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Forex kitty crosses $ 78 bn

Mumbai, May 17: India’s foreign exchange reserves continued to scale new heights and crossed the $ 78-billion mark following record inflows during the week ended May 9. Foreign exchange reserves rose sharply by $ 961 million to touch $ 78,559 million in the reporting week, according to the Reserve Bank’s weekly statistical supplement released today. Foreign currency assets also rose sharply by $ 959 million at $ 75,164 million. The rise is mainly due to fresh inflows and revaluation of non-US currencies, including the euro, against the US dollar, analysts said. The RBI said while gold reserves remained static at $ 3,368 million, special drawing rights grew by two million to $ 6 million during this period.

Phone licence

New Delhi, May 17: Communication and IT minister Arun Shourie today said the penalty clauses in the telecom licences would be reviewed to make them more stringent and it would be mandatory for companies to comply with them. “Most of the companies (telecom service providers) get away without meeting the obligations as promised by them while signing licence agreement... This needs to be changed,” Shourie said on the sidelines of a WiLL service launch by MTNL.

Floating bonds

Mumbai, May 17: The Reserve Bank of India has set 5.29 per cent per annum as rate of interest on floating rate bonds (FRBs), 2006, applicable for the half year ending November 21, 2003. The FRB rate was set at a mark-up (as decided in the auction held on November 21, 2001) over and above the variable base rate, the RBI said in a release here today.

RCF loss

Mumbai, May 17: Rashtriya Chemicals & Fertilisers Ltd (RCF) has recorded a net loss of Rs 48.07 crore in the financial year ended March 31, 2003, compared with a net profit of Rs 24.21 crore posted in previous fiscal. The company’s total income (net of excise) rose to Rs 2,072.43 crore for the year under review, compared with Rs 2,063.85 crore in 2001-02.


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