Thursday, April 28, 2011

RBI Arm-Twisting the Indian Banking Sector

One thing I like about India is how the government can really force banks to do the right thing. One example is how they have forced them to disclose the service tax they'll take on FOREX, so that you won't feel randomly cheated on every transaction. There's the raw data:

<= to R 100 000 : Max of 25.75 or 0.103%

R 100 000 to 1 000 000: R 103 + 0.0515% of (X - 100 000)

R more than that: Min of R 566 + 0.103% of (X- 100 000) or R 5150

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