• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, Sept. 11 In its continued efforts to seek a greater voice in multilateral financial institutions, India plans to enhance its contribution to the International Monetary Fund’s financial resources.

The Union Cabinet, on Thursday, gave its approval to undertake the necessary expenditure towards capital payments for raising the country’s quota in the IMF from 4,158.2 million SDR to 5,821.5 million SDR (SDRs, or special drawing rights represent a basket of leading currencies, with one SDR currently equal to $1.54 or Rs 69.48).

In the event of the proposal getting incorporated through a corresponding amendment of IMF’s Articles of Agreement, India’s quota share in the global total will go up from 1.91 to 2.44 per cent. This will, in turn, translate into higher voting share, enhancing the country’s voice and participation in the IMF, according to an official release.

With this, there will also be only 10 other countries with greater quota shares: US (17.09 per cent), Japan (6.13), Germany (5.99), UK and France (4.94 each), China (3.72), Italy (3.25), Saudi Arabia (3.21), Canada (2.93) and Russian Federation (2.74).

The Union Cabinet also gave its approval for the implementation of the National Policy on Biofuels along with the setting up of a National Biofuel Coordination Committee under the Prime Minister and a Biofuel Steering Committee to be chaired by the Cabinet Secretary.

The Cabinet further cleared the restructuring of the National Minorities Development and Finance Corporation (NMDFC) by converting it from a Section 25 company to a non-deposit taking Non-Banking Finance Company (NBFC).

The new entity can then be a holding company for the Minority Partnership (MP) and National Wakf Development Agency (NWDA), both of which will also be registered as NBFCs. The Cabinet also decided to effect an increase in the NMDFC’s authorised capital from Rs 750 crore to Rs 850 crore.

More Stories on : RBI & Other Central Banks | Policy

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line