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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
Foreign exchange rate is one of the most important means through which a country’s relative level of economic health can be determined. It acts as a window to a country’s economic stability. Global events that can be political, natural or war-related in nature can have a huge impact on the foreign exchange market. The currency of a nation is more likely to strengthen if the government that spends irresponsibly is replaced with the one that is fiscally conservative. On the other hand, natural disasters such as hurricanes, earthquakes, floods, tornados or other calamities can have a catastrophic effect on a nation’s infrastructure, deplete resources and undermine economic productivity. Take for instance, the on-going Coronavirus pandemic, which has resulted in global economic losses and drastically fluctuated exchange rates.
Similar to a natural disaster, a war outbreak can also deal a big blow to the economic viability of a country. It inflicts major damage to infrastructure and costs the government, huge sums of money. What pushes the domestic currency towards devaluation are the cheap finances that are backed up by low-interest rates and utilized for rebuilding purpose. Owing to the uncertainty in terms of future economic expectations, nations that are at a higher risk of engaging in war also experience a higher level of currency volatility as compared to those not engaged in any kind of conflict.
Owing to the trillions of foreign exchange transactions that take place around the globe on an everyday basis, the foreign exchange rates can fluctuate greatly with altering market scenarios of demand and supply. Keeping a keen eye on the currency exchange rates is mandatory if you wish to send or receive money from overseas. Watch the video below to understand how the global market operates before you buy forex in India.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
