Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
News Headlines »
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 most important income-tax changes which will apply from April 1
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS

RBI to announce currency futures norms
October, 26th 2007
Amidst heavy appreciation of rupee in recent times, Reserve Bank of India is working on the regulatory guidelines for futures trading in currency even as of August end, 2007, total forex contracts outstanding in the banks' balance sheet amounted to $ 1100 billion (Rs 44 lakh crore), of which almost 84% were forwards and rest options.

According S Gopinath, deputy governor as regards interest rate derivatives, the inter-bank rupee swap market turnover, as reported on the CCIL platform, has averaged around $4 billion (Rs 16,000 crore) per day in notional terms.

The outstanding rupee swap contracts in banks balance sheet, as on August 31, 2007, amounted to nearly $1600 billion (Rs 64,00,000 crore) in notional terms. Outstanding notional amounts in respect of cross currency interest rate swaps in the banks books as on August 31, 2007, amounted to $ 57 billion (Rs 2,24,000 crore).

Gopinath churned out these figures while speaking at the inaugural of India Derivative summit organised by Euromoney in the city on Wednesday.

We have received several suggestions on currency futures fom market participants. These will be studied and executed at an appropriate time, she said

On regulatory guidelines for future trading currency Gopinath said that no time frame has been fixed for its implementation.

On geographical distribution of foreign exchange market turnover she said the share of India at $34 billion per day increased from 0.4 in 2004 to 0.9% in 2007. The activity in the forex derivative markets can also be assessed from the positions outstanding in the books of the banking system.

Indian forex and derivative markets have also developed significantly over the years. As per the BIS global survey the percentage share of the rupee in total turnover covering all currencies increased from 0.3% in 2004 to 0.7% in 2007.

The derivatives market in India has been expanding rapidly and will continue to grow. While much of the activity is concentrated in foreign and a few private sector banks, increasingly public sector banks are also participating in this market as market makers and not just users.

Their participation is dependent on development of skills, adapting technology and developing sound risk management practices.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions