Sunday, July 5, 1998
CSE to lift curbs on daily limits
The Calcutta Stock Exchange (CSE) authorities have decided to restore the intra-day exposure limit of members to 33.3 times their base minimum capital with effect from July 10, 1998, and simultaneously lift restrictions on short sales imposed by Sebi on June 16, 1998. The intra-day exposure limit for members was halved in the previous settlement to contain market risks by reducing the cumulative volumes traded on the exchange.
RBI move to mop up excess liquidity
The Reserve Bank of India has kicked off aggressive open market operations (OMO) to mop up excess liquidity in the banking system. In the price list issued on Saturday, the apex bank put out four government securities at market-related rates, sending out a signal that it wants interest rates to soften.
5% special import duty to lapse, says Sinha
Finance minister Yashwant Sinha has said that the special import duty (SID) of 5 per cent levied for meeting additional burden of Rs 7,000 crore due to implementation of the Fifth Pay Commission would be allowed to lapse by the end of the current financial year. Sinha said this while responding to the debate on the Finance Amendment Bill (1998) for replacing the ordinance. The Bill was passed by a voice vote.
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