CFO News

NOVEMBER 21, 2023

The Enforcement Directorate (ED) on Tuesday issued showcause notices to troubled edtech startup Byju’s and its founder and group CEO Byju Raveendran over alleged violation of the provisions of the Foreign Exchange Management Act (Fema) amounting to over Rs 9,362 crore.

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CFO News

MAY 21, 2023

In March 2023, ED initiated a probe against BBC India for FDI cap breach under the Foreign Exchange Management Act (FEMA). This article by Makarand Joshi, Founding Partner, MMJC and Associates LLP delves into the the question can ministry clarifications via circulars override regulations?

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PYMNTS

SEPTEMBER 6, 2016

s share of the foreign exchange market has dropped, while the Bank for International Settlements (BIS) reported that Asia, particularly Hong Kong, Tokyo and Singapore, are picking up the pieces. Brexit has hit the pound hard. Financial Times reported that the U.K.’s

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Future CFO

OCTOBER 29, 2023

Financial reporting specialist and lecturer Adam Deller explains the basic principles of IAS 21, The Effects of Changes in Foreign Exchange Rates The post The fundamentals of IAS 21 appeared first on FutureCFO.

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CFO News

NOVEMBER 5, 2023

Partial de-notification of zones, sales to DTA, concessional corporate tax for them and removal of net foreign exchange earning requirement have been some of the sticky issues between the two ministries. The ministries of finance and commerce & industry have been in discussions on the DESH bill for more than a year.

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CFO News

OCTOBER 20, 2023

India's foreign exchange reserves rose by $1.153 billion to reach $585.895 billion for the week ending October 13, according to the Reserve Bank of India (RBI). Foreign currency assets dropped by $178 million to $519.35 The increase comes after a decrease of $2.166 billion in the previous week. billion to $43.58 billion.

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CFO News

OCTOBER 23, 2023

​On April 28, 2022, the RBI concluded a sell-buy foreign exchange swap under which banks bought US Dollars from the central bank and simultaneously agreed to sell the same amount of dollars at the end of the swap period.

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CFO News

SEPTEMBER 28, 2023

India's foreign exchange reserves increased by $24.4 billion, and net foreign direct investment decreased to $5.1 India's current account deficit (CAD) widened to $9.2 billion in Q1FY24, equivalent to 1.1% of GDP on a sequential basis. Yet it narrowed on a YoY basis, compared to $17.9 billion in Q1FY23.

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CFO News

OCTOBER 17, 2023

The Reserve Bank of India (RBI) is considering rolling over a $5 billion foreign exchange swap set to mature next week in order to prioritize liquidity management over bolstering forex reserves.

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CFO News

OCTOBER 2, 2023

Kumar also highlights the positive macroeconomic situation, including manageable current account deficit, sufficient foreign exchange reserves, and increased tax revenues. He believes that India needs to achieve 8% economic growth to meet the aspirations of its young population and generate sufficient jobs.

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CFO News

AUGUST 22, 2023

​​The ED accused CaratLane of violating the Foreign Exchange Management Act (FEMA). The notice served on March 28, 2022, stated that FDI was not allowed in single-brand retail at the time. The notice has not been made public till now.

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CFO News

JULY 21, 2023

India's foreign exchange reserves went up by $12.74 billion and stood at $609.02 billion as on July 14, 2023, Reserve Bank of India data showed on Friday. Previously, forex reserves had witnessed an uptick of $1.23 billion for the week ending on July 7.

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CFO News

JUNE 9, 2023

The adjudicating authority under the Foreign Exchange Management Act has issued show-cause notices to Xiaomi Technology India Private Limited, the two executives, CITI Bank, HSBC Bank and Deutsche Bank AG, the agency said in a statement.

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CFO News

JULY 2, 2023

The government's fiscal deficit target and India's large foreign exchange reserves should help to support macroeconomic stability. India's growth is expected to slow down in the second half of the year, in line with the deceleration of the global economy.

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CFO News

JUNE 28, 2023

The finance ministry on May 16 scrapped Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, which kept international credit card spends out of the LRS ambit. Banks and the Reserve Bank had flagged the difficulty in executing the TCS regime on credit cards to the government.

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CFO News

JUNE 11, 2023

While the RBI has preferred Variable Rate Reverse Repo (VRRR) auctions to mop up excess liquidity, its toolkit includes options such as sales of government bonds, an increase in the Cash Reserve Ratio (CRR), the use of the Market Stabilisation Scheme (MSS) and foreign exchange swaps.

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CFO News

MAY 2, 2023

The Reserve Bank of India (RBI) administered Foreign Exchange Management Act (FEMA) accepts valuation by a Sebi-registered Category 1 merchant banker using any internationally accepted pricing methodology applied on an arm’s length basis.

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PYMNTS

NOVEMBER 3, 2020

Statrys is a payment offering is targeted to small and medium-sized businesses (SMBs), entrepreneurs and upstarts that need flexible banking and developed foreign exchange offerings that can let them expand around the world.

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CFO News

APRIL 10, 2023

"India's fundamentals are strong, and we remain positive about India's sustained and consistent policy framework, solid foreign exchange reserves, ongoing good corporate earnings, and strong banks. The private sector's capex is slowly coming back, which is a good sign," Lambah said.

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PYMNTS

FEBRUARY 4, 2020

Visa has announced that it will sell cross-border payments company Earthport’s foreign exchange (FX) business to Pollen Street Capital’s Currency Holdings, according to a report. Visa, which acquired Earthport in May 2019, said the sale will help to speed up Earthport’s growth of its larger core payments business.

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CFO News

MARCH 14, 2023

crore from criminal activities involving cryptocurrencies have been seized, frozen or attached under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) and Foreign Exchange Management Act, 1999 (FEMA), finance minister Nirmala Sitharaman said in Parliament on Monday. Proceeds amounting to Rs 953.70

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PYMNTS

SEPTEMBER 20, 2020

Isabel Group CEO Jean de Crane said the new partnership "will add value to our mutual business customers in the processing of their payments and foreign exchange strategies. We are looking forward to working together with this international player in our ecosystem.".

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CFO News

FEBRUARY 5, 2023

Such overseas investment is valued differently under the Foreign Exchange Management Act and the Income Tax Act. A senior official said the government is examining the different valuation criteria prescribed under two separate laws which could lead to disputes and litigations.

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CFO News

FEBRUARY 4, 2023

The foreign exchange reserve in the last two days has gone up by 8 billion. So whether our macro economic fundamentals or our economy's image, none of which has been affected, Sitharaman said. Here’s what more she said on the Adani crisis:

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CFO News

MARCH 6, 2023

Self-sufficiency in food production, a sizeable foreign-exchange war chest and a vast software exports industry helped cushion the commodity and hard-currency shortages that, in various degrees, hobbled the region’s frontier markets: Sri Lanka, Pakistan and Bangladesh.

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PYMNTS

JUNE 19, 2020

In an effort to provide complete management of foreign exchange risk, financial solutions provider Profile Software rolled out its Acumen net eFX offering. In separate news, BNP Paribas , the French financial institution, unveiled a FinTech partnership to bolster its foreign exchange service offerings per news in September.

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CS Lucas

MAY 28, 2023

In this webinar, Zohain Saeed, our BDM for South-East Asia will be covering the management of the following topics using the CS Lucas system: Term Loans Money Markets Investments Foreign Exchange Whether you are handling treasury management for your company or relying on the reports from your team, this webinar provides useful insights.

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CFO News

DECEMBER 9, 2022

India's foreign exchange reserves rose for the fourth consecutive week to an over three-month high of $561.16 billion in the week through December 2 as per the Reserve Bank of India's (RBI) statistical supplement updated on Friday. India's forex reserves for the week ended November 25 stood at $550.14

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CFO Leadership

FEBRUARY 16, 2022

Use our guide to understand and explore the factors that can make it advantageous to embrace a risk management strategy for foreign exchange. The foreign exchange market can be a highly complex task for small-to-medium enterprises to navigate when conducting business overseas. The Foreign Exchange Market.

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CFO News

DECEMBER 12, 2022

According to reports, India' s foreign exchange holdings were USD 532.87 The stability of any currency depends on the country's forex reserves and trade deficit. billion in October this year, significantly lower than USD 642.45 billion a year earlier.

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CFO News

DECEMBER 2, 2022

Furthermore, the movement in foreign exchange may also play a crucial role in scripting the performance of India Inc. On a YoY basis, all the major sectors reported growth in revenues in Q2 FY2023, with sectors like hotels, oil & gas, airlines, and power reporting sizeable YoY growth, albeit on a low base.

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Foreign Exchange 52

PYMNTS

SEPTEMBER 17, 2020

Flywire will work with Mastercard to provide discounted foreign exchange rates on cross-border tuition payments for students, according to a press release emailed to PYMNTS.

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PYMNTS

JULY 10, 2019

Businesses can pay invoices immediately or dictate a payment date while retaining a fixed foreign exchange rate when they upload an invoice to the platform. Custom remittance information can be sent directly back to the foreign vendor, while the service also supports custom reporting for a buyer’s own back-office processes. “A

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PYMNTS

DECEMBER 26, 2019

China is in the midst of planning to build out its blockchain cross-border pilot platform, according to Lu Lei, the deputy head of the State Administration of Foreign Exchange (SAFE), as Reuters reported.

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PYMNTS

DECEMBER 15, 2019

Workers in the bank’s foreign exchange team allegedly brought tens of millions of pounds to the bank by rigging exchange rates between 2010 and 2014. Discovery of the scheme happened while the bank was investigating a different foreign exchange rigging scandal. The bank recently reached a $4.9

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PYMNTS

JANUARY 18, 2021

Companies that have long been involved in importing or exporting goods — especially those with international operations — identify foreign exchange (FX) management to be a major source of risk, given the large fluctuations in exchange rates.

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PYMNTS

OCTOBER 8, 2019

Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients, the companies said in a press release on Monday (Oct. enabling those firms to access a custom platform that integrates with Citi’s existing foreign currency payments solution.

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