Excelsior Correspondent
JAMMU, Mar 20: Foreign Exchange Department (FED), Jammu (Jammu RO) today organized a customer service meeting at RBI Jammu.
The meeting was inaugurated and chaired by Thomas Mathew, Regional Director, Jammu RO. The meeting was attended by Deputy Director, DGFT, Superintendent Customs, DGM JK Bank, senior officials of all the authorized dealers operating in the State of Jammu and Kashmir, FFMCs, representative of other agencies and a sizeable number of forex customers.
In his welcome address, Mathew underlined the need to share views of participants and problems related to forex and trade transactions on this platform. He requested custom officials for conversion of manual port at Srinagar to EDI port which will ensure seamless processing and reporting.
DK Kashyap, Incharge of FED Jammu, informed the house about merger of FEMA 20 and FEMA 24 rules as FEMA 20 (R) and elaborated upon the changes brought in the FEMA Regulations. The revised regulation seeks to monitor investment in India by person resident outside India. He also informed that in case of FDI, share allotments need to be done in 60 days now instead of 180 days.
He emphasized the need of monitoring of export outstanding transactions. He also told authorized dealers’ branches to monitor details of export houses and enhance due diligence in transactions. In case of genuine problems of exporters, he advised authorized dealers to provide help and guidance in smooth conduct of business.
Prashant Bahl, Manager, FED Jammu, made a presentation on Compounding of Contraventions under FEMA for customers. Customers shared their experiences and also raised queries which were answered by the RBI/ADs. Issues raised by bankers and customers were addressed to their satisfaction.
Follow our WhatsApp channel