Financial Daily from THE HINDU group of publications
Friday, Oct 25, 2002
Financial Daily from THE HINDU group of publications Friday, Oct 25, 2002 |
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Industry & Economy
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Courts/Legal Issues Columns - All Law All that glitters is not gold
IF you are among those who believed in "e-gold" as an electronic currency freely permitted in India, a recent communiqué from the RBI clarifies that `e-gold' is violative of Indian rules. "An impression is sought to be created among the members of public by some agencies/persons that transactions involving e-gold, purportedly an electronic currency, are freely permitted in India and that e-gold has the status of a foreign currency," the bank observes, citing a recent pamphlet on the subject, circulated along with a newspaper. It had stated that non-resident Indians use e-gold to send remittances into India. The RBI clarifies that e-gold is not a currency of any sovereign State. Therefore, use of e-gold in any transaction is violative of current regulations in force in India. Hence, the caution to members of the public, banks, money changers and other financial institutions against the use of e-gold as a currency in their transactions. E for empty, perhaps. (Press Release No 409/2002-03 dated Oct 21, 2002). Forex same day: As per the Notification No GSR 381(E) dated May 3, 2000, authorised dealers (ADs) are required to obtain prior permission of the RBI to release foreign exchange exceeding $5,000 in one calendar year, for one or more private visits to any country, except Nepal and Bhutan. To ensure that applications received in the Regional Offices of the RBI for this purpose are disposed of on the same day, a `nodal officer' has been nominated in each regional office of the bank, as per a recent circular. Thus, applications for release of foreign exchange exceeding $ 5,000 for private visits are to be forwarded to the regional office by either fax or e-mail. (Circular No 31 dated Oct 18, 2002).
D. Murali
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