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Banks asked to comply with forex revaluation norms

MUMBAI MARCH 11. The Reserve Bank of India has pulled up banks for failing to follow instructions on reporting of revaluation of foreign currency assets/liabilities leading to errors and asked them to strictly comply with the norms.

While analysing the data received from banks, it is observed that banks are not complying with the instructions laid down on reporting revaluation, the RBI said in a notification here today. Explaining the term revaluation value, the central bank said it is revaluation gain or loss of foreign currency assets/ liabilities arising due to change in exchange rate between the current reporting Friday and immediate preceding reporting Friday.

— PTI

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