SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

SAARC flags THMB India for currency swap in S. Asia, RBI to relax norms

Rupee Hands
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau
India is leading an initiative to finalise a currency swap agreement among SAARC countries to help protect their currencies during special exigencies.

And the Reserve Bank of India (RBI) could relax norms soon for the entry of foreign banks into the country, top officials said here Monday.

"India is spearheading efforts to finalise an agreement for SAARC central banks to establish a currency swap arrangement as a baseline measure that would provide funds to SAARC states to defend their currencies when faced by special exigencies," Foreign Secretary Ranjan Mathai said, addressing a conference on economic integration of South Asia.

On investment protection, Mathai said: "Policies are made by each country based on their laws but once we have policies in place which are in line with international practices, we should not allow non-economic considerations to affect in functioning of commercial entities in each others' country."

Speaking at the same meet, Commerce Secretary S.R. Rao said the "RBI is very soon, I believe, going to announce a very progressive policy for permitting opening of more foreign banks".

"I do hope that with far more regional integration of economies and commerce, the market forces themselves will demand that each of the central banks of sovereign nations take similar calls and I am sure the time is propitious and it is going to happen sooner than later," he said.

India and Pakistan are negotiating opening up of bank branches in each other's territory to facilitate greater trade and commerce between the two countries.

Rao said intra-regional trade is not a zero-sum game and there are complementarities and opportunities that must be tapped.

Funds should be invested to promote businesses within the region and issues such as trade barriers and better connectivity need to be suitably addressed to encourage intra-regional trade.

Sanjay Budhia, chairman, CII National Committee on EXIM, said poor intra-regional connectivity by road and rail is leading to high trade costs.

South Asia would benefit enormously from strengthening transport, transit and trade facilitation through regional transport and transit agreements, adopting single window approach to customs procedures and by moving towards international standards and harmonized conformity assessment procedures.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

SAARC states
Suren | Wed Dec 19 07:00:17 2012
Why is Indian news media so fascinated with acronym for every govt agency office or office ranking? If you want foreigners, other than Indians to read news and understand for example what SAARC states means? Please mention in full name instead of using acronym. Reader


 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter