Current Affairs · RBI Banking Guidelines and Forex Regulations

Consider the following statements regarding the Reserve Bank of India's (RBI) draft instructions on disclosure of transaction costs for foreign exchange transactions: 1. Authorised Dealers must disclose total transaction cost before entering into forex cash, tom, and spot contracts with retail users. 2. The disclosure must include charges such as sending/receiving fees, intermediary charges, exchange rate applied, and currency conversion charges. 3. The draft applies only to wholesale users and excludes retail users. Which of the statements given above is/are correct?