RBI will hold exhibition to create awareness about foreign exchange from Nov 12

The Reserve Bank of India is holding an exhibition, `Foreign Exchange and You', for general public with an aim to educate them about the availability of foreign exchange. The exhibition will be for two days 12 and 13 November in Lucknow.

Regional director, RBI Amrendra Sahu said, "We have found that the level of awareness about foreign exchange and the facilities available to masses is relatively low in Tier-2 cities. After a successful run in Hyderabad, this exhibition is now being organized in Lucknow.''

Deputy governor RBI, Shyamala Gopinath will be attending the two day event and will be participating in a public interface about foreign exchange matters. Besides RBI, public and private sector banks dealing in foreign exchange will be participating in the two day event. Sahu said, "The exercise is a part of RBI's financial literacy program. Earlier, only exporters, importers and corporates were invited to attend. Under the Foreign Exchange Management Act, RBI has offered a large number of relaxations relating to foreign exchange. Though this platform, RBI will be able to disseminate this information to the general public as well.''

During the event key issues which will be addressed include FEMA violations, rules of foreign direct investments in India, foreign exchange facilities available to residents and non-resident Indians, overseas direct investment as well as issues related to fraudulent email and SMS messages are sent offering large sums of foreign exchange. Sahu said, "A large number of cases, where fake RBI letter heads and certificates were used for such fraudulent practices, have come to light. The bank has already issued notifications asking people to be careful of fictitious mails offering money. At the exhibition, people will have the opportunity to have all such doubts clarified.''