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2 years of PTI with the economy

As PTI comes onto two years, I felt like making this post on account of seeing multiple people supporting PML-N for having an allegedly better economy for Pakistan, particularly with allegations present that PTI has done nothing for the economy. So here's a short list of some major achievements done by PTI in contrast to PML-N.
This is by no means a highly comprehensive list, just my opinion on some of the bigger achievements; saving the economy from defaulting, adopting tax reforms, tourism reforms, export reforms among them whilst managing covid and economic stability with relative success.
There are of course a multitude of other factors, successfully avoiding a blacklist from the FATF, macroeconomic reforms, attempts to strengthen the working class; ehsaas programs, Naya Pakistan housing schemes alongside other relief efforts. These are measures in accordance with curtailing the effect of increasing taxation and attempts to abate the economic slowdown that came as a result of forcing an increase in government revenue. Alongside the focus on multiple new hydroelectric dams, industrial cities, reduction of the PM office staff from 552 to 298, 10 billion tree project and an overall renewed interest in renewable energy and green Pakistan. The list is comprehensive.
Pakistan remains on a rocky path, it is not out of the woods yet. Covid-19 has seriously hampered the overall projections, and caused a worldwide economic contraction. Not only that, but there are criticisms that can be attributed to the government as well, as they are not without fault. However, the overall achievements of the government with regards to the economy do present hope for the long-term fiscal policy and development of Pakistan.
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No, the British did not steal $45 trillion from India

This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got.
I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are)
Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010.
One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit.
Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells.
So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.
How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.
This is begging the question.
After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.
This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain).
Furthermore, Dewey (2019) critiques the 5% interest rate.
She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain
Moving on:
The exact mechanism of drain, or transfers from India to Britain was quite simple.
Convenient.
Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.
- Chandra et al. (1989)
The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.
The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):
the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).
Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.
The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.
So what's going on here? Well Roy (2019) explains it better:
Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.
So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):
It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.
While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided.
It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:
she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)

Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.
Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.
The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.
While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.
When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.
So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:
Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles. India bought something and paid for it. State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.
Indeed, if paying for what you buy is drain, then several billions of us are drained every day.
The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.
It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):
The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.

Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.
Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):
Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.

The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.
It doesn't appear that others appreciate their insight Roy (2019):
K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.

Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.
Dewey (1978) points out reliability issues with Indian agriculutural statistics, however this calorie decline persists to this day. Some of it is attributed to less food being consumed at home Smith (2015), a lower infectious disease burden Duh & Spears (2016) and diversified diets Vankatesh et al. (2016).
If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.
This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual1). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, much like Japan. The list continues eternally.
Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no.
From Gupta (1980):
This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period, the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.
A view echoed in Raychaudhuri (1983):
Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.
So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):
All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.
The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):
Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable
So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground.
1. Several authors have affirmed that Indian identity is a colonial artefact. For example see Rajan 1969:
Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.
or see Bryant 2000:
But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist. [...] Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.

Bibliography

Chakrabarti, Shubra & Patnaik, Utsa (2018). Agrarian and other histories: Essays for Binay Bhushan Chaudhuri. Colombia University Press
Hickel, Jason (2018). How the British stole $45 trillion from India. The Guardian
Bhuyan, Aroonim & Sharma, Krishan (2019). The Great Loot: How the British stole $45 trillion from India. Indiapost
Monbiot, George (2020). English Landowners have stolen our rights. It is time to reclaim them. The Guardian
Tsjeng, Zing (2020). How Britain Stole $45 trillion from India with trains | Empires of Dirt. Vice
Chaudhury, Dipanjan (2019). British looted $45 trillion from India in today’s value: Jaishankar. The Economic Times
Roy, Tirthankar (2019). How British rule changed India's economy: The Paradox of the Raj. Palgrave Macmillan
Patnaik, Utsa (2018). How the British impoverished India. Hindustan Times
Tuovila, Alicia (2019). Expenditure method. Investopedia
Dewey, Clive (2019). Changing the guard: The dissolution of the nationalist–Marxist orthodoxy in the agrarian and agricultural history of India. The Indian Economic & Social History Review
Chandra, Bipan et al. (1989). India's Struggle for Independence, 1857-1947. Penguin Books
Frankema, Ewout & Booth, Anne (2019). Fiscal Capacity and the Colonial State in Asia and Africa, c. 1850-1960. Cambridge University Press
Dalal, Sucheta (2019). IL&FS Controversy: Centre is Paying Up on Sovereign Guarantees to ADB, KfW for Group's Loan. TheWire
Chaudhuri, K.N. (1983). X - Foreign Trade and Balance of Payments (1757–1947). Cambridge University Press
Sunderland, David (2013). Financing the Raj: The City of London and Colonial India, 1858-1940. Boydell Press
Dewey, Clive (1978). Patwari and Chaukidar: Subordinate officials and the reliability of India’s agricultural statistics. Athlone Press
Smith, Lisa (2015). The great Indian calorie debate: Explaining rising undernourishment during India’s rapid economic growth. Food Policy
Duh, Josephine & Spears, Dean (2016). Health and Hunger: Disease, Energy Needs, and the Indian Calorie Consumption Puzzle. The Economic Journal
Vankatesh, P. et al. (2016). Relationship between Food Production and Consumption Diversity in India – Empirical Evidences from Cross Section Analysis. Agricultural Economics Research Review
Gupta, Shaibal (1980). Potential of Industrial Revolution in Pre-British India. Economic and Political Weekly
Raychaudhuri, Tapan (1983). I - The mid-eighteenth-century background. Cambridge University Press
Yasuba, Yasukichi (1986). Standard of Living in Japan Before Industrialization: From what Level did Japan Begin? A Comment. The Journal of Economic History
Tomblinson, B.R. (1985). Writing History Sideways: Lessons for Indian Economic Historians from Meiji Japan. Cambridge University Press
Rajan, M.S. (1969). The Impact of British Rule in India. Journal of Contemporary History
Bryant, G.J. (2000). Indigenous Mercenaries in the Service of European Imperialists: The Case of the Sepoys in the Early British Indian Army, 1750-1800. War in History
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RapiPay announces collaboration with Maximus for Micro-ATM services

RapiPay announces collaboration with Maximus for Micro-ATM services
https://preview.redd.it/dy00hzh121t51.png?width=497&format=png&auto=webp&s=7c7237199e9082b8703d97588727eb6459f9c5f1
RapiPay Fintech Pvt. Ltd., owned by the listed Capital India Finance Ltd., has recently launched Micro-ATM services through collaboration with Maximus as the technology service provider (TSP).
RapiPay has a network of over one lakh agents (merchants/shopkeepers) to provide Banking and Financial Services across India, especially in the hinterland of the country. As a business correspondent of multiple banks, RapiPay aims to address the major issue of lack of ready access to banking services in smaller towns through a comprehensive, digitized banking service enablement program. The company holds a prepaid payment instrument license from RBI and offers remittances, Micro-ATM, AePS and bill payment services to millions of end consumers through its agents who are called RapiPay Saathis.
Maximus, as the technology partner, offers the entire digital rails to RapiPay to enable the latter to penetrate newer segments and offer essential financial services to customers near their doorstep. Maximus uses cutting-edge technology to engineer unique financial and payment products and offers these as hosted services. Maximus has the widest range of digital and card-based solutions among service providers and its customer footprint encompasses banks, payment companies and service providers across ten countries.

Micro-ATM services
Yogendra Kashyap, CEO, RapiPay stated “We are delighted to partner with Maximus for technology services for the Micro-ATM. Micro-ATM service is an important leg of our fintech journey. While we already provide ATM cash withdrawals through AePS (Aadhaar-enabled Payment Systems), with launch of our Micro-ATM handheld devices, we are taking the Micro-ATM and fintech industry to the next level.”
V. Shankar. Founder & CEO of Maximus added “The RapiPay Micro-ATM project involved building customized interfaces between our Switch and RapiPay’s middleware. In addition to transaction processing, we are providing sophisticated, automation-driven reconciliation and dispute management support, with up-to-date information available on intuitive dashboards. There is a strong intersection of interests between RapiPay and Maximus and we will continuously evolve to fulfil the digital vision of RapiPay through our innovatively engineered solutions. We are delighted that RapiPay has chosen Maximus for its technology platforms.”
About CIFL (RapiPay’s parent company)
RapiPay Fintech Pvt. Ltd. is a subsidiary of Capital India Finance Limited (CIFL), which is an India-focused, well capitalised and less leveraged NBFC. CIFL focusses on providing customised financial solutions to Mid-corporates and SMEs for their growth and working capital requirements. CIFL provides home loans in affordable segment through its HFC, Capital India Home Loans. Its fintech wing is RapiPay, which provides remittances and Micro= ATM services. Recently, CIFL has forayed into forex business by the name of RapiPay.
About Maximus Infoware (India) Pvt. Ltd.
Established in 2007, Maximus offers omni channel solutions for the BFSI, Transit, Smart Cities, Retail and Telecom sectors. Its EFT switching, digital payments, reconciliation, fraud & risk management and cash management solutions use innovative technologies and are state-of-the-art. The product portfolio of the company covers full digital payment, assisted payment and card-based payment rails for Rupay, VISA, MasterCard and other international schemes. Maximus delivers unparalleled service levels to its customers spread across ten countries under both hosted and on-premise deployment models. Its payment products are PA-DSS certified and the IT processing infrastructure is PCI-DSS and ISO/IEC 27001:13001 certified.
For business enquiries:-
[[email protected]](mailto:[email protected])
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Forex Reserves – India must now put its massive forex reserves to better use

forex reserves
During the week, India’s forex reserves crossed the psychological $500 billion mark. India has come a long way from having just 15 days of imports as forex reserves in 1991 when she had to pledge gold to the Bank of England. Now there is a problem of plenty!
Forex reserves ranking
For the first time since the forex chest began to be recorded, India entered the top-5 in terms of forex reserves. India ranks behind China, Japan, Switzerland and Russia and has overtaken Taiwan, Hong Kong and Saudi Arabia. KSA, at one point of time held over $750 billion in its forex reserves but 5 years of weak oil prices meant that Saudi Arabia has been forced to draw heavily on its forex reserves despite cutting down on many of its welfare outlays. India can hope to overtake Russia soon. China leads the rankings with $3.5 trillion in reserves.
Why are reserves building up?
There are multiple reasons why the forex reserves are building up. Firstly, the sharp fall in oil import bill has brought down the trade deficit by more than 50% on a monthly basis. Secondly, the forex remittances from NRIs have been extremely robust with most of the world markets offering either zero or negative rates of returns. Lastly, RBI intervention in the forex markets has reduced substantially and that has also helped forex reserves build-up.
Know more: http://blog.tradeplusonline.com/stock-market-updates/forex-reserves-india-must-now-put-its-massive-forex-reserves-to-better-use/
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Global agent recruitment NEEBank — the digital bank

Global agent recruitment NEEBank — the digital bank
During its process of NEEBank’s official launch at the end of 2020 (in Dubai) and its official operation at the beginning of 2021, NEEBank is proud to announce its global agent recruitment NEEBank.
NEEBank is a digital bank based in Dubai (the UAE), India and Singapore. It’s the first digital bank to operate all of its services online all over the world. Thanks to Blockchain application, NEEBank can get through all boundaries of borders, currency differences, communities, and the environment. The bank also works 24/7 free of charge (no registration fee, no account maintenance fee, no forex fee, etc..). Beside FREE services, NEEBank has many other competitive features such as high saving interest, appealing lending interest, NEECREDIT service — a smart feature to automatically evaluate a person’s credit by AI, using IoT and Blockchain.
Together with its key field (Finance — Investment), International Money Transfer — Remittance Services are also seen as NEEBank’s strength. These services are convenient, simple and user-friendly and can be used globally.
NEEBank offers this chance to all partners — individuals, organizations, business people — from all over the world to join us to enjoy wonderful benefits and advantages.

Global agent recruitment NEEBank
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TASKS:
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And many other advantages at the time of official operation of NEEBank in 2021
HOW TO SIGN UP
See detial
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Concerns on DeFi

Hello,
Just wanted to share some of my legitimate concerns around decentralised finance with the broader community. To be quite clear - I am a huge fan of Ethereum and DeFi and believe this could lead to the future of finance. However, I do worry if there is a circle jerk within the community that could lead to a lack of adoption in the coming months. I will try and keep this as short as possible. By all means, do understand I am coming from the pov of sharing constructive criticism and not dissing on the efforts of those building.
If you are solving for these problems in particular, please ping me and I'd love to talk further with you
  1. On-ramps The largest problem for much of the developing world is the fact that while DAI can without doubt give dollar exposure, acquiring them is quite a difficult task. In fact if DAI demand goes up substantially in a region, it could have premiums of upto 25% which makes it a bad on-ramp tool without necessary liquidity in place. (check Wazir X p2p USDT rates in India for context). This problem is not endemic to DAI alone but is applicable to stable tokens of all kinds. With regional regulations in nations like Thailand, Vietnam, Indonesia, Phillipines, Malaysia and India not being clear on stable tokens in particular, it becomes an uphill task for developers to build on it. More importantly, it becomes less appealing for the average individual to use. Now typically this wouldnt matter if the point of DeFi was to be a niche project aimed at a small community. However, DeFi has the power to be the first mass market blockchain tool for the world. Consider it to be the "e-mail" or "napster" moment for blockchain based applications. IF we are to scale then on-ramps and off-ramps need to be solved for. This can happen only and if the community begins engaging with regional regulators and exchanges begin providing solutions. In an ideal world, acquiring stable tokens should be as easy as venmo'ing someone $10 dollar and receiving say $9.90 (1% fee) in Incento (incento.io seems interesting, not shilling but do check them out!)
  2. Incumbent Efficiency In order for a system to scale past a certain point, the value add it brings needs to be considerably higher than the incumbent. Depending on the size of the remittance market, there exists multiple payments and wire transfer corridors set up by startups today to solve for quick transfers. In fact during times when a blockchain like those of Ethereum's or Bitcoin's are clogged - transferwise can prove to be a cheaper, better alternative than tokens. This is not to diss on the fact that decentralisation and immutability has a price attached to them, but for the average user today alternatives are far better than token based products. The challenge when it comes to scaling - especially towards L2 is whether products can be incrementally better than their incumbents in exchange for some trade offs (eg: relative centralisation in lightning for minimal fees and quicker confirmation). Today's DeFi apps have to make a call between being ideological and efficient because it seems there is a price attached to ideology and retail users aren't willing to pay that price.
  3. Slippage Much props to Kyber and Uniswap for solving for this on most DeFi apps but there remains challenges in how settlements for defi instruments today happen. As the scale of volume on products like DyDx and Nuo increase and the expected accuracy at which trade settlements are anticipated to be limited to, there will come a point in time where traditional market-makers will have to enter the system. At $500 million the DeFi space's largest traders constantly reel from price slippages and a lack of liquidity. How can we scale to $10 billion or $1 trillion without the kind of liquidity that could instill confidence in large whales. In order to solve this, there will come a point in time where hedge funds and dark pool service providers from traditional markets begin targetting DeFi instruments. The community will likely see this as an all out assault on the principles DeFi has been built upon but to be honest, this will be a quintessential requirement for the space to grow. We are seeing an early variant of this already with the likes of Cred raising $50 million to re-issue as debt (yes, not entirely DeFi) or with MakerDAO having VC partners that come from traditional backgrounds. Even in the case of products like Dharma and compound, the market-makers are hedge funds. We will see a convergence of traditional market products and DeFi soon. That will be an exciting phase imo.
  4. Product-Market Fit Debt is one of the oldest financial innovations in the markets. Quite literally. Some of the first ever tablets recorded debt obligations and as such have been quintessential to the growth of human civilisation. MakerDAO's proposition of issuing token backed debt is by all means revolutionary but in order to see true scale, DeFi has to grow beyond the individuals that can give assets as collateral. I reckon there will be a new layer of growth for DeFi soon that will be powered with open-data and AI. One where an individual's credit worthiness could be checked with the individual's permission on basis of on-chain tx activity and self sovereign identity. I also see a market for AI based lending rate predictions and forex management by central banks. Autonomous agents can realistically analyse tx's in and out of a country, account for macro-economic indicators and optimise internal lending rates and foreign currency reserves. Ofcourse it is too early for any of this to take place but within the next decade our markets will be far more (i) closer due to globalisation and (ii) automated due to improvements in AI. DeFi is all well and good but if we are going to beat the same old drums of economic instruments that were created thousands of years back, there may be no real value proposition here. LsDAI, rDAI, CDAI, DAI... are all interesting but the average user sees no value yet. Which makes me wonder if we are sitting around patting each other's back before we see something productive (a unicorn from the DeFi ecosystem perhaps?)
  5. Scale 4.5 billion. That's the number of unbanked individuals that can be catered to with an L2 payments solution powered by Ethereum. Challenges? On-ramp, storage of private keys, user education and bloody hell - marketing and user education. Emphasis on the last 2 because I feel not much focus is given on it. We can no longer build and hope the markets come. We are in an era of Zombie startups where startups with north of $100 million+ valuations in Mcap, that raised north of $10million in 2017 from ICOs are sitting on ~1000 users a month. People think the alts blood seepage is done but it is likely that that bleeding wont stop until we find users. And when we do find users, we cant expect them to be using a gazillion tokens, each with weird token economics and even more complex functioning to be using them. Standardising of token interactions through wallets and interoperability will solve for these challenges but its time we asked what are the biggest problems DeFi can solve today? Here are some hints.. NFT based Income share agreements -Non collateralised debt for gig economy corporations that are registered as DAOs -DAO treasury management -Forex off-ramps for tourists (P2P) More on these later..
Just wanted to share my $0.02.
submitted by WiseAcanthisitta5 to ethfinance [link] [comments]

Indians Are Sending Home a Record Amount of Money This Year

Indians Are Sending Home a Record Amount of Money This Year submitted by SaveOnSend_com to india [link] [comments]

The real reasons why Kerala can't even think of seceding from the union

There is so much of chest beating on how Kerala should secede and how it pays on outsize share of tax money that a counter was mandated.
becomes independent.
It needs to pay for things like border security and a full fledged military. That aside it will have to import key raw materials like coal and food materials, and without a central govt subsidising this, best of luck trying to buy it at international commodity market prices.
In addition to this, things that come under the center now, like railways the national power grid, National highway maintenance all will come under the state.
The bankrupt state of Kerala will become an economic basket case.
Just imagine Kerala outside the union and getting hit with a monsoon season like this...ggwp. Without the centre they will literally drown to their deaths.
This whole idea is stupidly retarded.
Furthermore on the whole "le epic HDI" argument,
It has the highest unemployment rate of all major states. Kerala's unemployment rate is 4x the national rate.
It has next to no manufacturing.
It receives in HDI in 15 years that Chennai and Bangalore (not even the entire state) does in less than a year.
It is quite literally bankrupt. Read this. Commercial taxes have actually taken a nose dive after 2012 which indicates declining economic activity.
It has next to no IT services.
Broadly speaking, it's exports total something like $ 2bn annually, and this is mostly Agri commodities, chemicals / rare Earth minerals. Throw in shipbuilding in case it becomes independent and it will still barely make any forex outside of remittances
Why despite having the first IT sez in the country do they export a fraction of what Delhi, Mumbai, Hyd, Bangalore and Chennai export?
Why despite all that literacy have the consistently voted absolutely shit governments that have driven the state finances into the ground?
This Kerala is some superior state myth needs to die, that's the only way it stands a chance of progressing.
The major edge it had was that it's state literacy rate was 30% when the national average was 12%. That allowed it to export labour and basic white collar jobs to the gulf which coincidentally saw the oil boom and needed said labour and white collar jobs.
As a state it has literally nothing going for it as of now. Even look at the much vaunted HDI data and you will see stagnation as other states rapidly catch up.
In 1980, India had an average score of 0.32 on the index (which falls in the low HDI score) with some states like Bihar or UP falling in the sub 0.25 mark which is the lowest possible score. States like Maha and TN also fell in the low HDI region with scores sub 0.300. Kerala was at the 0.55 score which was in the medium HDI category. The differential was almost 43% between the national avg and Kerala. Similar difference between TN / Maha and Kerala.
In 2007-2008, national avg was at 0.513, Kerala at 0.79. Differential being 36%. Maha and TN at 0.57 and the difference here was down to 28%.
In 2015, Kerala was at 0.71, National avg at 0.60. Differential being 16% or 1/3rd what it was in 1980. Maha & TN at 0.66 so the difference here being 8%.
Even the much reviled (by mellus) Gujarat was at 0.52 in 2008 (differential at 35%) vs in 2015 where the Differential is 15%
At this rate, industrialised states like Maha, TN & Guj will have better HDI than Kerala within this decade. Not just that but a whole host of states like Haryana, HP, Karnataka all will either catch up or leave behind Kerala in the HDI stakes within this decade.
Even the "BIMARU" states are slowly catching up.
The Differential between MP and Kerala in 1990 was something like 70%, in 2005 this was at 55% and in 2015 this is at 33%. .
Why is the rest of India (for the most part) progressing while Kerala is stagnant? Because these states have increasing revenue profiles which means more to spend on the social sector while the gulf remmitances haven't really kept up and are predicted to actually drop, and they even actually dropped a full 11% between 2014 and 16 and is only now inching towards 2013-14 levels. With immigration dropping and the gulf economies slowing down this problem is not going to go away anytime soon.
I think I have made my case pretty black and white. Unless Kerala gets it's act together, it's only going to get worse while India overall moves ahead. Whining about "muh beef Aryan Invasion HDI" is not going to be able to sustain it's economy. Lol, this is a state that imports 70% of it's power from outside the state and whose SEB was (till project UDAY) so bankrupt that it couldn't even pay it's employees and they want to secede? Best of luck with that noise. No power, no jobs, increased spending on defense, everything from coal to refined oil will need to be imported, with no matching exports would mean a ruinous trade deficit
submitted by RajaRajaC to IndiaSpeaks [link] [comments]

Send Money To Canada At Best Canadian Dollar Rates On BookMyForex

Are you looking for a good forex company or a bank for money transfer to Canada from India? Sending money from India to Canada is easy and simple with BookMyForex and you can check the live Canadian dollar rate on BookMyForex by just doing it all online from the comforts of your home.
Sending money to another Country basically overseas or Abroad is called remittance and Remittance can be counted as two types.
Outward Remittance: When You Send Money From India to A Foreign Country
Inward Remittance: When You Send Money To India from a Foreign Country
Methods of Sending Money To Canada:
You can send money to Canada from India through following two methods:
Wire Transfer:
Wire transfers are direct bank to bank transfers where money from an Indian bank account is directly transferred to your beneficiary's bank account abroad. Popular opinion is that Wire transfers from India are the best and most convenient way to transfer money abroad
-Money exchangers:
They are fast but very expensive and not entirely reliable or secure. You don't need an account but the process is time-consuming and you need proof of residence and identity to send money from India. Money changers may want you to register and verify the recipient or the beneficiary. This is to protect the security of your fund, to prevent fraud, and to make future remittances more streamlined.
-Online Forex Companies like BookMyForex-
It provides you Fast, safe, reliable, and secure. Zero charges, no hidden costs, and better rates than anyone else.
There are several aspects in which BookMyForex far outweighs other money changers and banks when you need to send money from India to Canada or any other country.
We will tell you how...
Company Like BookMyForex Vs Banks
The exchange rates offered by banks are up to 5% higher than those as compared by BookMyForex. Also, banks follow the practice of offering one card rates or daily rates that work out to far more expensive than live and real-time rates offered by BookMyForex (the first and only currency exchange in India to do so) for money transfer to Canada from India.
On the other hand, since BookMyForex is an online platform for forex transactions, you can book your order online anytime and from anywhere as per your convenience. You get guaranteed best rates when you send money to Canada from India.
Online Exchangers VS Offline Exchangers
Many forex players are not sure about the documentation required for money remittance and can make you go back and forth unnecessarily, which can be quite a pain! Just like banks, other currency exchangers also operate at 'daily rates' which are not comparable to the live rates offered by BookMyForex for money transfer to Canada from India.
Some local money changers offer very lucrative exchange rates provided you don't take a bill for your transaction to send money from India to Canada. Doing so means buying currency from the black market, and if caught, both, the dealer and the customer, are punishable by law and can land you behind bars. Would you really want to take that risk?
Being an online Company, BookMyForex provides customers the convenience of ordering online and the guaranteed best rates to send money from India to Canada because there are no infrastructure costs involved.
Now, get the currency Exchange services from cities like Mohali, Patiala, Dehradun and other big cities like Hyderabad, Mumbai, Delhi, Chennai
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

India's forex reserves touch $353.40 billion.

India's forex reserves touch $353.40 billion. submitted by modereddit to india [link] [comments]

Exchanging Malaysian ringgit to INR - The Deets you must know!

Malaysian ringgit is the official currency of Malaysia. Earlier the currency was denoted in Dollars. Do you need to convert MYR to INR? Then you can do it in various ways. The purpose could be emergency remittance, trip to Malaysia or paying educational fees.
The exchange process through banks and moneychangers is a bit traditional. Banks don't offer you Malaysia currency at a flexible rate. You'll get it according to day option, unlike forex sites.
Also, moneychangers charge extra on MYR to INR so it can indeed cost you more. Online forex sites offer great deals on the exchange of RM to INR.
Online Forex site
Online forex site like Bookmyforex.com offers you the best rates on exchange. MYR to INR on BookMyForex can help to save your money and effort both. As the rates are updated after every three seconds, you'll get to freeze the rates for three days.
By paying an upfront charge of 2%, you'll be able to use the same rate for your transaction. The site also offers a unique rate alert feature which notifies you when your desired rate matches the rate on the site. Getting a fair rate will help you get the best deal on ringgit to INR.
The rate advantage
Bookmyforex.com is the most popular online marketplace for currency exchange. The site lets you compare the rates and also use a converter. The site has partnered with more than 100 banks and moneychangers to give you a fair rate advantage.
It offers a home delivery option in more than 650+ locations in India. Ringgit to INR exchange is easy when you enter a location and amount. You need to set your rate for exchange and make payment.
It also offers a facility of same-day delivery in emergencies. If you book your order before 12 in the noon, you'll get same-day delivery on exchange.
MYR Forex cards
Applications in smartphones have surely changed the way you work. Everything can be done in seconds with the use of apps. In the same way, you can opt for a smart currency option if you are traveling to Malaysia.
Buy an MYR Forex card from Bookmyforex.com and have a great time on your trip. You can preload Malaysia currency in the card and use it to make purchases including the ones on online websites.
The site also offers traveler's cheque and MYR money transfer. Traveler's cheque can be encashed in an emergency and money transfer takes about twenty-four hours.
Get the best deal,
Who doesn't wish to get the best deal on the exchange? Exchanging ringgit to INR is easy with Bookmyforex.com. There is no hidden charge or fee that you have to pay on exchange.
The process is simple, you just need to log on to the site. Choose MYR to INR exchange option. Enter the amount and rate and get your payment done. The order will be delivered at your home.
The exchange process has never been this simple. With Bookmyforex.com you can expect complete transparency and expediency. You'll also get the benefit of loyalty programs and customer service from the site. MYR to INR on BookMyForex is the best way to exchange.
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

This is How You Can Exchange Currency In Delhi

As Delhi is the National capital of India, its the city with most commercial and business centers. If you are looking for a Money exchange in Delhi, then you have many options available today. Some people still consider moneychangers for the exchange of currency in Delhi. Moneychangers offer you a constant rate and also charge you nominal fees for the exchange.
Banks also offer you currency exchange in Delhi but again with fees that you have to pay. The easiest and perhaps the most convenient way to exchange currency is through online Forex sites. You'll save on your time and effort both.
Online exchange sites
A site like Bookmyforex.com has completely changed the currency exchange scene in Delhi. Whether its the first time you are going on a trip or you need to make emergency remittance, the site gives you a list of currency exchange rates in Delhi. You'll be able to choose a rate you need. With the live rate feature on the site, you can freeze the rate for up to three days by paying an upfront charge.
The best part is Bookmyforex.com offers home delivery to major locations of Delhi including Connaught place, Delhi airport, Karol Baug, Paharganj and Nehru place. You'll be able to receive your exchange order at any location and time without any hassle.
Best rate advantage
Do you know with online Forex sites, you'll get the best rate advantage. As Forex rates keep changing and fluctuate with market conditions, an online site like Bookmyforex.com updates the rate after every three seconds. If you are wondering where is currency exchange in Delhi near me, then you need to log in to the site.
Currency exchange rates in Delhi are fair and you'll get the best deal possible from Bookmyforex.com. There are no hidden charges and costs on an exchange, which helps you save some extra bucks. Banks do charge for exchange, unlike online sites that only charge once.
Book your order online
'How to exchange currency in Delhi' is this question on your mind. You can head to Bookmyforex.com for booking your exchange order. You need to choose the location and exchange rate that is feasible for you. Enter the amount and provide all the relevant documents for exchange.
Once the process is done, you can make the final payment. The site will deliver your order right at the comfort of your home. The process of exchange is transparent and comfortable. Money exchange in Delhi has never been this simple.
The services on offer
Apart from currency exchange, Bookmyforex.com also offers you a Forex card and traveler's cheque for exchange. You can book a Forex card and load in the currency to use it at the place you need to. Then there is a traveler's cheque that is issued in the currency of that place.
With so many features, you'll also get the benefit of customer support. If you are stuck with any issue of money exchange in Delhi, you can contact the customer care team. Easy referral programs will also give you added advantage on booking orders online.
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

Here are Some Tips to Exchange Currency In India

If you need to travel abroad or exchange currency for emergency remittance, you should know about currency exchange in India. Are you wondering, 'Where is foreign exchange near me', well there are banks, moneychangers and online sites that'll help you through the process. Banks and money changers charge extra for currency exchange, unlike online Forex sites.
The exchange process
Still worried and thinking "where is currency exchange near me'. You simply have to log into Bookmyforex.com. Choose your location, enter the rate, and amount. With uploading the relevant documents, you can book your order. The best part about online order is, the site will get it delivered at your doorstep. As Bookmyforex.com delivers to more than 650 cities across India, you can get Forex delivery anywhere in India.
The exchange process is simple and your order can be delivered on the same day. You do not have to pay extra for Forex exchange in India as the site charges a nominal amount on exchange.
Things have gone the digital way today and online payments have become common. Its time you use online Forex sites for currency exchange rather than moneychangers. The process is flexible and transparent and safety is guaranteed as well.
Explore online options
A site like Bookmyforex.com offers complete expediency in currency exchange. You'll get the best-updated rate options. The site updates the live feed of rates every three seconds. You'll be able to freeze the rate for three days by paying a normal upfront charge. With rate alert option, the site sends you a notification of your desired rate so that saves on your money as well.
Bookmyforex.com offers you many features for currency exchange. You can also choose a Forex card or traveler's cheque for exchange. Forex card is a preloaded card with the currency of the place you are visiting. Traveler's cheque is issued in the currency of your preferred location. It is easy to make payments with preloaded Forex cards. You'll get the benefit of flexible Forex rates with the option of Forex cards.
Get the best deal,
Get your money exchanged in a hassle-free way with Bookmyforex.com. You can get the best deal with live rate advantage and fair prices. Log in today for Forex exchange and avail great offers.
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

Know-How You Can Buy Forex Online

Times have changed and how. You don't need to rely on traditional ways like Banks and Moneychangers to buy Forex today. In this digital era, everything can be done online. You can buy Forex online after comparing various rates. You'll get the benefit of the lowest rate and it'll save on your time as well.
A site like Bookmyforex.com offers great features on Forex exchange. You have the convenience to buy Forex online with lock-in options. The best part is online sites do not charge extra on Forex exchange, unlike Banks that charge 2.5% to 6% on exchange. Get the best rate advantage with easy Forex delivery across many locations in India.
Complete expediency and best rate advantage
The online currency is updated according to market fluctuations. The live rate feed will help you get the best rate if you want to buy Forex online. Bookmyforex.com offers a rate alert feature on Forex exchange.
It notifies you when the rate is set near your desired rate giving you a fair price advantage. With online booking of Forex, you can get it delivered at your home. Bookmyforex.com takes care of remittance, buying and selling needs that offer complete flexibility. It also offers Forex cards and money transfers if you want to carry or remit money abroad.
How you can buy Forex online?
Simple steps online can help you buy Forex. You need to login to the site that offers you Forex exchange. You need to select the location or the city you stay in. Then choose the currency that you need.
Bookmyforex.com offers you more than 29 currencies so it lets you exchange according to your needs. You'll have an option of selecting from currency and Forex cards.
Forex card offers preloaded currency of the place you are visiting. You'll also have the option of a traveler's cheque for exchange. Then choose the Forex amount and the rate on offer. You'll get the benefit of the preferred rate for exchange if you have frozen the rate.
This can be done for three days by paying an upfront charge of 2%. Once you get the final amount, you can finally proceed to buy Forex from the site. Choose a delivery option to Buy my Forex available and you are sorted.
Advantages of buying Forex online
Why go to a Bank or Moneychanger when you can save on your time and effort. Forex exchange online offers complete ease of buying.
You can get amazing customer support with door delivery with no added costs. All major foreign currencies are supported on online portals specially Bookmyforex.com.
With rate alert feature, choose the best time to buy Forex. The exchange rate can be frozen for three days so you'll get the advantage of rate if you buy Forex online.
The live rates are updated after every three seconds. With the rate card feature, you'll get to choose from updated rates so it helps you get the best deal.
Buy Forex online with simple modes of payment offered by online sites. Most sites offer cards, cash and net banking facilities on exchange. It also depends on what kind of mode you choose. A site like Bookmyforex.com offers no hidden charges on Forex exchange.
You need to pay the upfront fees and a nominal charge. Banks and Moneychangers charge anywhere between 6 to 12% on Forex exchange. Save on added costs and get the best option available.
Buy with the app,
People now prefer to make payments and buy through apps. It’s easier with Smartphones and it also saves time. If you wish to buy Forex online on the app, then there is Bookmyforex app that allows you to buy Forex in no time.
You'll get complete features on the app as it is on the website. You need to download the app to select the process and book your order.
Are you contemplating where to buy my Forex? Then head to online Forex exchange sites and apps. The process is simple and transparent. Within no time, you can get your Forex delivered at home.
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

Best Currency Exchange Rates in India

Looking for Currency Exchange in India? BookMyForex is the world's first and the largest online marketplace for Currency Exchange, International Remittances and Forex Cards that gives you a fair chance to convert currency online at best rates from anywhere in the world. So, if you are searching for money exchange near me then just visit the website and get the Forex delivered right at your doorsteps.
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Indian Financial Sector

Public sector banks will embark on second round of 2-day bottom-up ideation exercise beginning Thursday for further streamlining the banking sector to help the nation become a USD 5 trillion economy in 5 years. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance. The first round was focussed at branch level and suggestions and ideas received from there will now be discussed at the state level from tomorrow, official sources said.
-Economic Times
Members of the RBI's Monetary Policy Committee at its rate review held on 7 August have agreed that supporting growth will remain their top priority in the midst of inflation remaining stable within the next 1 year, according to the minutes of the meeting released on today.
-Livemint
The Banks Board Bureau has invited applications for the post of MD & CEO in 4 leading PSBs — Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank.
-Moneycontrol.com
The IL&FS had not disclosed any NPAs for the last 4 years, the RBI has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.
-Economic Times
SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said.
-Business Line
BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales.
-Business Line
SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading.
-Economic Times
SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO.
-Moneycontrol.com
The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country.
-Economic Times
IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action.
-Economic Times
Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today.
-Business Line
The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said.
-Business Line
USD/INR 71.55
SENSEX 37060.37(-267.64)
NIFTY50 10918.70 (-98.30)
 -#210819 
submitted by venuangamaly to indianews [link] [comments]

Best Foreign Currency Services in India | Orientexchange

Orient exchange provides you best foreign currency exchange rates in India. We are providing services foreign currencies, forex cards, outward remittance and travel insurance
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Get Best US Dollar Rates in Kolkata?

BookMyForex offers the best US Dollar rates in Kolkata. Book an order online to buy, sell or send a remittance from India in USD , call us @9212219191 and get the benefit of providing exchange rates close to the interbank rates to the customers in lower exchange rates.
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

Today's US Dollar Rates for Foreign Exchange in Chennai

BookMyForex offers the best US Dollar rates in Chennai. Book an order online to buy, sell or send a remittance from India in USD 9212219191.
submitted by ankitasharmaa to u/ankitasharmaa [link] [comments]

Best Currency Exchange Services in India | Foreign Currency - Orientexchange

Orient exchange provides you best foreign currency exchange rates in India. We are providing services foreign currencies, forex cards, outward remittance, and travel insurance
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Trusted foreign exchange companies in India

LuLu Forex Pvt. Ltd. is the Indian arm of LuLu International Exchange LLC, a reputed foreign exchange and money remittance company with its presence across the Arabian Gulf, India, Bangladesh, Philippines, Hong Kong, and Seychelles.
The company was incorporated on 8th October 2010 as a Private Limited Company with registered office at Cochin, Kerala. LuLu Forex received the FFMC (Full Fledged Money Changer) license from RBI on 10th May 2011 and the first branch at Cochin was opened on 3rd October 2011. Today the company has a pan-India presence with 31 branches in major cities across India. Driven by industry recognition as a valuable service provider, our corporate expansion plans include establishing a wider footprint across India.
http://luluforex.com
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Foreign remittance procedure Foreign Inward Remittance How to Send Money to India From Abroad? India's Remittances Highest in the World India's First Online Currency Exchange and Foreign Remittances Portal - BookMyForex.com Foreign exchange Compliance's from RBI Outward Remittance ICICI 1

RBI Rules On Money Transfer Abroad. Maximum limit of money that can be transferred abroad by an Indian citizen – As per the Liberalized Remittance Scheme, a resident individual has the facility to transfer money abroad to the limit of USD 2,50,000 per financial year (approx INR 1.8 crore, check today’s USD exchange rate in India).This limit can be used in a one-time transaction or through ... Remittance boom is turning into a bust for emerging markets in Asia Sep 22, 2020, 12:58 PM IST. India is the world’s top recipient of transfers and a leading supplier of labor to the gulf; it took in $83 billion last year, exceeding the $51 billion it took in as foreign direct investment. Gift Remittance. 5.) Overseas loan repayments. Transfer money across the world through Wire Transfer and it is Simple, reliable and quick way to send money outside India . Offered in 21 currencies: USD, EUR, GBP, AUD, CAD, SGD, JPY, CHF, SEK, DKK, NOK, AED, HKD, QAR, SAR, NZD, ZAR, OMR, THB, PLN and BHD. Compliance with FEMA, 1999 – Please note that a foreign outward remittance from India ... How to Do Forex Trading in India. Forex trading can be done either by buying and selling currency pairs or by purchasing derivatives such as options and futures. Both of which is quite similar to equity trading. #1. Buying and Selling . In simple buying and selling currency pairs, you are long on the pair with a belief that the value of the pair goes up and you benefit in the process. For ... As of recently RBI has liberalized the requirements for making a money transfer from India and now one can make a foreign remittance by just claiming to send a gift or a donation abroad to someone. RBI requires minimal documentation for remittances upto US$ 25,000. On top of this RBI’s Liberalised Remittance Scheme further simplifies foreign exchange facilities available to resident ... Forex Remittance Facilities to Residents . Liberalised Remittance Scheme (LRS) of USD 2,50,000 for resident individuals. Under the Liberalised Remittance Scheme, Authorised Dealers may freely allow remittances by resident individuals up to USD 2,50,000 per Financial Year (April-March) for any permitted current or capital account transaction or a combination of both. Get Latest Forex Rate Of Remittance Also compare Latest Forex Exchange Rate From All Banks Only On ForexRateIndia Enter your forex transfer requirement above. Enjoy a wide range of benefits on international money transfer from India on BuyForex! Best exchange rates: Get the lowest rates on your outward remittance from India. Doorstep collection of documents: Enjoy the convenience of doorstep pickup of your documents in India. Fast remittance service: Complete your transaction online in a matter of minutes! Forex Remit helps to connect money transfer families anywhere in the world through Bank and third party remittance services. Bank Note Trading. Our wholesale FX division bridges the Far East, European and US markets to serve wholesale customers across multiple geographies . SMART Money. SMART Money is a reloadable payment account available in the Philippines that may either be accessed through ... Also Read: How To Buy Forex Online In India. Frequently Asked Questions. 1. How much tax on currency exchange in India? Tax/GST is calculated on foreign exchange services not on the basis of the type of transaction but on the basis of the volume of the transaction. 18% GST will be levied on the “taxable value” portion of the transaction. The taxable value is calculated differently for the ...

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Foreign remittance procedure

Foreign exchange Compliance's from RBI 9990694230 or [email protected] Fema Consultant,Foreign Exchange Management Act Consultancy Fema Consultants FE... icici bank inward remittance charges money2world money2world review icici money transfer international money transfer from india sbi international money transfer from india hdfc transferwise india ... The Forex Cycle of Doom... - Duration: 7:18. ... Important Steps in an Export Shipment from India - Duration: 7:44. Directorate General of Foreign Trade 202,149 views. 7:44. Methods of Remittances ... Send Money Abroad, How to Send Money Abroad through Outward Remittance – Axis Forex Online - Duration: 7:36. Axis Forex Online 10,185 views. 7:36. How The Economic Machine Works by Ray Dalio ... Foreign remittance procedure has been explained in detail in this video. You will get step by step guide for foreign remittance out of india. Normally below documents are required for foreign ... We even offer free same day doorstep delivery across 85 cities in India. Our site offers a full suite of forex products including currency notes, prepaid travel forex cards, traveler's cheques ... India receives the highest amount of remittances in the world, according to the World Bank. These form around 20% of the total forex reserves.

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