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Forex Reserves – India must now put its massive forex reserves to better use

forex reserves
During the week, India’s forex reserves crossed the psychological $500 billion mark. India has come a long way from having just 15 days of imports as forex reserves in 1991 when she had to pledge gold to the Bank of England. Now there is a problem of plenty!
Forex reserves ranking
For the first time since the forex chest began to be recorded, India entered the top-5 in terms of forex reserves. India ranks behind China, Japan, Switzerland and Russia and has overtaken Taiwan, Hong Kong and Saudi Arabia. KSA, at one point of time held over $750 billion in its forex reserves but 5 years of weak oil prices meant that Saudi Arabia has been forced to draw heavily on its forex reserves despite cutting down on many of its welfare outlays. India can hope to overtake Russia soon. China leads the rankings with $3.5 trillion in reserves.
Why are reserves building up?
There are multiple reasons why the forex reserves are building up. Firstly, the sharp fall in oil import bill has brought down the trade deficit by more than 50% on a monthly basis. Secondly, the forex remittances from NRIs have been extremely robust with most of the world markets offering either zero or negative rates of returns. Lastly, RBI intervention in the forex markets has reduced substantially and that has also helped forex reserves build-up.
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As a NRI forex trading is no illegal. Which country you currently live and earn, you have to follow this country’s financial rules and regulation. As Liberalized Remittance Scheme(LRS) any indian could send 2 lac USD outside of the india just subm... NRI Trade without PIS – How is it Possible? Under new laws, NRIs don’t need PIS for trading. They can now trade with an NRO account. All prior PIS NRE/NRO accounts have been turned into simple NRO accounts as well. With NRO accounts, NRI can trade in India and keep their money on a non-repatriable basis. Whenever you make a ‘sell ... Rbi allowed nri’s to trade in forex market as there is no restriction for them. Also exporters in india can do forex trading but for hedging purpose as their profits mainly depend on currency movement. As per the rbi guidelines indian citizen cannot send directly or indirectly fund to outside india for margin trading purpose. Rbi circular rbi/2013-14/265 a.p. (dir series) circular no. 46 ... If the NRI becomes an Indian citizen, he needs to inform the dealer of the same. He has to open a new Demat account for trading in that case. It is important to note that the NRI can only trade in derivates that are approved by SEBI in India. Further, an NRI might have to pay transaction charges for his Demat account linked with the bank ... NRIs are permitted to do forex trading in India by RBI without any restrictions. NRIs are prone to currency risk hence they are allowed to hedge their Rupee currency risk through OTC transactions. An NRI is required to open an account with an authorised dealer bank (AD Bank) who has the license from RBI to buy and sell foreign currencies to deal in the forex market. Topic: NRI Trading in ... Please guide me. Am NRI My salary account in HSBC bank after get my salary i transfer indian bank account like SBI bank or HDFC bank my saving. Now my query is I want to trade in forex. I know RBI banned forex trading for indian residency but am NRI now RBI allow to trade forex or not. Kindly please me i need clear answer friends Does NRI Allow to Trade in forex? Yes, There is no restriction for NRI to trade in forex. What is the Legal way for Indian to Trade in forex? 1) you can trade in Forex currency which is paired with Indian rupees. you can trade in MCX-SX, NSE currency segment. Currently, four currency pairs are allowed(USD-INR, EUR-INR, GBP-INR, JPY-INR) 2) As like overseas Forex Broker, Indian currency brokers ...

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