The Reserve Bank of India, vide a notification dated June 20, 2019 (“Notification”), has issued directions in relations to ‘Rollout of the foreign exchange trading platform for retail participants – FX Retail’ (“Platform”).
The Platform would facilitate buying/ selling of foreign exchange by retail customers of banks and is proposed to be rolled out by the Clearing Corporation of India Limited form August 5, 2019. Customer registration process on the Platform shall commence on July 1, 2019.
The Platform is envisaged to provide transparency of pricing and promote competition among market-makers leading to better pricing for all customers, regardless of order size. It is expected that facilitating direct access of retail customers to the market, rather than through price-setting by their banks, would also bring down the risk that banks face in warehousing transactions.
The 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 Indian Rupee for delivery on cash basis (same day), tom basis (next day) or spot basis (two days after date of transaction), subject to the terms provided in the Notification.
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