Monday, September 7, 1998
Central bank suasion pays off; clutch of states agree to raise funds
The Reserve Bank of India's plan to shift the state governments' borrowing programme from a fixed coupon-rate system to auctions is likely to see the light of the day. A few state governments have, in principle, agreed to raise funds at market-determined rates through auctions. The indication was given at a recent meeting of central bank officials with state finance secretaries.
RBI panel for forward trading in bullion
The Reserve Bank of India's internal working group has called for exemption under Section 27 of the Forward Contracts Regulation Act, 1952, to enable the central bank to conduct forward trading in gold-related securities. The internal group was set up to study the legal and regulatory aspect of financial markets.
Yarn exporters to fight EU's anti-dumping charges
The European Union is now investigating charges of subsidising and dumping polyester texturised filament yarns by India and South Korea. The EU is of the view that various export promotion schemes in these countries are giving exporters excessive benefit which in turn hurts EU's domestic manufacturers, thus making out a case for anti-subsidy and anti-dumping duty.
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