Foreign Currency

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RBI repo rate

RBI: Foreign currency assets decline $19 billion in 3 months

India’s foreign currency assets fell by around $19 billion since April this year in the wake of capital outflows and intervention by the Reserve Bank of India to arrest the decline in the rupee’s value against the dollar.

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Afghan man arrested with foreign currencies worth Rs 11 crore at Kochi International Airport

Customs Commissioner (Kochi) Sumit Kumar said that during the financial year 2017-18, the Air Customs in Kochi had registered 254 cases related to foreign currency, smuggling of commercial goods and gold.

Kyrgyzstan woman held with foreign currency worth Rs 90 lakh at Delhi airport

On frisking the Kyrgyzstan woman’s bag, the official said that USD 60,000 was recovered, while rest of the currency was found in another bag which she had checked-in, but refused to accept that it belonged to her. The CISF suspected her activities.

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Inside casseroles, hidden under upma: Foreign currency worth Rs 1.3 crore seized at Pune airport

An immigration officer, sensed something was amiss and alerted the customs officials. When customs authorities checked Yetam’s luggage again, they found a layer of upma, hidden under a thin layer of upma, officials found a polythene bag that contained US $86,600 and 15,000 Euros.

PMO for relaxed ECB norms to get infrastructure projects rolling

The PMO has also pitched for lifting restrictions on use of the funds raised overseas.

RBI to cut swap rate on forex deposit by 1% from March

The ceiling on its swap windows for FCNR-(B) of more than one-year but less than three-year maturities will remain at the existing LIBOR/Swap plus 200 basis points.

Provide for unhedged foreign exchange exposure: RBI to banks

The likely forex loss provision will be over and above the bank’s usual provisions for the company.

India Inc raised $1.93 bn overseas in Oct: RBI

Under the approval route,Bharat Petroleum Corporation raised $500 million for working capital requirement.

CBEC calls for restraint in arresting tax evaders

Wants officers to use measures judiciously and with caution.

Indian rupee,higher rates to impact credit risk of companies: Moody’s

Companies such as Indian Oil,Tata Steel will remain highly leveraged over the next 12 months.

RBI wants more provisions for unhedged forex exposure

* Move underscores probability of defaults as currency stays volatile

Gemini: The curious case of FCCB conversion at 5 times premium

In a deal that has raised several eyebrows,the conversion of FCCBs or foreign currency convertible bonds issued by Gemini Communications into equity shares has been exercised

Clashes in Tehran as cops target money changers

Clashes erupted in the center of the Iranian capital on Wednesday between money changers and security forces after riot police on motorcycles used batons and tear gas to shut down a long-tolerated black-market for foreign currency,witnesses reported

FCCB buyback scheme now till March ‘13

In a move that will help corporates that have issued foreign currency convertible bonds,the Reserve Bank of India extended the scheme under which they can buy back their FCCBs to March 2013

India Inc’s FCCB interest cost to soar: S&P

Companies looking to repay foreign currency convertible bonds will see their interest expenses rise 25 per cent on average due to higher refinancing cost