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:
|
FX-Retail Fees and Charges |
|
Particulars |
Charges |
|
One Time Customer Registration Charges** |
|
|
a. Individual (Resident), Non-Resident Individual, Sole Proprietorship and Hindu Undivided Family |
Rs. NIL |
|
b. Other Categories |
Rs. 1000* |
|
Transaction Charges*** |
|
|
Monthly Turnover |
Charges (applicable on the total INR Value) |
|
a. Turnover < USD 200 million |
0.0004% |
|
b. Turnover >= USD 200 million & < USD 350 million |
0.0003% |
|
c. Turnover >= USD 350 million & < USD 500 million |
0.0002% |
|
d. Turnover >= USD 500 million |
NIL |
* GST is applicable on the above charges
** One Time Customer Registration charges
One Time Registration Charges is not applicable for Add Relationship Bank application.
*** No levy of transaction charges for the first 12 months of joining the platform for all categories of customers.
Note: The date of approval by first relationship bank would be considered as the joining date for the above purpose. The existing customers who have not completed 12 months after joining the platform as on the effective date (mentioned below) shall also be covered for the remaining period. For example, a customer who joined the platform on 01st January 2023; will not be levied transaction charges from 01st April 2023 up to 01st January 2024.
**** Transaction charges shall not be levied for transactions totaling up to USD 50,000 Concluded by a Customer in a day on the FX-Retail platform.
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).