A workshop on foreign exchange, organised by the Institute of Company Secretaries of India, Mysore chapter, in association with the Reserve Bank of India, Bangalore Regional Office, began in the city on Thursday.
The two-day event was inaugurated by Uma Shankar, Regional Director, RBI.
She dwelt at length on the transition from the Foreign Exchange Regulation Act (FERA), which was legislated to preserve foreign exchange prior to the liberalisation of economy, to the Foreign Exchange Management Act (FEMA), which was enacted to give a thrust to external trade and payments and development of foreign exchange market in the post-liberalised economy.
She also spoke on the liberalised remittance scheme in detail and pointed out that it enjoined upon all those making use of foreign exchange responsible and accountable to the regulators and policymakers. This made it imperative on the company secretaries of companies that have significant trade transactions globally or have a global presence to be fully abreast of the new laws and be aware of the regulations, Ms. Uma Shankar added.
M. Palanisamy, Banking Ombudsman for Karnataka, spoke on customer awareness and said the Banking Ombudsman (BO) scheme was introduced by the RBI in 1995 to provide inexpensive and expeditious resolution of complaints relating to the deficiency in services provided by banks. He said there were 24 grounds on which complaints may be forwarded to the BO office and they include deposit accounts, loan products, pension payments, ATM/credit cards and levy of charges.
The workshop is being attended by nearly 100 delegates comprising company secretaries from different parts of south India, chartered accountants, industry representatives and students. Baiju Ramachandran, Secretary, Southern India Regional Council of Institute of Company Secretaries of India, was among those present.