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FinMin may ease ECB norms to shore up forex to bridge CAD

By Religare
|
FinMin may ease ECB norms to shore up forex to bridge CAD
In a bid to raise foreign exchange reserve to insulate the economy from any outflows, the finance ministry might ease norms for raising funds through an external commercial borrowing (ECB) window, one of the measures to finance the current account deficit.
 

Senior finance ministry officials will shortly hold deliberations with non-banking financial companies and other firms to tweak ECB rules for companies, particularly infrastructure firms, according to Business Standard correspondent.

The ministry is looking at this option after some of analyst said that net dollars inflow might not be enough to finance the current account deficit (CAD) in 2013-14.

Among others, the ministry has proposed disinvestment in PSUs and issue of NRI bonds to bridge CAD which has widened due to stiff fall in Indian rupee against US dollar.

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