Tuesday, June 16, 1998
Forex reserves fall by $278 mn
The foreign exchange reserves - which had shown un upward trend in the previous two weeks - have fallen by $ 278 million to $ 28.47 billion for the week ended June 5. The dip has been due to a $ 359 million drop in foreign currency assets following the Reserve Bank of India's fire fighting exercise to save the rupee.
Plantation co norms get more stringent
The Securities and Exchange Board of India (Sebi) yesterday said that all plantation companies and other collective investment schemes makers can not issue any advertisement for mobilising funds unless their schemes carry a rating from any of the accredited credit rating agencies. Further those companies which have already obtained a rating must prominently disclose the ratings and their implications and definitions in any advertisement, brochure, pamphlets and other publicity material issued by them.
Half of WB, ADB aid paid back as interests
Almost half of the aid India received last year from World Bank and Asian Development Bank (ADB) has gone back to the multilateral agencies in the form of interest payments on earlier loans, the Union government's finance accounts for 1996-97 reveal. While new debts generated from World Bank and ADB in 1996-97 totalled $1.592 billion, outflow due to interest payments made to the two agencies itself amounted to $726.04 million.
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