Reserve Bank of India (RBI) through Clearing Corporation of India Ltd (CCIL) has rolled out ‘FX-Retail’, an electronic trading platform for buying or selling foreign exchange by retail customers of Banks.
FX-Retail provides for an anonymous and order driven dealing for Retail Customers wherein they can place orders in USD/INR currency pair.
FX-Retail platform can be accessed by any customer of the bank (through the website https://www.fxretail.co.in) who can purchase or sell US Dollar against Rupee for delivery on ‘cash basis’ (on the same day), ‘tom basis’ (the next day) or ‘spot basis’ (two days after date of transaction) and forwards (up to 13 Months), subject to the following :
There is no cap on the number of transactions per customer during a day. The total amount of transactions of a customer shall be subject to the limit assigned by the bank. Further, the transaction charges levied by CCIL are waived off for transactions up to USD 50,000 per day.
The size of a single transaction shall not exceed $5 million.