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Forex retail trading platform ready for roll-out on August 05: RBI
Jun-21-2019

In order to enable transparent and fair pricing for retail users, such as individuals and micro, small and medium enterprises, the Reserve Bank of India (RBI) said foreign exchange trading platform (FX-Retail) for retail participants is ready for rollout by the Clearing Corporation of India (CCIL) on August 05. As a further facility for retail clients, the RBI said no transaction charges will be levied by the CCIL on transactions of customers if the transactions do not exceed $50,000 per day.

The FX-Retail platform can be accessed by any customer of a bank (through the website https:// www. fxretail.co.in) who has a need to purchase or sell US Dollar against the Rupee for delivery on cash basis (same day), tom basis (next day) or spot basis (two days after date of transaction). Also, there is no cap on the number of transactions per customer during a day.

Though, the total amount of transactions of a customer will be subject to the limit assigned by its bank. The size of a single transaction is not allowed to exceed $5 million. A transaction charge of 0.0004 per cent shall be charged by the CCIL for transactions in excess of $50,000 per day.

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