Tuesday, June 2, 1998
NRIs get more concessions
The finance minister has offered a number of sops to the non-resident Indian (NRI) community encouraging them to invest in their homeland as a counter-move against the sanctions imposed by the western powers and the slow down in the the flow of foreign exchange into the country. The major incentives to NRIs are hikes in the individual investment limit to 5% and the aggregate limit to 10%.
SBI to raise $1 bn through bond issue
The India Resurgent Bond, to be floated by the State Bank of India and managed by SBI Caps, will be an open-ended fund. The bank has fixed a target of $1 billion to raise through this instrument over the next two months. The instrument, denominated in US $, will be fully repatriated and is likely to have a five-year maturity and carry an attractive market-driven interest rate.
Imported computers to cost more
Prices of domestically manufactured personal computers are expected to remain stable despite the wide ranging cuts in import duties on computer components. Prices of imported PCs are, however, expected to go up in the range of about 8%. This is a direct fallout of the additional duty of 8% imposed on most imports.
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