Interactive meet, organized by the Reserve Bank of India in association with J&K Bank concluded on Wednesday.
Speaking on the occasion, Regional Director (Jammu), RBI, K K Saraf expressed that financial literacy and financial inclusion are their focused targets in J&K. He said that in anticipation of increase in volume of foreign exchange business due to revival of tourism and handicraft sectors in J&K, need was felt to hold a session on FEMA, 1999 for general awareness of bankers and customers.
Chief General Manager RBI Mumbai Rashmi Fauzdar, Executive President, J&K Bank, Parvez Ahmad, Presidents J&K Bank Shafat Ahmad, Nayeemullah, Vice President.P K Tickoo, DGM FED RBI Jammu A K Mattu and DGM FED RBI Mumbai P K Kar were also present on the occasion. The interactive session was attended by trade bodies, exchange houses, AD branches and a good number of valuable customers representing cross section of valley businessmen engaged in imports and exports of various goods and services, reads the bank statement.
A K Mattu, DGM FED Jammu, while extending his warm welcome to the participants on behalf of RBI, stated that this was one of the endeavors of RBI to reach to end-users of forex facilities. P K Kar, DGM FED RBI Mumbai, talked about the trade regulations and obligations of the exporters and importers. He then presented a power-point presentation on export-import regulations.
Speaking on the occasion, CGM RBI (FED) Mumbai Rashmi Fauzdar said that FEMA 1999 envisages moving away from micro-regularities of transactions by giving freedom and responsibility to Authorized Dealers (AD). She gave details of recent measures taken by RBI in this regard.
A question-answer session was also ensued, wherein the exporters and importers of Kashmir raised issues and concerns relating to their trade and business in response to which representatives of RBI assured that issues would be looked into, reads the statement.
The bankers from the SBI, HDFC and particularly J&K Bank responded to many of the concerns on spot. P K Tickoo dwelt on the extra risks being faced by the exporters in the face of uncertainties of global trade and volatile currency risks and put forward some suggestions to manage these risks through the mechanism of Letter of Credit and proper use of hedging instruments.
Appreciating RBI’s visionary and pro-active approach in managing the macro-economic situations during uncertain times effectively, Parvez said, “It is very good to see the RBI reaching out to raise awareness about issues of major concern like foreign exchange and export-import mechanisms, simultaneously.” He also requested RBI to hold such interactive sessions on ongoing basis.