Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - New rules to help money exchanges double capital  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Khaleej Times spoke to leading stakeholders, who welcomed the Central Bank of the UAE's new rules, which will make sure that the firms dealing in cash had enough financial means to sail through in times of crisis



Dr B.R. Shetty, managing director of the UAE Exchange, welcomed the new rules, which will allow only professionally run firms to survive



"With the higher capital requirement, the customers may not suffer at the hands of a financially weak or technically incapable money exchanges," he said



Now the Central Bank will interview the officials who will manage the exchange company, which must be lauded, as only highly capable professionals will be allowed to run such businesses, he said



Jitendra Gianchandani, chairman, Jitendra Consulting Group, said the move was part of government strategy to regularise the sector



"New rules will enhance the general public's confidence, as their money will be handled by financially sound firms," said Arbab Ali Narejo, the general manager of Abu Dhabi based National Exchange Company. He said that the Central Bank of the UAE has taken right measures in order to groom the exchange firms on modern lines, and beef up their operations


The exchange firms' setup on partnership basis had no minimum capital requirements, due to which several firms had been set with small capital. And since the business has grown manifold in recent years to wire transfers, buying/selling in currencies and Wages Payment System or WFS, there was need to increase the capital, in accordance with the expansion in business volumes, Narejo said



The general manager said an LLC setup to carry out exchange business must have 100 per cent bank guarantee to equal minimum capital of Dh50 million, in previous rules, the bank guarantee was 50 per cent of the capital



All these measures have been taken after the recent collapse of an exchange firm whose employees misappropriated the funds of the wages payment system account and the company had not enough capital to pay the claims, he said the new rules will address this issue in the future



With the new rules and emphasis on higher capital, there was enough cushion against such an eventuality, the general manager said



For each of the new branch opened, the exchange company has to increase its capital by ten per cent, he said, which was a good measure, as the expansion would commensurate with their capital.


 


Khaleej Times




  MENA News Headlines
 Sep 28 2016 - Morocco- 10-Year-old Moroccan Boy Commits Suicide Over School SuppliesMorocco World News
(MENAFN - Morocco World News) The suicide of a ten year-old boy near the Moroccan city of Ifrane shakes social media in Morocco. A boy was found hanged using an electric wire in a small village in ...

 Sep 28 2016 - Shimon Peres, Nobel Prize Winner and Veteran of Israeli Politics, Dies at 93Morocco World News
(MENAFN - Morocco World News) Shimon Peres, the veteran Israeli statesman who shared a Nobel prize for his extensive efforts in negotiating a peace agreement with Palestine, has died on Tuesday. He ...

 Sep 28 2016 - Morocco- Police Officer's Generosity, Gives Grieving Black Man a New OutlookMorocco World News
(MENAFN - Morocco World News) Mark Ross got the call we never want to get. His 15-year-old sister was killed in a car accident. It was 3 A.M. He needed to travel from Indiana to Detroit to be with ...

 Sep 28 2016 - Egypt- Rights groups condemn treatment of detained 6 April Youth Movement coordinatorDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Commission for Rights and Freedoms (ECRF) criticised the detention conditions of 6 April Youth Movement coordinator Amr Ali, who was imprisoned on charges of ...

 Sep 28 2016 - Kuwait- Maternity leave for pregnant womanArab Times
(MENAFN - Arab Times) I am working in a private clinic as a Staff Nurse. Regarding maternity leave our new supervisor says… only for the first pregnancy and delivery is the 68 days maternity leave ...

 Sep 28 2016 - Kuwait- Indemnity should be calculated by using the latest remunerationArab Times
(MENAFN - Arab Times) Can you please let me how to calculate my service indemnity. ■ Salary – KD 450. ■ Car allowance – KD75. ■ Petrol – they give me a card twice a month (KD 15 ...

 Sep 28 2016 - Kuwait- Friends matter, not interests - Stick to good in youArab Times
(MENAFN - Arab Times) Intisaar Al-Ma'touq LONG time ago, our grandfathers said, 'You are nothing if you have nothing.' Those were the good old days characterized by simplicity. At the time our ...

 Sep 28 2016 - UAE opens consulate in New York, strengthens ties with USKhaleej Times
(MENAFN - Khaleej Times) The United Arab Emirates opened the UAE Consulate in New York City and appointed Majid Al-Suwaidi as Consul General. The opening ceremony was officiated by Reem Al Hashimy, ...

 Sep 28 2016 - Sharjah FDI Forum set to explore ways to boost UAE-India tiesKhaleej Times
(MENAFN - Khaleej Times) The Sharjah Foreign Direct Investment Forum (Sharjah FDI Forum 2016), which takes place from September 28 to 29 at the Al Jawahar Reception and Convention Centre, will host ...

 Sep 28 2016 - UAE- MidEast Watch & Jewellery Show to open this weekKhaleej Times
(MENAFN - Khaleej Times) The Expo Centre Sharjah will host the 41st edition of the MidEast Watch & Jewellery Show from September 27 to October 1. This will be done with the support of the Sharjah ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help