FX-Retail - An electronic trading platform for buying or selling foreign exchange by retail customers of Banks:
A trading platform is expected to provide the much-needed transparency and at the same time enhance competition and lead to better pricing for the customers. In this connection, FX-Retail has been rolled out by the Clearing Corporation of India Limited (CCIL).
FX-Retail provides for an anonymous and order driven dealing for Retail Customers wherein they can place orders and trade in the USD/INR currency pair.
FX-Retail platform can be accessed by any customer of the bank (through the website https://www.fxretail.co.in/#/login) who has a need to purchase or sell US Dollar against the Rupee for delivery on cash basis (same day), tom basis (next day) or spot basis (two days after date of transaction), subject to the following :
There is no cap on the number of transactions per customer during a day. The total amount of transactions of a customer shall be subject to the limit assigned by its bank.
The size of a single transaction is not allowed to exceed $5 million.
As per Clearcorp Dealing systems (India) Ltd following charges are to be levied by the Banks from customers for usage of the FX Retail platform:
|
Schedule of Fees and Charges |
|
Particulars |
Charges |
|
One time Customer Registration Charges |
|
|
a. Individual |
Rs. 300* |
|
b. Non-Individual |
Rs.1000* |
|
Transaction Charges |
|
|
a. Upto USD 50,000 in a day |
No Charges |
|
b. Above USD 50,000 in a day |
0.0004% on the entire Transaction value in INR terms * |
* GST is applicable on the above charges
Customers may contact their home branch to ascertain details of Bank’s charges. Customers while registering on CCIL’s FX-Retail platform may note to mention Punjab National Bank as the Relationship Bank. Customers are requested to contact their Home Branch for submission of requisite documents for on-boarding. For more details about FX-Retail please visit CCIL’s website (www.ccilindia.com).