Allow foreign currency transactions in India via RBI: ICT Chairman Kapila [Read More]

Consultants and service providers are urging the government to enable direct foreign currency transactions within India through the Reserve Bank of India (RBI), bypassing the current requirement to route transactions via the US banking system. \r

KK Kapila, Chairman of Intercontinental Consultants and Technocrats (ICT) and Indian Road Federation (IRF), highlighted that even domestic transactions in US dollars between entities within India incur unnecessary fees when routed through US banks. \r

Kapila emphasized the economic impact of these fees, urging for a streamlined approach where foreign currency transactions are facilitated directly by RBI, thus reducing costs and retaining funds within the Indian economy.