The Telegraph
Since 1st March, 1999
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Business Briefs

Early closure of FCCBs

New Delhi, Feb. 6: Flush with foreign exchange reserves of $ 73 billion, the government today announced permission to companies to pre-pay existing foreign currency convertible bonds (FCCBs). This scheme will be available under the automatic route only up to $ 100 million, but will attract no limits if paid out of export earnings or out of foreign equity inflows. “Borrowing in India has become very cheap, this will help those Indian companies who had taken costlier loans from abroad, at say 6 per cent plus, to pay back,” said K.K.Sengupta, a leading merchant banker.

BoE rates

London, Feb. 6: The Bank of England (BoE) stunned financial markets today by cutting British interest rates to 3.75 per cent, their lowest in almost half a century, citing fears over global and domestic demand. The quarter-point rate cut was the first from the Monetary Policy Committee since November 2001, and took borrowing costs to their lowest since early 1955.

CBEC chairman

New Delhi, Feb. 6: The chairman of Central Board of Excise and Customs (CBEC), M. K. Zutshi, who was on extension till February 28, has been given a second extension till May 31 to help in the completion of the budgetary exercise.

Selloff boost

New Delhi, Feb. 6: The government’s disinvestment policy got a boost as the Delhi High Court dismissed a petition challenging the sale of equity in HPCL and BPCL citing the Supreme Court judgement on privatisation of Balco.

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