COVID-19: RBI asked banks to be prepared for Emergency
The corona virus that originated from China, has now spread worldwide. India is suffering. And not untouched by the corona virus outbreak.
New Delhi: The corona virus that originated from China, has now spread worldwide. India is suffering. And not untouched by the corona virus outbreak. The country's economy has also been affected due to this virus. Meanwhile, the Reserve Bank of India (RBI) has asked banks to be prepared for emergency.
The RBI said that it is monitoring the domestic as well as the global situation. Financial markets have seen significant fluctuations globally with the outbreak of the corona virus.
RBI issued a statement saying that this has affected the perception and investors are withdrawing money from the market to invest in a safe place. We are ready to take appropriate steps.
Govt is in active mode:
As WHO has declared Corona as a Pandemic, Indian Government is also in active mode. Economy is also affected because of this virus. . The government has suspended all regular visa-e-visas issued on or before March 3 to citizens of Italy, Iran, South Korea and Japan. In addition, it has banned the export of 26 types of drug paraphernalia and some drugs including paracetamol, vitamin B1 and B12.
API is used as a raw material in the manufacture of a variety of drugs. This announcement made by the government is significant in view of the concern arising after the corona virus has spread to many countries of the world. Although India imports a large amount of API from China, but it also exports it in limited quantities.
A notification issued by the Directorate General of Foreign Trade (DGFT) states, "Exports of certain types of active pharmaceutical ingredients (APIs) and formulations are prohibited with immediate effect." This restriction will continue till further orders. "