With an aim to facilitate the businesses in day to day regulatory developments in the foreign exchange markets the PHD Chamber of Commerce and Industry (PHDCCI) has launched the Forex Helpline service in New Delhi. The Forex helpline will facilitate businesses across the segments with a major focus on Micro, Small and Medium Enterprises (MSMEs). This service will act as a boon for the hospitality and tourism industry as keeping in view the nature of the business, these sectors attract foreign investments. Hotel companies are looking at Indian partners and a helpline of such nature can act as an effective tool to streamline processes.

Speaking exclusively to Financial Express Online, on the new initiative, Dr S P Sharma, chief economist, PHDCCI said, “This is truly a breakthrough initiative providing its users a platform for a seamless understanding of rules and regulations related to the Forex market. General people normally face challenges in comprehending the foreign exchange regularity mechanisms and this medium will provide them with all the necessary assistance to understand the system and clear doubts and questions. The general trend is to appoint private consultants to understand the system better, who do come at a certain price. Though our emphasis is on the MSMEs, the PHD extends this facility to all who are keen to further their business opportunities and to understand the markets better. From rural development to the financial markets, the helpline is open to all. This helpline will surely be of great benefit to the hospitality and tourism sector.”

The PHD Chamber’s Forex Helpline was launched by Vandana Khare, general manager, Foreign Exchange Department, Reserve Bank of India in New Delhi. Speaking at the occasion, Khare said, “The PHD Chamber FOREX Helpline should be in sync with Make in India, Made in India, Make for India and Make for World and should contribute to it”. Khare described the five pillars that are pre-requisites for the Make in India initiative of the government, which are Infrastructure Development, Simplification of Procedures, Re-skilling of manpower and de-mystification of various acts and intermediation between policy makers and end users. She further added that infrastructure development and simplification of procedures depend on the government. The RBI has been working in simplification and rationalisation of FEMA processes to make them simpler. The RBI has also been taking initiative in Re-skilling by organizing meetings, seminars. She added that the launch of PHD Chamber FOREX helpline will help in demystification and also intermediation between policy makers and end users. Vandana Khare also suggested that PHD Chamber can provide suggestions on policies that can be on the basis of queries made by the stakeholders.

Speaking at the event Alok B Shriram, president, PHD Chamber said, “With the objective of updating on global and domestic changes in the forex regulatory environment and assisting on interpretation of rules, regulations and procedures, the Helpline shall sought to provide assistance to businesses and investors especially the MSMEs in the best possible way. “With the increased dynamism in the capital inflows, there are a number of regulations which govern not only the Indian financial markets but global financial markets as well. It therefore becomes imperative to have a fair understanding of the key regulations in the domestic and foreign markets to minimize risks and maximize returns”, said Mahesh Gupta, senior vice president, PHD Chamber. Shyam Poddar, chairman, Forex Committee, PHD Chamber highlighted the objectives of the Helpline and said that this Helpline will be a medium to get clarifications on FEMA issues and it shall act as a bridge between businesses and regulatory authorities.