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Beyond VDIS 1997
It is entirely pointless speculating at this stage on the impact that VDIS 1997 collections will have on the fiscal position overall of the central government. Yet, considering the track record of recent years, regardless of the mop-up estimated, the Centre will still be scraping the barrel by the end of the current fiscal year.
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Behaviour of stock-index future prices
Stock index futures markets began on March 24, 1982 in the US. By that time equity markets in the USA were highly developed. There were thousands of pension funds, mutual funds and large net worth investors were in place employing sophisticated portfolio managers. Cash markets were deep, electronic banking and funds transfers were common even among retain investors.
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CRR: Up one day, down the next
The markets are nursing a grievance against Bimal Jalan for reversing the decision to bring down the cash reserve ratio (CRR) of banks. C Rangarajan, before completing his term as governor of the Reserve Bank, had announced a phased programme to quickly bring down the CRR from 10% to 8%.
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Re under pressure
The Reserve Bank has modified the penal charges it levied on delayed repatriation of export proceeds. It has normalised the interest (at 13 per cent) on post-shipment credit for over 90 days and upto 180 days. It has relaxed the 20 per cent penal interest from day one on export advances by now making it applicable only for the overdue period.
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