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January 30, 2001
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RBI tells banks not to delay Gujarat flows

The Reserve Bank of India said that it has asked authorised dealers in foreign exchange to quickly disperse inward remittances for the earthquake that ravaged Gujarat.

The RBI said it had asked banks to ensure immediate credit of such payments to the account of the beneficiaries.

The devastating earthquake on Friday, which measured 7.9 on the Richter scale, is believed to have killed 20,000 people and left thousands homeless

An influential business lobby, the Federation of Indian Chambers of Commerce and Industry (FICCI), put building and construction losses across Gujarat at about Rs 150 billion.

Finance Minister Yashwant Sinha said on Sunday that the quake damage will have an impact on the economy and the funding requirement for reconstruction would be enormous.

He said India was seeking $1.5 billion in assistance from international funding agencies.

Earlier on Saturday, the RBI relaxed all limits on advances through the ways and means system, and overdraft regulations for the quake-hit state.


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