Global consulting engineers' body International Federation of Consulting Engineers (FIDIC) has urged Reserve Bank of India (RBI) governor Shaktikanta Das to manage dollar transactions within India without routing them through the US and said the move will save millions of dollars every year.
Geneva-based International FIDIC represents globally the consulting engineering industry which helps in the field of land surveys of highway and bridges and hydroelectric projects, among others. In a letter to Das, K K Kapila , FIDIC ambassador for the AsiaPacific region, said "I can fully understand that US transactions to countries other than India have to continue via US, but we should not continue to have internal transactions within the country via US." If any amendment to existing arrangements signed between the two countries are required, then it should be taken up logically and this agreement should get revised.
Thereby "showing them the merits of moving dollars within our country from one branch to another should not be required to be routed through the US," the letter said. "Let us bring in this correction ...lest we continue to lose valuable foreign exchange," the letter said. FIDIC also sought an urgent action in this regard.
By routing the transactions through the American banking system, the country is losing substantial money, which is going to the Americans towards transaction costs," Consulting Engineers Association of India (CEAI), said in a statement earlier.
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