With improvement in the global credit markets and narrowing of spreads, the Reserve Bank of India decided today to reintroduce the ceiling on interest rates that Indian companies pay for external commercial borrowing.
Reliance Communications has received a $750 million (Rs 3,000 crore) loan from China Development Bank that would be invested in building a nationwide GSM footprint for the telephony major. The Anil Ambani group company has received the loan for a ten-year period and at a rate of Libor (London Inter-Bank Offered Rate) plus 80 basis points. RCom had received the Reserve Bank of India (RBI) approvals for the loan, sources close to the development said.
A Reserve Bank of India-constituted internal group has recommended that interest income from NRI deposits may be taxed like domestic deposits consistent with current account convertibility. \n\n
Reliance Industries Limited, the country's largest private sector company, is raising $2 billion through a 10-year overseas syndicated loan for funding its oil and gas exploration in the D6 block of the Krishna-Godawari basin.
Reliance Industries Ltd on Wednesday concluded a $250 million international syndicated loan at 90 basis points over London Inter-Bank Offered Rate.
The RBI has decided that interest rates on fresh repatriable NRE rupee deposits for one to three years shall not exceed 2.5% above LIBOR for US dollar of corresponding maturity.
Grasim Industries Ltd has raised $50 million through a five-year loan at 93 basis points over the London Inter-Bank Offered Rate, or LIBOR, a spokeswoman for the company said on Friday.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
But other allegations against Jain, Deutsche Bank still being evaluated by the regulator
All this is happening at a time when aluminium prices in the world market are firming up.
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