The term market has been interpreted in Economics as the place where both the buyers as well as the sellers meet and they buy and or sell goods. The foreign exchange market is a place where the transactions in foreign exchange are conducted. In the practical world, the external transaction requires the use of foreign purchasing power i.e. foreign currency. The foreign exchange market facilitates such transactions by performing a number of functions.
Definitions of Foreign Exchange Market
According to Paul Einzig, "The foreign exchange market is the system in which the conversion of one national currency into another takes place with transferring money from one country to another. According to Kindle Berger, "It is a place where foreign money is bought and sold." In simple words, the foreign exchange market is a market in which national currencies are bought and sold against one another. There are large numbers of foreign transactions such as buying goods abroad, visiting a foreign country for any purpose. Corresponding nation in whose currency the transaction is to be fulfilled. The foreign exchange market provides the foreign currency against any national currency. However, it is to be understood that unlike other markets, this market is not restricted to any particular country or any geographic area. There are large numbers of dealers' instruments such as exchange bills, bank drafts, telegraphic transfers (TT), etc. There are certain other dealers such as brokers, acceptance houses as well as the central bank and treasury of the nation.
Bills of Exchange
Bills of exchange developed during the Middle Ages as a means of transferring funds and making payments over long distances without physically moving bulk quantities of precious metals. In the hands of thirteenth-century Italian merchants, bankers, and foreign exchange dealers, the bill of exchange evolved into a powerful financial tool, accommodating short-term credit transactions as well as facilitating foreign exchange transactions. The invention of the bill of exchange greatly facilitated foreign trade. The mechanics of this can be seen in the following example: Assume that a merchant in Flanders sold goods to a Venetian merchant and accepted in payment a bill of exchange drawn on the Venetian merchant promising to pay an agent of the Flemish merchant in Venice at a certain date in the future, and in a certain currency. The bill of exchange allowed the Venetian merchant to accept delivery of the goods from Flanders, sell them, and take the proceeds to redeem the bill of exchange in Venice, probably in Venetian currency.
Did you know? So far, more than 20 million people have traveled abroad from India in 2017. A good portion of this number comprises of business travelers. If you are a person who frequently flies abroad for business purposes, then pay attention. RBI has prescribed few limits on foreign exchange when going abroad from India for business travel. In this blog post, we are going to discuss how much foreign currency you can carry from India for business travel. Also, how much Indian currency you can take outside India. Respectively the currency limits when coming back inside the country.
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