Demystifying foreign exchange

Money matters:

Uma Shankar, Regional Director, RBI Bangalore, and Canara Bank Chairperson S. Raman at the RBI exhibition in Bangalore on Wednesday

With terms such as FEMA (Foreign Exchange Management Act) as well as conditions relating to the amount of money you can carry abroad, the idea of foreign exchange is a daunting one to most of us. A two-day exhibition-cum-interface, organised by the Reserve Bank of India (RBI) intends to demystify all that. “The idea of the exhibition is to dispel the fears behind FEMA, and demystify the whole process of carrying money out of the country,” said Uma Shankar, Regional Director, RBI Bangalore, who, along with Canara Bank Chairperson S. Raman, inaugurated the exhibition on Wednesday in the city. “If people know their responsibilities and the procedure to take, half of the grievances lodged with the RBI would be solved,” said RBI Chief General Manager K.R Das.  The exhibition has 20 stalls, covering a range of issues such as remittances, loans, sending money abroad and banking frauds. With stalls such as those explaining FEMA with computer games, as well as quizzes and interaction sessions with banking officials, the organisers hope to get students actively involved in the initiative. The exhibition is open to the public between 5 p.m. and 6 p.m. at Jain College, J.C Road.

HBL