Srinagar, Dec 11: In association with J&K Bank, Reserve Bank of India (RBI) today kicked off a two-day interactive meet with bankers on Foreign Exchange Management Act (FEMA)-1999 here at the Bank’s Corporate Headquarters.
The meeting was chaired by RBI Regional Director (Jammu), K K Saraf in presence of J&K Bank Executive President Parvez Ahmad, RBI Chief General Manger, (FED) Mumbai Rashmi Fauzdar, J&K Bank Presidents Shafat Ahmad, Nayeemullah,, J&K Bank Vice President P K Tickoo , RBI,DGM FED (Jammu) A K Mattu and RBI DGM FED (Mumbai) P K Kar.
The meeting was attended by representatives of SBI, PNB and HDFC Bank and other officers of J&K Bank.
At the outset, DGM FED RBI Mumbai P K Kar gave a detailed presentation of the FEMA 1999, a J&K Bank handout said.
Afterwards, CGM RBI Rashmi Fauzdar dwelt upon the current investment climate in the country detailing the issues faced and the measures taken by the RBI in improving the overall economic situation especially the foreign investment.
She talked at length about the various relaxations made by the RBI to facilitate foreign trade of the country besides helping Banks to deal with problems faced in foreign exchange.
Her address was followed by a healthy question-answer session wherein the bankers raised issues and problems regarding the FEMA 1999 in the light of their daily operations and experiences which were duly responded to on the occasion by the RBI.
The Bankers made some suggestions which were taken note of by the RBI representatives.
J&K Bank President Shafat Ahmad concluded the session by presenting the vote of thanks.
With a view to disseminate the information about various facilities available under FEMA, 1999 provisions to different types of forex users/customers , another interactive meeting is being organized tomorrow especially for exporters and other forex users at J&K Bank CHQ at 10.30. A.M.