Forex reserves may be used

He said that he proposes 8220;to examine the legal and regulatory aspects of the recommendation, in consultation with RBI8221;. When asked to specify what 8220;a small part8221; of forex amounts to, the FM at the press conference, based on the current level of forex reserves at 185 billion, said that this could be around 5-6 billion.

Chidambaram also said IIFCL would be allowed to borrow from the National Small Savings Fund as the latter has resources for long term lending. In terms of fiscal incentives to infrastructure, the minister in today8217;s budget expanded the areas that classify as 8220;infrastructure facilities8221; by including 8220;navigational channels8221;.

Budget says 8220;8230;it is proposed to expand the scope of the expression infrastructure facility so as to include a navigational channel in the sea within its ambit for the purposes of ten year tax benefit under section 80-IA8221;.