Tuesday, June 16, 1998
Trigger-point limit hiked for FIIs, NRIs, OCBs
The Reserve Bank of India (RBI) has hiked the trigger-point limit for investments in Indian companies by FIIs/NRIs/OCBs under the portfolio scheme by 2 percentage points. This effectively means that the RBI will alert designated banks at 22% and 28% in the case of Indian companies where FIIs/NRIs/OCBs are allowed investment up to 24% and 30% respectively.
Policy to keep steel plants "alive" on the anvil
The Centre is formulating a new steel policy to "keep alive" all steel plants in the public sector, Union minister of state for steel and mines Ramesh Bais said. The steel industry in the country was in bad shape due to sluggish market conditions and stress was being laid on exploring new markets abroad. The public sector steel plants were being directed to function on commercial lines, Bais said.
India takes more loans to pay back interests on loans
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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