LIVE MARKET TRACKER :   BSE SENSEX   26717.37      |    NSE NIFTY 8097.00    
GLOBAL MARKETS :  NASDAQ 4919.64   -0.40%    |    FSI London 6933.74   +0.09%    |    NIKKEI Japan 19531.63   +0.06%
  USD GBP EUR CAD AUD INR
USD - 0.6559 0.8815 1.2038 1.2554 63.6230
GBP 1.5247 - 1.3440 1.8354 1.9141 97.0060
EUR 1.1346 0.7443 - 1.3656 1.4246 72.1841
CAD 0.8309 0.5450 0.7324 - 1.0432 52.8650
AUD 0.7968 0.5226 0.7022 0.9590 - 50.6865
INR 0.0157 0.0103 0.0139 0.0189 0.0197 -
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 8.1- 8.5 per cent: Jayant Sinha
(06-May-2015)

Indian economy to grow in the range of 8.1- 8.5 per cent: Jayant SinhaMinister of State (MoS) for Finance, Jayant Sinha has said that benign oil prices, likely monetary policy easing by the Reserve Bank of India (RBI) and lower inflation will help the Indian economy to grow......click on news to read complete article.

FM pitches for deeper engagement of ADB for smart cities, industrial corridors and railways
(05-May-2015)

FM pitches for deeper engagement of ADB for smart cities, industrial corridors and railwaysFinance Minister Arun Jaitley has pitched for deeper engagement of the Asian Development Bank (ADB) in development of smart cities, industrial corridors and railways for the government's various ambitious......click on news to read complete article.

Government forms Coordination Committee to address the issue GFS data
(04-May-2015)

Government forms Coordination Committee to address the issue GFS dataGovernment facing various restraints in reporting Government Finance Statistics (GFS) data, including manual compilation of data from detailed demand of grants for economic and functional classification......click on news to read complete article.

International Stock News
US markets slips on weak trade deficit data
(06-May-2015)

US markets slips on weak trade deficit dataThe US market closed lower on Tuesday, with the S&P 500 suffering its biggest one-day percentage decline in six weeks, erasing all the gains from the previous two sessions. Feeding jitters was......click on news to read complete article.

US markets closed in green; S&P shy of record high
(05-May-2015)

US markets closed in green; S&P shy of record highThe US market closed higher on Monday, amid low volatility and lower-than-usual volumes, while S&P 500 closed shy of record high. Market reaction to a report on factory orders, which rose 2.1%......click on news to read complete article.

US market surges on bargain hunting despite mixed economic data
(02-May-2015)

US market surges on bargain hunting despite mixed economic dataUS markets surged on Friday on bargain hunting following the notable pullback seen over the past week. Traders also rejoiced the Institute for Supply Management's (ISM) report showing that activity in......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.