Stop routing foreign currency transactions via US to avoid fees: Consultants
A transaction fee is currently levied on transactions in US dollars done from one exchange earners foreign currency account to another within the country, Intercontinental Consultants and Technocrats (ICT) Chairman K K Kapila said in a statement. By routing the transactions through the American banking system, the country is losing substantial money, which is going to the Americans as transaction costs, he said.
Source: indiatimes.com