A recent press report said that a committee has been set up look into the issues relating to software exports and the committee will come up with the recommendations by September end.
Mr. G. Padmanabhan, Executive Director, Reserve Bank of India said that the committee will come out with viable solutions that will make things easy for software exporters. Further he also stated that there is a need to re-look on the rules and regulations with regard to the foreign exchange towards development.
The report also stated that RBI has also set up a help desk, updating the FAQs and organising awareness programmes on foreign exchange and also urge the banks to train their front line staff on matters relating to foreign exchange.
Mr. Padmanabhan also emphasised on the need to exercise caution with regard to the schemes announced through emails and also stated that RBI is also taking measures on awareness towards phishing activities.
The hike in base rates by the RBI was actually unexpected and it has made the loan business of the banks to slow down.