The Indian Express -- Business

Friday, December 19 1997

FOREX RATES INDICES STOCK

Fast-track customs clearance from Jan 1

In a major step towards speedier procedure, the Central Board of Excise and Customs will introduce a fast-track customs clearance scheme for some categories of imports to reduce the stages of clearance from the existing 12 to three with effect from January 1, 1998. The items identified by the department would take care of about 60% of imports, which are relatively less sensitive items as far as evasion is concerned.

Call rates zoom to 50%, market panics

After remaining below the 10% level for almost two years, the inter-bank call money rates (interest rate on short-term borrowings among banks) skyrocketed to a 22-month high of 50% indicating the drying up of liquidity in the banking system. A combination of factors like advance tax outflows, RBI intervention in the spot segment of the forex market and absence of major lenders led to such high call rates.

MSRDC floats Rs 500 cr bonds

The Maharashtra State Road Development Corporation (MSRDC) launched its Rs 500-crore bond issue on Tuesday. The privately placed issue has an option to retain Rs 500 crore worth of oversubscription monies. The fully-secured redeemable bonds have a face value of Rs one lakh each.

Call rates zoom to 50%, market panics

Crisil downgrades DSJ after RBI ban

Re recovers, gilts fall, CP market inactive

Remove levy, reveal RBI probe findings, demands FIEO chief

RBI bans two finance firms

ICICI targets 20% growth

UTI may resume CCCGF units sale

Pivotals remain subdued

Singh warns staff on VDIS secrecy

Banks told to review VDIS arrangements

Fast-track customs clearance from Jan 1

Disastrous year for computer companies

MSRDC floats Rs 500 cr bonds