RBI junks IMF claim of bank's excessive forex intervention
Tuesday, 19 December 2023 The IMF criticizes the Reserve Bank of India's intervention in the foreign exchange market, but the central bank dismisses the charge. The IMF's report shows a divergence of views on the exchange rate and foreign exchange intervention between the IMF and Indian authorities. The IMF notes that the rupee-dollar exchange rate remained stable, suggesting excessive forex intervention. In response, the RBI states that the exchange rate is market determined and it intervenes only to prevent excessive volatility.
The Reserve Bank of India (RBI) is in talks with banks and the government for more stringent measures to ensure that banking channels are not misused for illegal forex trading.
The central bank revealed that nearly 97.26% of these high-denomination notes have been successfully returned to the banking system. In a statement released earlier today, the RBI disclosed that as of..
Tuesday, 19 December 2023
![RBI cracks down on illegal forex trading [Video]](https://video.newsserve.net/300/v/20231225/1703494594-RBI-cracks-down-on-illegal-forex-trading.jpg)
![₹2,000 bank notes continue to be legal tender; 97.26% of the notes retrieved: RBI | Oneindia News [Video]](https://video.newsserve.net/300/v/20231201/1361440934-₹2-000-bank-notes-continue-to-be-legal.jpg)
