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MoF puts 10% cap on forward deals
In a far-reaching move, the Union finance ministry has capped the Reserve Bank of India's forward operations at 10 per cent of the country's forex reserves. In effect, the Reserve Bank's forward operations will not cross $2.7 billion as the forex reserves (including gold and SDR) are now pegged at $27.74 billion. The objective of restricting the Reserve Bank's exposure in forward markets is to maintain stability in the forex market.
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KRC in dire straits over bridging debt gap
The ambitious 760 km-long Konkan Railway Project, bridging the gap between Mumbai and Mangalore, is in desperate need of patronage from the Centre and the states to help it clear its debts and emerge viable within the stipulated time frame. And with the delay in decisions regarding the diversion of passenger and goods traffic to this newly-commissioned line, KRC authorities are wondering whether they will be able to pay back the Rs 3,375 crore debt in time.
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IndBank MF faces Rs 56 cr shortfall
Indbank Mutual Fund has approached its parent, Indian Bank, to bail it out from the forthcoming redemption of the Ind Jyothi scheme. The scheme, which is coming up for redemption next month, is facing an estimated shortfall of Rs 56 crore.
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MoF approves sops for NSDL
The Union finance ministry has approved two concessions to the National Securities Depository (NSDL). The revenue department under the Finance Ministry has given an in-principle nod to waiving off stamp duty charges on the transfer of bonds in the dematerialised form. The ministry has also given an in-principle nod to the NSDL's proposal to waive off the interconnectivity norms for wide area networks in its case.
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