Fledged Money Changer (FFMC) permitted to deal in foreign exchange for specified purposes.
Authorized Bank means
a bank or a branch of a bank authorised by the Government to collect the tax or any other amount payable
to the appropriate government under this Act; Sample 1. Sample 2.
