3 minute read
A SWIFT system tailored to push Rupee trade globally on cards
NEW DELHI: India is looking to set up its own international financing messaging system along the lines of SWIFT (Society for Worldwide Interbank Financial Telecommunications), the channel used worldwide to transfer funds and securitiesacrossborders.
The proposal is a part of the Government's bigger plan to internationalise the Indian currency. The system will help settle bilateral tradeinrupees.
Advertisement
Anexpertcommitteeofbankersis exploring options and is expected to submitfindingstotheGovernmentby August,accordingtoofficialsawareof the matter. The committee members are drawn from the State Bank of India, Bank of Baroda, Bank of India and Central Bank of India among others.
An official said the committee will look at the RBI's existing platform, the Structured Financial Messaging System,orSFMS.
Indiannancialnetwork
'We have to explore how we can scalethisup,'hesaid.
Built on the lines of SWIFT, the SFMS can be used for secure communications within and between banks. In its 2022 Vision Document, the RBI also made a case for expandingtheambitoftheSFMS.
'The feasibility of providing membership/technology of Infinet to other jurisdictions shall be explored,' it noted. 'Further, it shall be explored to expand the framework of SFMS to provide a domestic payment system platform to other jurisdictions. This could be expected to provide faster, convenient, and cost-effective direct payment channels with other jurisdictions.' m.v. “MSC SKY II” Voy : XA329A
The Indian Financial Network (Infinet)isamembership-onlyClosed User Group network that comprises the RBI, CPS (Centralised Payment System) member banks and financial institutions. It provides financial messaging services through its member interface application to all RTGS (Real Time Gross Settlement) participants.
The Government has been pushing banks to conduct outreach programmes with the international trading community to promote trade using special rupee vostro accounts (SRVAs).
So far, 20 banks from 22 countries have opened 92 such accounts, including Bangladesh, Germany andRussia.
I.G.M. NO. 2350386 (EDI) Dtd. 26-07-23 Exch Rate 84.48
The above vessel has arrived on 27-07-2023 at MUNDRA PORT with Import cargo from RAS AL KHAIMAH, SOHAR. Please note the item Nos. against the B/L Nos. for MUNDRA delivery.
Mundra
2 MEDUOM244036
Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery. Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.
- Charges enquiry on land line - 619100
- IGM No./Item No./Destuffing point enquiries can also be done at our computerized helpline No.(079) 40072804
As Agents :
MSC AGENCY (INDIA) PRIVATE LIMITED
Gandhidham : Siddhi Vinayak Complex, Plot No. 1, Office No. 201-208, 2nd Floor, Ward - 6, Near Rotary Circle, Gandhidham - Kutch 370 201 Gujarat India. Tel : +91-2836-619100 to 616100 (Board)
E-mail : jatin.hadiya@msc.com, niraj.raval@msc.com, operator.gandhidham@msc.com
H. O. & Regd. Office : MSC House, Andheri Kurla Road, Andheri (East), Mumbai - 400 059 Tel : +91-22-66378000, Fax : +91-22-66378192, E-mail : IN363-comm.mumbai@msc.com • www.msc.com
Notice To Consignees
Please note the item Nos. against the B/L Nos. for MUNDRA delivery.
Consignees are requested to kindly note that the above item Nos. are for the B/L Nos.arrived for Mundra Delivery Separate IGM will be lodged with Kandla Customs for CFS - Gandhidham. Consignees are requested to collect Delivery Order for all imports delivered at Mundra from our Import Documentation Deptt. at Siddhi Vinayak Complex, 2nd Floor, Off. No.201-208, Opp. Reliance Petrol Pump, Nr. Rotary Circle, on Presentation of duly discharged Original Bills of Lading and payment of relevant charges. The container detention charges will be applicable after 5 days from the GLD for containers meant for delivery at Mundra. The containers meant for movement by ROAD to inland destinations will be despatched upon receipt of required documents from consignees/receivers and the consignees will be liable for paymeant of port storage charges in case of delay in submission of these Documents. Our Surveyors are M/s. Master Marine Services Pvt. Ltd. and usual survey conditions will apply.Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.
- Charges enquiry on land line - 619100
