LIVE MARKET TRACKER :   BSE SENSEX   27677.53      |    NSE NIFTY 8337.85    
GLOBAL MARKETS :  NASDAQ 4958.47   -2.40%    |    FSI London 6582.66   -0.57%    |    NIKKEI Japan 20235.73   +0.63%
  USD GBP EUR CAD AUD INR
USD - 0.6361 0.8949 1.2402 1.3033 63.7690
GBP 1.5724 - 1.4072 1.9506 2.0494 100.2768
EUR 1.1176 0.7108 - 1.3861 1.4561 71.2682
CAD 0.8063 0.5130 0.7216 - 1.0509 51.4196
AUD 0.7676 0.4884 0.6870 0.9524 - 48.9618
INR 0.0157 0.0100 0.0140 0.0194 0.0204 -
Indian-Commodity  :  Top News  :  RBI relaxes ECB norms for successful spectrum bidders

RBI relaxes ECB norms for successful spectrum bidders (27-Nov-2012)

Giving some sigh of relief to the government and the telcos, the Reserve Bank of India (RBI) has relaxed overseas borrowing rules for successful bidders in the recently concluded airwaves auction, making it easier for them to raise money to pay the government.

RBI in its notification said that “The successful bidders making the upfront payment for the award of 2G spectrum initially out of rupee loans availed of from the domestic lenders would be eligible to refinance such rupee loans with a long-term ECB, under the automatic route,” also without seeking regulatory approval.

The telecom companies can further replace these short-term borrowings with long-term external (or overseas) commercial borrowings (ECB), provided the ECB is raised within a period of 18 months from the drawdown of the bridge finance.

RBI has also allowed the mobile operators to borrow from their parent companies without any limit, provided the parent owns a minimum 25 percent equity in the local company.

In the recently concluded auction the government got a lukewarm response from the operators for 1800 MHz band and received total bids worth Rs 9,407.64 crore, just one-third of the minimum Rs 28,000 crore that the government had expected. Five companies, Telenor, Vodafone, Idea Cellular, Videocon Telecommunications and Bharti Airtel bought airwaves in the recent auction. These companies are required to pay by December 1 or in installments. The RBI's move seems to have been taken after most of the bidders opted to pay the money in installments despite having to pay a higher interest rate compared to the ECB route.


Top News Today
Indian economy to grow in the range of 7.6-7.8 despite weak monsoon: ICRA
(27-May-2015)

Indian economy to grow in the range of 7.6-7.8 despite weak monsoon: ICRADomestic rating agency ICRA has said that the Indian economy will grow in the range of 7.6-7.8 percent in the current fiscal, despite the headwinds posed by muted global growth and an unfavourable monsoon......click on news to read complete article.

FM confident of GST regime coming into force from April 2016
(26-May-2015)

FM confident of GST regime coming into force from April 2016Finance Minister Arun Jaitley has expressed his confidence that Goods and Services Tax (GST) regime would come into force from April 2016. He said, 'GST bill is a constitutional amendment bill.... We hope......click on news to read complete article.

NMDC, MRPL, Tata Motors and GMR Infrastructure to see some action today
(26-May-2015)

NMDC, MRPL, Tata Motors and GMR Infrastructure to see some action todayThe country's largest iron ore miner NMDC has charted out a growth plan to take its iron ore production to 100 million tonnes (MT) by 2022. The state-run company's production, at present, stands at about......click on news to read complete article.

International Stock News
US markets closed lower; S&P, Dow suffers biggest drop in 3 week
(27-May-2015)

US markets closed lower; S&P, Dow suffers biggest drop in 3 weekThe US markets closed lower on Tuesday, with the S&P 500 and Dow suffering their biggest one-day declines in three weeks. A sharp increase in the dollar spurred global investors to dump riskier......click on news to read complete article.

US markets closed lower on Friday
(23-May-2015)

US markets closed lower on FridayUS markets ended in red terrain on Friday after hawkish remarks from Federal Reserve Chair Janet Yellen, who said the central bank will likely raise interest rates this year, as long as economic activity......click on news to read complete article.

US markets closed higher; S&P edges to fresh record
(22-May-2015)

US markets closed higher; S&P edges to fresh recordThe US markets closed higher on Thursday, sending the S&P 500 to a fresh record. Investors mostly brushed off a flurry of weaker-than-expected economic data a day after minutes from Federal Reserve's......click on news to read complete article.

 

     
  
Recent Top News News
 
EquityInvestmentCompany ReportsIPO
Disclaimer
By clicking on this page you accept all the terms and conditions framed by us. News made available here are for informational purpose only. While utmost care has been taken in providing the same. We claim no responsibility for its accuracy. Readers of this blog who make their decision based on the information posted here are solely responsible for their actions.