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New Delhi, Aug. 8 A day after the Government curtailed overseas borrowing by domestic companies, the Finance Minister, Mr P. Chidambaram, on Wednesday said claims that the ECB curbs would hurt investments were exaggerated.

Faced with surge in capital inflows and an appreciating rupee against the US dollar, the Government on Tuesday modified the external commercial borrowing (ECB) policy to moderate capital inflows.

Mr Chidambaram admitted that one of the purposes of the modification was to moderate the inflow of capital. He also told presspersons that the Government had no plans to regulate participatory notes.

Some hedge funds use the participatory note route to invest in Indian equities. This instrument allows certain investors such as the hedge funds to invest in Indian equities without having to register with the Securities and Exchange Board of India.

More Stories on : Overseas Borrowings | Foreign Direct Investment

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