In order to reduce the domestic consumption of gold, the Reserve Bank of India (RBI) mandated importers of the yellow metal to export 20 percent of the gold from the arrived consignment. Presently, a very small portion of gold is exported and the above move is expected to boost re-export of gold.
Of the 970 tonnes of gold imported last year, only 70 tonn
Tag: exchange
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RBI wants traders to export 20% of imported gold
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RBI steps may not rein in rupee weakness: economists
Some analysts feel that the recent moves by Reserve Bank of India (RBI) to arrest rupee depreciation may not be effective. It may be recalled that the central bank further tightened rupee liquidity by restricting the borrowing of banks under the daily liquidity adjustment facility (LAF)
to 0.
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Essar Steel raises $1 bn via ECB
In order to reduce interest cost, Essar Steel decided to swap rupee debt with dollar loans. As part of this initiative, the flagship firm of Ruia Group raised $1 billion through external commercial borrowings (ECB), thereby saving interest cost by at least 6 percent or 450 crore. Banks led by IDBI and ICICI Bank subscribed to the ECB. The company is making attempt to convert its rupee liabilities into dollar as its earnings are in