Reserve Bank of India and RBI has an important role to play in regulating & managing this segment. RBI manages forex and gold reserves of the nation. On a given day, the foreign exchange rate reflects the demand for and supply of foreign exchange arising from trade and capital transactions. The RBI's Financial Markets Department (FMD) participates in the foreign exchange market by undertaking sales / purchases of foreign currency to ease volatility in periods of excess demand for/supply of foreign currency. Reserve bank of India is the sole body who is authorized to issue currency in India. The bank also destroys the same
Royal Commission on Banking and Currency Royal Commission on Banking and Currency The Royal Commission on Banking and Currency (also known as the Macmillan Commission) was a 1933 Canadian royal commission tasked with reviewing the Canadian government's involvement in monetary policy. Chaired by Scottish jurist Hugh Macmillan, it also included Bank of England director Sir Charles Addis, former Canadian Finance Minister William Thomas White, Banque Canadienne de Montreal general manager Beaudry Leman, and Premier of Alberta John Edward Brownlee. The Order in Council creating the commission was issued July 31, 1933, and the first meeting was held in Ottawa August 8. Meetings across the country followed