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Govt. moves to stabilise rupee
News
- The government announced a set of five measures aiming to strengthen rupee.
Important facts
- The government announced to take necessary steps to cut down non-essential imports and increase exports.
- The condition that FPI (foreign portfolio investment) in a single corporate entity cannot exceed 20% of its corporate bond portfolio will be reviewed.
- Government has exempted masala bond(bonds issued outside India but denominated in Indian Rupees) until March 31, 2019, from withholding tax.
- The government said it will review the mandatory hedging (reduce the risk of adverse price movements in an asset) condition for infrastructure loans borrowed under the external commercial borrowing (ECB) route. Presently there is no compulsion on borrowers to hedge these loans.
- Manufacturing companies borrowing up to $50 million through ECBs will be able to do so only for a one-year term as against the three-year term allowed earlier.
