The News Review:
- Forex tribunal upholds penalty on 10 MNCs
- The Hindu Business Line
- UTI Bank plans to disburse over Rs 2200 cr to SSIs
- Banking system: coming of age on the eve of the 15th anniversary of…
Forex tribunal upholds penalty on 10 MNCs
Financial Express – Aug 26, 2006
Ericsson India has been imposed with the highest penalty of Rs 15 crore followed by Bank of Tokyo Mitsubishi of Rs 5. 50 crore Nokia India and Sony India Rs 5 crore each Motorola India the Fuji Bank and Samsung Corporation have been imposed Rs 1 crore each finance minister P Chidambaram informed the Lok Sabha. These companies had paid salaries and given perquisites to their expatriate employees abroad without the permission of RBI the minister said in a written reply. As per available information six MNCs and employees of one company have filed a writ petition in Delhi High Court against the orders of the Appellate Tribunal for Foreign Exchange.
The Hindu Business Line
Hindu Business Line – Aug 26, 2006
“There was a revaluation of currencies during the week under consideration. Global currencies had gained against the dollar” said a chief dealer at a private bank. “FII inflows into the domestic equity markets also helped the forex reserves to gain” he said. There was an FII inflow of around $492. 5 million into the equity market during the week under consideration. Gold reserves remained unchanged at $6.
UTI Bank plans to disburse over Rs 2200 cr to SSIs
Economic Times – Aug 26, 2006
Itaims to achieve the target to raise its total outstanding advances above the Rs7000-crore mark by the end of the current fiscal. As on March 31 ?06the outstanding advances of the bank to small and medium enterprises (SMEs)stood at Rs 4760 crore. ?This year the bank will concentrateon increasing its exposure to SMEs in the eastern and north-easternregions? said B Bhattacharya VP (advances and forex divisions) UTIBank. Accordingly the bank has fixed targets for disbursing aboutRs 420 crore and Rs 200 crore for SMEs in the eastern and northeastern regionsrespectively. getElementById(“storydiv”).
Banking system: coming of age on the eve of the 15th anniversary of…
Mirror Weekly – Mirror Weekly (Zerkalo nedeli) – Aug 26, 2006
7%); over the last two months alone by 1. 0 percentage points. Interest rates on Forex loans are also reducing albeit slowly. NBU should be given its due for its regulatory role in the process: in view of the growing demand for loans it reacted promptly and increased the accessibility of cash resources by reducing interest rates and provision requirements. At the same time the NBU is not a resource-providing bank as some bankers would like it to be. These latter demanded that NBU provide them with long-term (up to ten years) refinancing loans at an interest rate lower than the NBU discount rate. They tend to forget that the cost of money is an objective economic indicator and it cannot be less than the inflation rate otherwise monetary emission turns into a primitive bank-note printing.