Foreign exchange rate... By Nisar
10 July, 2012
I am a retired banker who is now engaged in providing consultancy services in consumer financial services. In this connection, I receive remittances for my professional services through a foreign private bank that does not have any standard for treating its customers, including their former staff. The rate applied for the last two months on foreign remittances was much below the inter-bank prevailing rate but on my complaint after three to four days, the bank reversed the original transaction and provided credit by applying the correct rate.
This month again, they have applied a rate of Rs 92.35 to $1 against the prevailing inter-bank rate of above Rs 94 to one dollar. It appears that the bank is robbing the poor people who receive foreign exchange for their family's support and other purposes by a minimum of Rs 2 per dollar. I have the proof of the reversals reflected in my savings account.
Will the State Bank and other authorities take a serious note of the issue and help the poor who are being deprived of thousands of rupees every month?