India's foreign exchange reserves rose by $332 million during the week ended October 15, 2004, compared to $20 million a week earlier.
Our advice to individuals holding foreign currency so far has been that they should convert half of their holdings into the Indian Rupee.
Global rating agency Moody's on Thursday placed India on a possible upgrade on foreign currency debt and painted a rosy picture for the economy, projecting a seven per cent growth.
The government of India has prepaid a portion of foreign currency loans of Asian Development Bank amounting to yen 123.11 billion (Rs 5,294.84 crore)
.jpg)
According to the global financial services major, the country's Current Account Deficit, which is the difference between the outflow and inflow of foreign currency, has the potential to 'surprise favourably'.
Continuing their rising trend, the country's foreign exchange reserves increased by $1.350 billion to touch a record high of $361.601 billion in the week to April 22.
India's foreign exchange reserves continued to surge ahead and neared the $74-billion mark following fresh inflows of $178 million to touch $73,918 million during the week ended March 14.
Moody's assigns 'Baa3' rating on India, with a stable outlook.
India's foreign exchange reserves surged ahead by a record inflow of over $1.7 billion to touch $103.82 billion during the week ended January 9, 2004.
Guidelines have been issued by the Commission for safe conduct of the electoral exercise in the midst of the raging COVID-19 pandemic. These guidelines include lowering the maximum number of voters for a polling booth from 1,600 to 1,000, staggering the polling hours and extending postal ballot facility to those above 80.
In order to provide relief in respect of gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of masala bonds to secondary holders, the government has decided to amend the Income Tax Act.
On October 27, the Reserve Bank of India had allowed start-ups to borrow up to $3 million or around Rs 20 crore a year either in rupees or any convertible foreign currency.
With an inflow of $2 billion, the highest ever in recent times, India's foreign exchange reserves zoomed past the $90 billion mark for the week ended October 10.
The US dollar, which is witnessing a depreciation against the rupee, constituted 41.6 per cent of the debt stock till December 2003 compared to 54.3 per cent in March end 2002.
FCAs decreased by $3.56 billion to $325.03 billion.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
The company will use the proceeds to fund its expansion plan and repay debt.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Foreign exchange reserves had touched a record of $363.5 billion in the week through June 3, 2016.
The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.
Fitch Ratings on Tuesday said a higher natural gas price will help improve Reliance Industries' profitability in 2014-15 fiscal and would lead it to invest more in raising production.
But an unimpressed finance minister plays King Canute.
CAD of a country represents the difference between inflows and outflows of foreign currency.
Indian firms raised the money via external commercial borrowings.
This is SBI's second forex technology initiative.
Travellers, here are 8 solid reasons you should prefer to use a multi-currency card than a credit card when you travel abroad
Travellers, here are 8 solid reasons you should prefer to use a multi-currency card than a credit card when you travel abroad
The reserves had touched an all-time high of $367.16 billion previously
Walmart is getting embroiled in one controversy after the other in India. Political parties in opposition are already rallying against FDI in retail. Can it still manage to launch its retail business successfully in the country?
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
On its part, the Reserve Bank of India tried to help exporters by easing some restrictions imposed on holders of Exchange Earners Foreign Currency accounts and by giving effect to the commerce minister's announcements regarding extension of the interest subvention scheme for one more year and for more items.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances