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Drumbeat: Ad Buzzaar
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Wednesday, August 19, 1998
RBI to inspect forex deals
ENS ECONOMIC BUREAU
MUMBAI, Aug 18: The Reserve Bank of India is planning to send inspectors to banks if it is not satisfied with the reply to its queries seeking details about foreign exchange dealings undertaken by corporates.Sources said the central bank is likely to target the trading banks which include a large number of foreign banks, a few private sector banks and a nationalised bank. "The trading banks will be targeted as generally they indulge in this (speculation)," a source said. ``It's going to be a routine inspection. In fact, periodic inspections have been on since June 15 when RBI issued a directive warning importers not to hedge more than their requirements,'' a source said. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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