Rs. 3700-cr bank funds impounded

The Reserve Bank of India has raised the cash reserve ratio (CRR), dropped the statutory liquidity ratio (SLR) and imposed fresh selective credit controls on commodity advances in a bid to contain inflation. The central bank left unchanged lending and deposit rates while reducing export credit refinance limits. The CRR has been raised from 14 to 15 per cent in three phases impounding Rs.3,700 crores in 1994-95 to battle “the strong expansionary impact of the increase in the net foreign exchange assets in recent months.” Effective fortnight June 11, 1994, the CRR on net demand and time liabilities will be 14.50 per cent, going up to 14.75 per cent effective July 9 and further to 15 per cent on August 6.

1.41 lakh Indian claims for Gulf war losses

Claims from 1.41 lakh Indian parties for Gulf war losses of $3.5 billions in 1991 have been forwarded to the United Nations Compensation Commission (UNCC), Geneva, by the Special Kuwait Cell (SKC) in the External Affairs Ministry. The UNCC has received 20 lakh claims from 80 countries and the first of them will be paid from the beginning of 1995. Of the Indian claims, about 25,000 are from Kerala.

Cos cool to SEBI regulation

Corporates engaged in the transfer work in respect of their in-house securities continue to be indifferent to the SEBI’s regulation that they have to get registered themselves with the regulatory authority. In a clarification issued on July 2, 1993, SEBI had made it clear that all corporates engaged in the transfer work of in-house securities would require registration with it if the number of holders of securities issued by the corporate exceeded one lakh.

Related Topics
comment COMMENT NOW