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By PTI | 11 Aug, 2013, 02.31PM IST 24 comments | Post a Comment
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A host of PSUs with strong balance sheets have already
approached Finance Ministry seeking relaxation on overseas
fund-raising.
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Steps to arrest rupee slide on anvil,
announcement likely soon
READ MORE ON US dollar | Rupee | P Chidambaram | Gold | gdp | forex | Finance Ministry
NEW DELHI: The government is likely to
announce on Monday a slew of measures,
including raising duties on non-essential
goods and relaxing norms for overseas
fund raising by corporates, to stabilise the
rupee.
Hectic deliberations were held in the
Finance Ministry over the extended
weekend on ways to stabilise the volatile
domestic currency, which had touched a
record low of 61.80 to a US dollar last
week.
"Some measures are in the offing," sources
said, adding that government's focus is on
attracting foreign inflows.
Finance Minister P Chidambaram had
earlier said that the government is working
on relaxing External Commercial
Borrowings (ECB) norms for corporates as
well considering allowing public sector undertakings to issue quasi-sovereign bonds
which could fetch foreign exchange.
A host of PSUs with strong balance sheets have already approached Finance Ministry
seeking relaxation on overseas fund-raising.
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Steps to arrest rupee slide on anvil, announcement likely soon - The Econ... http://economictimes.indiatimes.com/news/economy/policy/steps-to-arrest...
1 of 6 11/08/2013 5:39 PM
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Government to introduce Sebi laws
amendments bill in parliament
tomorrow
Apart from attracting overseas money, the government is also considering the report of
an inter-ministerial panel for restricting non-essential imports by hiking duties.
The Finance Minister had earlier said that the government would be looking at "some
compression in non-oil and non-gold imports, especially of non-essential goods", citing
examples of coal and electronic hardware.
The steps by the government would be in addition to those already announced by the
Reserve Bank to contain the sliding rupee, which has lost over 15 per cent since April.
The RBI last week announced it would auction Rs 22,000 crore of bonds every Monday
to suck out liquidity and check speculation in the forex market.
The RBI and the government have also taken steps to curtail imports of gold -- a major
reason for rise in CAD, which touched a record high of 4.8 per cent of GDP in 2012-13.
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READ MORE ON US dollar | Rupee | P Chidambaram | Gold | gdp | forex | Finance Ministry
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NEWEST OLDEST RECOMMENDED (1) MOST DISCUSSED AGREE DISAGREE LOGGED IN COMMENTSNEW!
Looks like smuggling and hawala is going to be the best career option going forward. The
rich have already started going to dubai for shopping.
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nice
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Major thrust of policy should be higher exports to earn more foreign exchange plus the
measures to finance the CAD by restricting imorts of gold,inessential goods.Another
measure which would bring in froeign exchange would be another amnesty scheme to get
back the funds parked overseas.
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All the economists saw it coming .. Infact even PMEAC saw likelyhood of it happening...We
are living in a highspeed world..its nearly 7 days since it was clear that RBI steps are not
working...Q is why is the GOVT not in a position to respond yet?
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Sooner the better, every thing is sky soaring and general public is suffering a lot, when
ever rupee falls every one starts guessing when and how much the fuel prices will go up??
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Just announcement does not help. Implementation is necessary. If the Govt really want it,
they can do it. Let us see what comes out of FMs bag.
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Kuns (Blr)
1 Hour ago
Vivek Aggarwal (Delhi)
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Gajree (Nairobi)
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Silver: 4221
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Gold: 16.5K
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Steps to arrest rupee slide on anvil, announcement likely soon - The Econ... http://economictimes.indiatimes.com/news/economy/policy/steps-to-arrest...
3 of 6 11/08/2013 5:39 PM
Fix the value of Indian rupee to Rs. 45 a US $. Never mind the implications. Indira Gandhi
would have done it.
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when dollar becomes weak rupee will become strong. lets have god faith. every thing goes
by the will of god. because god is great man is not great.
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Everything is in GOD's hand now, simply call upon HIS mercy.
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India should make it very very expensive and tough to purchase non-essential/luxury items
like Italian sofas, Rolls Royce, BMW (cars/bikes), expensive cars, cosmetics, processed
food, expensive cell phones, gold, jewelry, platinum diamonds. govt should also take steps
to reduce dependence on fossil fuels and encourage renewable energy. rich people may
be able to afford high prices and taxes, but rupee depreciation is going to hit one and all.
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Sir, who are the shoppers of these items? They are very rich people,
the elite rich people of the society. Now the rich class of india is
competing with each other to display their success story of big and
expensive foreign goods, on the other hand the very high level
millionaires and billionaires are competing with the rich people of other
countries to show their mansions-yatch-super private planes etc. The
middle class are struggling to pay the bills, and the extreme poor at the
bottom level 33% are not filling the belly with enough protein or
vitamins. The society is being polarized to the extreme corners of super
luxuary and abstract poverty. High level of unemployment including
among the highly educated. We have never seen a time like this in
which the whole world economy is interlocked and this economic
ineqality is apreading all over the world. What will be the outcome?
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That is impossible as there will be blow back from other nations against
this resulting in 1.hurting our exports 2.increase in political tensions
3.further destabilizing the economy. Renewable sources are still very
inefficient (scientifically speaking) and expensive (the subsidy by
government makes it cheap which actually hurts the economy, just look
at the oil subsidy) over the fossil fuels.
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make alternatives of nonessential almost all forex bleeders are cheaper
and readily available
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136 Followers
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Antonio Barbosa (Goa)
Platinum: 28.9K
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Psn (Neptune)
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Srinivas (Hyd)
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Silver: 4028
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Gold: 9392
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Steps to arrest rupee slide on anvil, announcement likely soon - The Econ... http://economictimes.indiatimes.com/news/economy/policy/steps-to-arrest...
4 of 6 11/08/2013 5:39 PM
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Now they can only arrest and put it in jail
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I think it is too late now
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Good to know.
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the current state of affairs of the Indian economy is unlikely to attract foreign inflows
immediately to stem the rupee falls, on the one hand the govt is trying to attract foreign
inflows and on the other hands rbi is tightening liquidity which has led to alarm from foreign
investors regarding the direction rbi is heading towards and a rate hike could even be in
the offing if things carried on like this. so if they started selling out how are we supposed to
see a stronger rupee?? There is a lack of co-ordination between both parties in the
methods. and the fear is that it might not work out as it seemed to be counter productive in
a way. It is time for borrowing rates to come down to spur investment but again it wont be
done because the reason of rupee deflation will be given after the inflation reason.how
ironical when actually it could have helped matters and instead it is trated as the some of
the reasons for the current state of affairs.
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THE GOVERNMENT SEEMS TO HAVE RUN OUT OF IDEAS. WE HAVE BEEN
HEARING STEPS TO BE TAKEN FOR THE PAST 1 MONTH - NOTHING WORKS.
WHAT WE NEED ARE POLICY MEASURES TO INCENTIVISE GAS AND OIL
EXPLORATION, MAKE COAL INDIA ACCOUNTABLE FOR PERFORMANCE AND
MONETISE GOLD ASSETS THROUGH A SCHEME SO THAT GOLD IN INDIAN HOMES
CAN BE USED FOR WEALTH CREATION.
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This should have been done when rupee was at Rs 55, late but atleast somehting is
done.Good.
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substituting costly and forex needing stuffs , services and commodities by cheaper and
indigenous can solve stagflation and hence all problems in fraction of second.Like lpg and
kerosene shortage and corruption can finish in fraction of a second if we start using infinite
free solar , infinite low coal , bio waste and electricity in their place.
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This will only encourage smuggling. After all the current government has thrived on
corruption.
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If I am not thoroughly wrong I get a feeling that most of what is talked about is only ending
up with a little difference now a days mostly. Whom to blame except the fate of the poor
small investor in this hapless situation?
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Govt has woken up after rupee touches all new highs at Rs.62. It looks like Govt is
devaluing the rupee purposefully
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let's c monday onwards.....
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Anu (Mumbai)
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