Workshop on International
Banking
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From L to R: Ms. Shyamali Bannerji, Deputy Director, FIEO (WR), Mr. Rajesh Bhatia, Joint Director, FIEO (WR), Mr. S. Paramasivan, ED, Afcons & S. Natrajan, former RBI official |
The Western Region office of FIEO organized a day-long Workshop on ‘Basics of International Banking & FEMA Regulations related to Exports’ on 29th November 2006 at Mumbai, which was attended by around 45 executives from different companies. The workshop focused on cross border and cross currency aspects of banking in the light of global integration of financial markets. Mr. S Paramasivan of M/s Afcons, an ISO 9001-2000 company and a former banker, and Mr. S Natrajan, former RBI official were among the faculties for the day.
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Limits raised for remittances towards setting up offices abroad The RBI, through a circular issued on 4th December 2006, has authorized AD (Authorised Dealers) Category-I banks to permit remittance up to 15% of the average annual sales/income or turnover during last two accounting years or 25% of the net-worth, whichever is higher, for the Indian entity towards initial expenses for the purpose of normal business operations of a branch or office or representative abroad. For recurring expenses, the limit has been raised to 10% of the average annual sales/income or turnover during last two accounting. Earlier, the two limits of initial expenses and recurring expenses were 10% and 5% respectively. The circular also authorizes AD Category-I banks to allow remittances by a company incorporated in India having overseas offices, within the above limits for initial and recurring expenses, to acquire immovable property outside India for its business and for residential purpose of its staff. |
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Romania, Bulgaria to achieve huge growth in commercial space Romania and Bulgaria will have before the end of 2007 a 150% growth in the amount of commercial space, the largest figure in Europe, according to a report published by the real estate services company Cushman & Wakefield. Between 2006 and 2007, Bulgarians will open commercial centers adding up to 98,000 square meters, while Romania, the second largest market after Poland in the Eastern and Central Europe, has scheduled for opening projects that add up to 470,000 square meters. The moment is a huge opportunity for investors and retail operations, says Razvan Gheorghe, General Manager of Activ Consulting. |
