Business Daily from THE HINDU group of publications
Thursday, Sep 18, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Sep 18, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Stock Markets Our Bureau New Delhi, Sept. 17 The Finance Ministry does not see any payment-related problems in the near term in the bourses in the wake of the global financial market turbulence arising from Lehman Brothers’ collapse, Merrill sale and AIG rescue. “The turbulence may have some impact on the capital market but payment obligations are being met. The Finance Ministry does not see any payment related problem for now,” an official said. While FIIs have been selling equities here, they have been buying Government securities and corporate debt. There is no definite trend noticeable about FIIs pulling out of capital markets, the official noted. ECB normsA relaxation in the norms of external commercial borrowings (ECBs) is on the cards later this month to enable Indian companies raise funds from abroad at a lower cost. “We believe there is a strong case for easing ECB norms. The Reserve Bank of India and the Ministry will decide on that sometime later,” an official said. The official noted that the external commercial borrowings’ policy was independent of the status of the rupee and that the relaxation in ECB norms will be based on credit requirement of productive sectors. The Government had last year imposed curbs on ECBs, limiting remittance of funds up to $20 million and that too with RBI approval. However, in May, the limit was relaxed to $100 million for infrastructure companies and $50 million for others. More Stories on : Stock Markets | Overseas Borrowings | Investment Banking | Foreign Institutional Investors
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