Foreign exchange conversion rate
I AM a retired banker who is now engaged in providing consultancy services in consumer financial services. In this connection, I receive remittance for my professional services through a foreign private bank that does not have any standard for treating its customers, including their former staff.
The rate applied for the last two months on foreign remittance was much below the inter-bank prevailing rate but on my complaint after three to four days the bank reversed the original transaction and provided credit by applying the correct rate.
This month again they have applied a rate of Rs92.35 to $1 against the prevailing inter-bank rate of above Rs94 to a $1.
It appears that the bank is robbing the poor people who receive foreign exchange for their family’s support and other purposes by a minimum of Rs2 per dollar.
I have the proof of the reversals reflected in my savings account.
Will the State Bank and other authorities take a serious note of the issue and help the poor who are being deprived of thousands of rupees every month.