Forex reserves decline

Mumbai, May 29: India's foreign exchange reserves declined for the first time in the current fiscal by $56 million to reach $118.57 billion for the week ended May 21. Foreign currency assets were also down by $74 million to $113.09 billion during the period under review. Analysts said foreign institutional investors were net sellers in equities at over $200 million during the reporting week which was marked by suspension of trading on May 17 due to extreme volatility.

Cenvat decision

Chennai, May 29: A decision on central value-added tax on yarn used by the handloom and powerloom industry would be announced in Parliament next week, Union finance minister P. Chidambaram said here today. Chidambaram has asked officials concerned to place before him all papers and representations seeking Cenvat's withdrawal.

Loan data

Mumbai, May 29: Expressing concern over the ineffectiveness of some banks to comply with instructions on polling data on borrowers, the Reserve Bank today advised banks and financial institutions to review the measures put in place by them for furnishing such data to Credit Information Bureau of India Ltd (Cibil) and report compliance to it.