Press Releases - आरबीआय - Reserve Bank of India

At present banks are allowed to invest up to 15 per cent of Tier I capital in oveseas money markets. Investments of nostro funds on overnight basis by banks were not included in this limit. It has come to the notice of the Reserve Bank of India that the overnight investments out of nostro funds have recently become fairly sizeable on a continuing basis. It has therefore been decided that the cap of 15 per cent permitted for overseas investments would also include over

Reserve Bank of India has announced to-day two further measures in respect of foreign exchange market. Until further notice, in respect of Overdue export bills, banks will charge, with effect from December 18, 1997, interest at 20 per cent per annum (minimum). Overdue export bills are those which are not realised within the due date, taking into account usance period of the bill, transit period, as specified by Foreign Exchange Dealers' Association of India (FEDAI) an

The equity shares and convertible debentures of the Gujarat Ambuja Cements Ltd. can now be purchased under the portfolio investment scheme subject to certain conditions. The company has since passed the necessary resolutions agreeing for the purchase of its equity shares and convertible debentures by foreign institutional investors/non-residents of Indian nationality/origin (NRIs) and overseas corporate bodies owned to the extent of at least 60 per cent by such person

Purchases All Figures Are in USD Millions Merchant Interbank Position Date FCY/INR FCY/FCY FCY/INR FCY/FCY Spot Forward Forward Cancellation Spot Forward Forward Cancellation Spot Swap Forward Spot Swap Forward 17/11/97 264 79 14 31 49 32 917 1398 217 497 253 47 18/11/97 224 178 49 16 17 15 1198 991 148 304 109 12 19/11/97 189 73 63 7 15 12 834 1164 142 509 121 23 20/11/97 184 66 16 18 25 11 906 1270 145 485 213 15 21/11/97 226 98 41 8 34 20 675 986 145 496 122 77 Sal

In view of recent domestic and international developments which were affecting foreign exchange markets in India, the Reserve Bank of India had recently announced a package of measures. These included deferment of future programme for bringing about a reduction in cash reserve ratio (CRR), increase in interest rate on post-shipment rupee export credit, as well as ban on rebooking of cancelled forward contracts on non-trade transactions Taking into account developments

The overall ceiling of 30 per cent of paid up equity capital permitted to be held by all registered Foreign Institutional Investors together with purchases made by all NRIs and OCBs under the Portfolio Investment Scheme has already been reached in the case of Infosys Technologies Limited. No further purchases of shares of this company should therefore, be made throgh stock exchanges in India on behalf of Foreign Institutional Investors/NRIs/OCBs Alpana Killawal Genera

Taking into account the developments in the external sector, the Reserve Bank of India has announced a two percentage point increase in the interest rate on the post shipment export credit for periods beyond 90 days and upto 180 days from the present 13 per cent to 15 per cent. The Reserve Bank of India has also said that this is a temporary measure taken to quicken the realisation of export proceeds and will be reviewed in the light of developments. Alpana Killawal G

No further purchases of equity shares of Satyam Computer Services Ltd. should be made on behalf of foreign institutional investors (FIIs)/Non-Resident Indians (NRIs)/Overseas Corporate Bodies (OCBs) through stock exchange/s without obtaining the prior permission of the Reserve Bank of India. The aggregate net purchases of equity shares of this company by FIIs in the primary/secondary markets together with purchases made by NRIs/OCBs under the Portfolio Investment Sche

No further purchases of equity shares of Satyam Computer Services Ltd. should be made on behalf of foreign institutional investors (FIIs)/Non-Resident Indians (NRIs)/Overseas Corporate Bodies (OCBs) through stock exchange/s without obtaining the prior permission of the Reserve Bank of India. The aggregate net purchases of equity shares of this company by FIIs in the primary/secondary markets together with purchases made by NRIs/OCBs under the Portfolio Investment Sche

Purchases All Figures Are in USD Millions Merchant Interbank Position Date FCY/INR FCY/FCY FCY/INR FCY/FCY Spot Forward Forward Cancellation Spot Forward Forward Cancellation Spot Swap Forward Spot Swap Forward 03/11/97 195 54 41 19 27 19 434 672 48 491 201 25 04/11/97 173 57 42 9 35 22 288 657 48 600 218 23 05/11/97 185 54 38 16 38 11 382 761 93 583 158 25 06/11/97 212 109 29 15 31 25 540 1235 79 545 168 19 07/11/97 188 111 23 22 37 28 387 1160 132 688 165 153 Sales

Infosys Technologies Ltd. The Reserve Bank of India has withdrawn the restrictions on further purchase of shares of Infosys Technologies Ltd., Bangalore on behalf foreign institutional investors (FIIs)/ non-residents of Indian nationality/origin (NRIs) and overseas corporate bodies owned to the extent of at least 60 per cent by such persons (OCBs) under the portfolio investment scheme. The restrictions which were placed in October 1997 have been withdrawn as the perce

Purchases All Figures Are in USD Millions Merchant Interbank Position Date FCY/INR FCY/FCY FCY/INR FCY/FCY Spot Forward Forward Cancellation Spot Forward Forward Cancellation Spot Swap Forward Spot Swap Forward 27/10/97 209 60 13 33 67 21 469 1105 150 645 171 51 28/10/97 222 116 64 16 66 76 392 1087 173 951 334 62 29/10/97 226 63 26 23 34 34 509 1074 275 521 479 30 31/10/97 205 85 39 9 38 39 534 761 68 441 285 36 Sales 27/10/97 363 136 30 37 68 19 416 959 142 702 171

Purchases Figures in USD Millions Merchant Interbank Position Date FCY/INR FCY/FCY FCY/INR FCY/FCY Spot Forward Forward Cancellation Spot Forward Forward Cancellation Spot Swap Forward Spot Swap Forward 13/10/97 161 54 22 15 36 16 292 355 39 527 100 21 14/10/97 190 38 14 7 17 9 416 655 54 618 290 33 15/10/97 222 45 25 11 22 12 427 726 48 551 152 13 16/10/97 203 45 11 16 38 12 351 673 43 633 170 29 17/10/97 226 65 43 20 41 31 496 704 56 964 172 27 Sales 13/10/97 146 76

Purchases Figures in USD Millions Merchant Interbank Position Date FCY/INR FCY/FCY FCY/INR FCY/FCY Spot Forward Forward Cancellation Spot Forward Forward Cancellation Spot Swap Forward Spot Swap Forward 06/10/97 238 70 36 7 16 16 361 965 70 649 164 29 07/10/97 229 97 13 43 28 20 413 854 79 720 128 17 08/10/97 207 44 22 40 34 18 313 888 78 646 128 67 09/10/97 162 62 8 21 22 5 252 786 86 553 126 42 10/10/97 148 56 19 12 31 15 444 830 103 731 82 24 Sales 06/10/97 234 88

The Reserve Bank of India has announced that equity shares and covertible debentures of the following companies can now be purchased under the portfolio investment scheme up to 30 per cent of their paid up equity capital, subject to certain conditions: Asian Paints (India) Ltd. The Paper Products Ltd. Orchid Chemicals and Pharmaceuticals Ltd. Polypex Corporation Ltd. The above companies have passed resolutions at their board of directors and general body meetings agre

Infosys Technologies Limited has already reached the overall ceiling of 30 per cent of paid up equity capital permitted to be held by all registered foreign institutional investors together with purchases made by all NRIs and OCBs under the Portfolio Investment Scheme. Therefore, no further purchases of shares of this company should be made through stock exchanges in India on behalf of foreign institutional investors/NRIs/OCBs. (Alpana Killawala) General Manager Press

Purchases Figures in USD Millions Merchant Interbank Position Date FCY/INR FCY/FCY FCY/INR FCY/FCY Spot Forward Forward Cancellation Spot Forward Forward Cancellation Spot Swap Forward Spot Swap Forward 22/09/97 248 46 10 34 31 22 373 835 140 791 185 33 23/09/97 179 68 16 23 24 26 394 598 47 712 127 18 24/09/97 270 50 32 32 60 31 484 1016 59 980 243 25 25/09/97 236 72 80 41 44 28 512 1173 102 810 337 24 26/09/97 256 81 36 36 74 67 604 1060 143 1180 397 42 Sales 22/09/

The Reserve Bank of India has withdrawn the restrictions placed on the purchase of shares of the Mahavir Spinning Mills Ltd. on behalf of FIIs/NRIs/OCBs under the portfolio investment scheme, as the percentage of investments of FIIs/NRIs/OCBs to the paid up capital of the company has come down below 20 per cent. The holdings of FIIs/NRIs/OCBs in the Mahavir Spinning Mills Ltd. have come down below 20 per cent as a result of increase in the company's paid up capital. T

The Reserve Bank of India has withdrawn the restrictions placed on further purchase of shares of M/s. Infosys Technologies Ltd., Bangalore by FIIs/NRIs/OCBs under the Portfolio Investment Scheme. It has conveyed that as the percentage of FIIs/NRIs/OCBs investment in the company has reached 26 per cent of its paid up capital, further purchases of equity shares of the company on behalf of FIIs/NRIs/OCBs will be allowed only after obtaining prior clearance from the Reser

Gujarat Ambuja Cements Ltd. has already reached the overall ceiling of 24 per cent of paid up equity capital permitted to be held by all registered Foreign Institutional Investors together with purchases made by all NRIs and OCBs under the Portfolio Investment Scheme. No further purchases of shares of this company should, therefore, be made through stock exchanges in India on behalf of Foreign Institutional Investors/NRIs/OCBs. (Alpana Killawala) General Manager Press