The government has announced a number of
measures to check depreciation of the rupee and the growing Current Account
Deficit. Finance Minister P Chidambaram said, the interest on foreign currency
non-resident accounts has been liberalised to attract more deposits. Addressing
a press conference in New Delhi
yesterday, he said, the RBI will issue a notification to allow subsidiaries of
Multi National companies to raise funds from parent companies.
Gold, silver and some non-essential goods are likely to attract higher import duties. Mr Chidambaram said, the customs notifications on the import of these items will be placed in Parliament today. He refused to disclose the actual figures on import duty saying Parliament is in session and he will not make any statement outside.
The Finance Minister also made a statement in both the Houses on measures to contain the Current Account Deficit at 70 billion US dollars or 3.7 per cent of the GDP. It was 88.2 billion dollars or 4.8 per cent of the GDP in 2012-13. Mr. Chidambaram said, permission will be given to the Indian Railway Finance Corporation, Power Finance Corporation and Indian Infrastructure Finance Company Limited to collectively raise 4 billion dollars through quasi-sovereign bonds for the infrastructure sector.
Gold, silver and some non-essential goods are likely to attract higher import duties. Mr Chidambaram said, the customs notifications on the import of these items will be placed in Parliament today. He refused to disclose the actual figures on import duty saying Parliament is in session and he will not make any statement outside.
The Finance Minister also made a statement in both the Houses on measures to contain the Current Account Deficit at 70 billion US dollars or 3.7 per cent of the GDP. It was 88.2 billion dollars or 4.8 per cent of the GDP in 2012-13. Mr. Chidambaram said, permission will be given to the Indian Railway Finance Corporation, Power Finance Corporation and Indian Infrastructure Finance Company Limited to collectively raise 4 billion dollars through quasi-sovereign bonds for the infrastructure sector.
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