When Regulators Listen, Practitioners Must Speak
There are moments in a nation’s financial journey when
regulation does not feel like a rulebook —
it feels like an invitation.
The Reserve Bank of India’s recent draft circular on disclosure
of transaction costs in foreign exchange transactions is one such moment.
By inviting public and industry feedback, the RBI has opened a quiet but
powerful door — one that leads to better transparency, stronger trust, and a
more confident customer experience in India’s forex ecosystem.
This is not merely a compliance exercise.
This is a call for participation.
The Human Side of Forex
Behind every forex transaction is a human story:
A parent sending money for a child studying abroad.
A small exporter watching every rupee of margin.
A traveller anxious about unfamiliar fees in a foreign land.
A senior citizen trying to understand why the final amount feels different from
what was expected.
Forex professionals see these moments every single day.
They hear the questions.
They absorb the confusion.
They explain the fine print — sometimes more than once.
That lived experience is priceless. And today, the RBI is
asking for it.
Why Your Voice Matters More Than Ever
Banks and Forex Authorised Dealers are not just executors of
policy —
they are its translators.
They turn regulatory intent into real-world experience.
The draft circular’s spirit is clear:
advance disclosure, informed consent, and customer confidence.
But how this spirit comes alive — on screens, on receipts, at
counters, and across digital journeys — depends on those who operate closest to
customers.
If you have ever thought:
- “This
is where customers usually get confused.”
- “This
could be explained better.”
- “This
disclosure works in theory, but needs refinement in practice.”
— then your insight matters.
Forex Dealers: You Are the Custodians of Trust
Forex Authorised Dealers stand at a unique intersection —
where regulation, markets, and customers meet.
You understand pricing structures, spreads, charges, and
execution mechanics.
But more importantly, you understand how customers feel when costs are
not clear.
You know that transparency is not about overwhelming customers
with data —
it is about offering clarity, predictability, and dignity.
That wisdom cannot be written in policy rooms alone.
It must come from you.
This Is Not About Criticism — It Is About
Contribution
Sharing feedback with the RBI is not about pointing flaws.
It is about strengthening intent.
It is about saying:
“This is how we can make transparency easier.”
“This is how customers actually perceive costs.”
“This is how compliance and experience can move together.”
Thoughtful feedback today can prevent confusion tomorrow.
One well-articulated input can improve thousands of customer interactions in
the future.
A Quiet Opportunity to Shape History
Most policy changes happen without us noticing.
But occasionally, we are invited before the ink is dry.
This is one of those moments.
To every forex professional, banker, compliance officer,
product owner, and customer-facing executive —
this is your chance to shape how trust is built in India’s forex market for
years to come.
Let us respond not just as regulated entities,
but as custodians of customer confidence.
Because when regulators listen,
those who know the ground best must speak.
Because trust is not built in circulars alone — it
is built in moments.
In the pause before a customer clicks confirm.
In the quiet reassurance that there will be no surprises after the transaction
is complete.
When banks and forex dealers share their lived wisdom, they help turn
regulatory intent into everyday confidence.
And in doing so, they strengthen something far more valuable than compliance —
they strengthen the quiet joy of safe, transparent payments, where clarity
replaces doubt, and trust becomes the most reliable currency of all.
Further Reading:
Readers who wish to explore the regulatory context in greater depth may refer
to the Reserve Bank of India’s official press release inviting public feedback
on the draft circular on disclosure of transaction costs in foreign exchange
transactions (https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=61782),
along with the full text of the draft directions hosted on the RBI website (https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=4795).
For a concise industry perspective and broader context, the Economic Times
coverage on the RBI’s consultation offers a readable overview of why
stakeholder inputs from banks and forex authorised dealers are both timely and
important (https://m.economictimes.com/news/economy/policy/rbi-seeks-comments-from-stakeholders-on-draft-circular-on-disclosure-of-forex-transactions/articleshow/125873313.cms).
Nayakanti Prashant
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