Reserve Bank of India, Jammu organized a ‘Town Hall Meeting’ on FEMA which witnessed participation of senior officers from RBI, different banks and leading exporters of the J&K State together with their associations. Explaining the rationale for holding such an event, Mr A. K.  Mattu, General Manager, RBI  informed the gathering that RBI have been taking various steps  in simplifying, liberalizing and rationalizing  the FEMA regime for smooth conduct of forex transactions, for the benefit of exporters /importers and other resident individuals intending to send remittances  for various purposes like travel, business tours, medical / health care, education, investments etc. He stated that as an important stakeholder, RBI has been taking proactive measures in creating an enabling environment for and educating/ increasing awareness about various facilities and products available to the forex customers. This Town Hall event provided a useful and interactive platform where the different banks and importers/ exporters could discuss various issues / problems being faced by the latter for their speedier resolutions. He also exhorted the bankers present to be more sensitive to the need and requirements of the exporters particularly in the backdrop of recent floods as many of them had suffered huge losses on account of recent unprecedented disaster and were facing a tough time.

A brief presentation on FEMA was made on the occasion by Shri A. K. Reshi, Manager, RBI which was followed by a presentation on various services and facilities provided by various banks to the forex customers by Mr. Karanjit Singh, Assistant Vice President, the J & K Bank Ltd. The branch head of ECGC, Sh Paul Mukti Lakra also made a presentation on various schemes / risks etc covered by his Corporation which were all intended for the benefit of exporters.

During the ‘Question- Answer’ session which followed the slide show, several questions were raised by different exporters and also by the representatives of Association, which were clarified on the spot and suggestions were also extended by banks to various exporters. The meeting, apart from RBI Officers, was also attended by Shri Rakesh Gandotra, VP, JKBL, Shri Dalip Kaul AGM, SBI, Mr Aijaz from DGFT, Shri Faiz Ahmad Bakshi, Joint Secretary General from Kashmir Chamber of Commerce and Industry(INC) and other leading exporters.