Because the United States imports much of the oil that it consumes, an increase in oil prices is, as many economists have noted, broadly analogous to the imposition of a tax on U.S. residents, with the revenue from the tax going to oil producers abroad. In 2004 as a whole, the total cost of imported oil increased almost $ billion relative to 2003.
As you are aware, the Reserve Bank of India is in an advanced stage of adoption and implementation of ISO 20022 in its Next Gen RTGS. We have adopted this standard as this is based on Extensible Markup Language (XML), a technical solution that constructs a document according to certain rules and makes it legible for both computers and end users.