Forex reserves drop

Mumbai, Aug. 28: India's foreign exchange reserves fell further by $430 million at $1,18,892 million during the week ended August 20 after witnessing a marginal dip of $14 million a week earlier. The drop in foreign exchange reserves was mainly due to revaluation of the rupee vis-a-vis the US dollar. The foreign currency assets also dropped by $439 million to $1,13,461 million, the Reserve Bank said.

SSI rules

New Delhi, Aug. 28:The government will bring in a comprehensive legislation for the small-scale sector industries in the winter session of Parliament that will supersede all other laws governing the sector. “The draft note on the Small Enterprises Development Bill 2004 has been circulated among various ministries. Once their comments are available, it will be taken to the cabinet and then introduced in Parliament,” said Mahabir Prasad, minister for small-scale, agro and rural industries.

Gilt auction

Mumbai, Aug. 28: The Reserve Bank will conduct an auction of two treasury bills aggregating Rs 4,000 crore, including Rs 2,500 crore under the market stabilisation scheme, on September 1.