Re: Money Exchange
 

92.78 midrate on xe.com

!

AndyD 8-)₹

Re: Money Exchange
 

Just shy of Rs93.42 to the £ according to the BC website, that's a 2% increase for sterling against the Rupee in ONE day - obviously, it could go the other way on Monday. . . . . . . .

H.

Re: Money Exchange
 

1 GBP = 93.4120 INR 1 INR = 0.0107053 GBP
Mid-market rates: 2013-08-03 12:18 UTC

... and it looks like the dealers have increased their spread -
Money2India are only offerering 90.73 today.

AndyD 8-)₹

Re: Money Exchange
 

xe.com showing £1 = 94.4895R/-

icici money2india quoting 92.92R/-

Should help offset inflation if you've still the courage to risk money on deposit in Indian banks.

Re: Money Exchange
 

Money2India offering 93.5
- and money already on deposit has now lost around 15% in value vv sterling!

AndyD 8-)₹

Re: Money Exchange
 

Wow! - Current Exchange Rate is 94.85! - I wonder if it will make 100?

Re: Money Exchange
 

Not a bl**dy prayer!

BBC website showing Rs95.06 to the £ at the moment!

Just how unpopular/unloved can the Rupee become?

Is India reaping what it has sewn with corruption scandals, getting into bed with the Russians etc etc. . . . . . . . . . .

H.

Re: Money Exchange
 

http://in.reuters.com/article/2013/0...96L07U20130722

India to call on millions of NRIs to defend rupee - sources

By Manoj Kumar
NEW DELHI | Mon Jul 22, 2013 6:41pm IST

''(Reuters) - The government aims to call on its millions of non-resident citizens to help reverse a record slide in the rupee............Acknowledging the country faced a dilemma, the officials said India was running out of options and time to revive the currency and fund a record current account deficit but equally it was wary of sending any distress signals to international markets.

..........'We do not have much options. Whatever has to be done, will be done in the next few weeks," the official said. "We have a window of only few weeks,' he said.....

..........India has the second-largest diaspora in the world, with a community estimated at more than 25 million, the Ministry of Overseas Indian Affairs says.....

..........Non-resident Indians (NRIs) already hold more than $100 billion in funds in India. Central bank figures show NRIs held $58 billion in dollar deposits as of September 2012, plus local currency deposits worth 3 trillion rupees.....

..........But there are also specific fears about India's slowing economy, a lack of substantive reforms and its large current account deficit. That is reflected in foreign fund outflows from India's debt and equity markets since late May of $11.5 billion.....

..........'We understand that we need funds to finance our current account deficit but we do not want to send any signal of panic outside India,' a second government official said

..........'The rating agencies are already watching us closely, we have to manage the situation in a subtle manner,' he said.....

..........NRIs lapped up bonds and deposits issued by India in 1998 and 2000, helping bridge massive gaps in India's funding needs. Now, with a current account deficit at a record 4.8 percent of economic output, the country needs all the funding it can get.

http://articles.economictimes.indiat...fiis-liquidity

Foreign fund sell-offs hit a 5-year high in June-July as FIIs pull out Rs 17000 crore

Biswajit Baruah, ET Bureau Jul 31, 2013, 08.41AM IST

".......MUMBAI: Foreign institutional investors have pulled out over Rs 17,000 crore, or $2.9 billion, from the Indian equity markets in June and July, the biggest two-month sell-off in nearly five years, data from the stock exchanges show.

The selling pressure by FIIs is likely to continue in the near term, with leading foreign funds advising clients to hold back investments into India as there are not enough compelling reasons to buy Indian stocks. FIIs had pumped in nearly $40 billion in the 17 months to May 2013....."

Re: Money Exchange
 

I for one would not send money to another Indian bank account due to the recent issues but has anyone considered one of ICICI bank Indian Rupee Travel Cards?

They can be bought from ICICI bank at it's branches in the UK & pre-loaded with upto Rs50,000

You can then use it like a debit card in India & you can withdraw your cash without further charges at over 6,000 ICICI ATMs throughout India

Gotta be worth considering even if their website shows today's exchange rate as only Rs91.64 to the £.

H.

Re: Money Exchange
 

Search the threads here and on IM - a debit card in ATMs is a better deal.

What does worry me is that the current exchange rate slide will prompt the GoI to do something really silly like reverting to a closed economy.

AndyD 8-)₹

Re: Money Exchange
 

So far,the opposite; it's caused them to relax some of the restrictions and limits on FDI, including multi brand retail. It will ultimately depend on the balance of political power following next years elections.

http://www.reuters.com/article/2013/...0FE00C20130716

India relaxes foreign investment rules in various sectors to revive growth

NEW DELHI, July 16 | Tue Jul 16, 2013 11:13am EDT
(Reuters) - India relaxed foreign direct investment (FDI) rules on Tuesday in a broad swathe of industries including telecoms, single brand retail and oil and gas in a bid to lure capital inflows, prop up a sliding currency and rev up growth.

In a meeting of senior cabinet ministers, Prime Minister Manmohan Singh cleared plans to allow 100 percent FDI in telecoms, Commerce and Industry Minister Anand Sharma told reporters.

The move will allow companies such as Vodafone Group Plc , Telenor ASA and Sistema to operate in the country without requiring an Indian partner. Foreign investors are currently allowed to hold a maximum 74 percent in local phone carriers.

Sharma added that the government will have to approve any FDI proposal beyond 26 percent in the defence production sector, on condition it involves state-of-the-art technology.

India's weakest economic growth in a decade and a record high deficit in the current account, the broadest measure of a country's international trade, have made the rupee the worst-performing emerging Asian currency so far this year.

http://www.business-standard.com/art...0101245_1.html

IANS | New Delhi August 1, 2013 Last Updated at 21:19 IST
India relaxes FDI norms for multi-brand retail


The government Thursday further liberalised its foreign direct investment (FDI) policy for multi-brand retail to lure international retailers like Walmart, Tesco and Carrefour into the country.

The decision was taken at a meeting of the federal cabinet chaired by Prime Minister Manmohan Singh.

Talking to reporters after the cabinet meeting, Commerce Minister Anand Sharma said the government has decided to relax the policies related to mandatory sourcing, investment in back-end infrastructure and selection of cities.

http://gulfnews.com/business/retail/...ions-1.1216881

Foreign retailers may not enter India before 2014 elections
Walmart, Tesco and Carrefour are unlikely to enter the supermarket business in India before the 2014 general elections
IANSPublished: 13:20 August 5, 2013

New Delhi: Foreign retailers like Walmart, Tesco and Carrefour are unlikely to enter the supermarket business in India before the 2014 general elections even though the government has partly addressed their concerns and relaxed the norms, industry experts say.

“Multi-brand retail business requires quite a large investment. I think retailers will prefer waiting to see more clarity,” Anis Chakravarty, senior director, Deloitte in India, said.

He said the government has tried to address some of the concerns raised by global retailers like Walmart, Tesco and Carrefour.

The government last week decided to dilute many contentious conditions in the multi-brand retail policy, including 30 per cent sourcing from small firms, 50 per cent investment in back-end infrastructure and access only to cities with over one million population.

Chakravarty said although Thursday’s cabinet decision had brought some clarity in the policy, a lot of other ambiguities continued, and the retailers would like to get them addressed before taking the investment decisions.
The government has relaxed the policy related to the mandatory 50 per cent investment in back-end infrastructure. As per the revised norms, retailers would be required to invest 50 per cent in the back-end only of the investment that they bring for the first time. The minimum required investment is $100 million (Dh367 million).

Re: Money Exchange
 

An Indian debit card withdrawing funds sent from the UK to an Indian account at the time of favourable exchange rates is the ideal.

The pre-loaded ICICI type card is probably the next best thing as long as you don't lose too much in terms of the exchange rate that you actually receive.

A UK debit card withdrawing funds overseas is a bad deal: crap exchange rates & high transaction fees.

A UK credit card withdrawing funds overseas - you'd have to be completely stark staring bonkers to even consider this.

H.

Re: Money Exchange
 

Nationwide Flex used to be the best until they brought in charges.

They give an annual statement now of overseas cash withdraw charges on your account, it adds up to quite a sizeable amount.

Re: Money Exchange
 

It was when Nationwide started charging that I opened an NRO account here and transfer money across on a regular basis......get 3% interest on the money and recently got 89.7 rp to the £1. I know it`s gone up since then but i`m happy.

And today got 27k interest on a FD of 4lakh in only a yr and 7 days. :thumbsup:the government are 13k richer from me for the tax I cant claim back!:thumbdown:

But still heaps better than UK investments!!
:eek:

Re: Money Exchange
 

If your total worldwide income (excluding UK government pensions) is below the Indian Tax threshold (or you want to manage your own tax affairs and file returns) then you could have registered your bank accounts (including FDs) to be paid gross. You can get/ download a form from the bank for this.

AndyD 8-)₹