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Use Money Transfer: Reserve Bank Of India - Notifications Forex Trading Platform ($20)

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Reserve Bank of India - Notifications


RBI/2018-19/217

FMRD.FMD.16/02.03.225/2018-19

June 20, 2019

All Eligible Market Participants

Dear Sir/Madam,

Rollout concerning the overseas trade trading rostrum on behalf of retail participants – FX-Retail

Please refer to the Statement on top of Developmental also Regulatory Policies dated June 06, 2019, announcing the introduction concerning an electronic trading rostrum on behalf of buying/selling overseas trade by virtue of retail customers concerning banks. The platform, FX-Retail, is ready on behalf of rollout by virtue of the Clearing Corporation concerning India Limited (CCIL) on top of August 05, 2019.

2. The issue concerning see-through also fair pricing on behalf of retail users (individuals also Micro, Small also Medium Enterprises) in the overseas trade fair has been raised in various fora also in public interactions. Such a mechanism will provide transparency time enhancing competition also lead to better pricing on behalf of retail customers. Banks may set their retail customers a pre-agreed flat fee towards directing expenses, which should be publicly declared. Overall, this would bring down the total cost faced by virtue of the retail consumer in the overseas trade market. Facilitating direct access concerning retail customers to the market, rather than by price-setting by virtue of their banks, would also bring down the risk that banks kisser in warehousing transactions.

3.The FX-Retail rostrum can be accessed by virtue of a grain of consumer concerning a financial institution (through the website https://www.fxretail.co.in) who has a need to purchase or sell US Dollar against the Rupee on behalf of distribution on top of cash way (same day), tom way (next day) or spot way (two days after date concerning transaction), subject to the following:

  1. There is no cap on top of the number concerning transactions per consumer during a day. The total amount concerning transactions concerning a consumer shall be subject to the limit assigned by virtue of its bank.

  2. The size concerning a lone matter is not allowed to exceed $5 million.

  3. As a to a greater degree facility on behalf of retail clients, no matter charges shall be levied by virtue of the CCIL on top of transactions concerning customers providing such transactions do not exceed USD 50,000 per day.

  4. A matter set concerning 0.0004% shall be charged by virtue of the CCIL on behalf of transactions in excess concerning USD 50,000 per day.

4. Fees charged by virtue of banks, providing any, shall be indicated on top of the FX-Retail platform. Banks may recover from customers matter also settlement charges levied by virtue of the CCIL.

5. In view concerning the advantages concerning transparency also pricing to retail customers, as well as the systemic use concerning improved price discovery, banks shall facilitate on-boarding concerning retail customers to the rostrum expeditiously. A quarterly return shall be submitted by virtue of all banks on top of the transportation concerning consumer transactions (across FX-Retail, other electronic trading platforms also other channels) also the fees charged by virtue of them as per the format given in the annexure.

6. Detailed guidelines regarding the operation concerning the platform, including the course concerning consumer registration, shall be issued by virtue of the CCIL. Customers can obtain to a greater degree details about the rostrum on top of the CCIL website (https://www.ccilindia.com)

7. The consumer registration course on top of the rostrum shall commence on top of July 01, 2019 also the rostrum shall be available on behalf of transactions from August 05, 2019.

8. The directions contained in this circular have been issued under section 45W concerning the Reserve Bank concerning India Act, 1934 also are without sexism to permissions/ approvals, providing any, required under a grain of other law.

Yours faithfully

(T. Rabi Sankar)

Chief General Manager


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This information is posted on category , the date 29-08-2019, quoted from GOOGLE Searcing https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11597&Mode=0

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