RBI steps in to boost dollar supply
Updated: Jun 12, 2013 01:01:22pm
New Delhi, Jun 12 (KNN) With a view to checking rupee from further slippage against the dollar, the Reserve Bank of India yesterday said that units located in special economic zones will have to receive their export proceeds in hard currency within 12 months.
“It has now been decided that the units located in SEZs shall realize and repatriate, full value of goods, software and services to India within a period of twelve months from the date of export. Any extension of time beyond the above stipulated period may be granted by Reserve Bank of India, on case to case basis,” said RBI in a notification.
The rupee has been losing very sharply to the dollar in last few days; yesterday it had weakened to Rs 58.50 per dollar.
In another decision, the RBI yesterday said that Non-Banking Financial Companies (NBFCs) will not be allowed to contribute to the limited liability partnerships (LLPs).
The RBI had already prohibited NBFCs from contributing to partnership firms. (KNN)
“It has now been decided that the units located in SEZs shall realize and repatriate, full value of goods, software and services to India within a period of twelve months from the date of export. Any extension of time beyond the above stipulated period may be granted by Reserve Bank of India, on case to case basis,” said RBI in a notification.
The rupee has been losing very sharply to the dollar in last few days; yesterday it had weakened to Rs 58.50 per dollar.
In another decision, the RBI yesterday said that Non-Banking Financial Companies (NBFCs) will not be allowed to contribute to the limited liability partnerships (LLPs).
The RBI had already prohibited NBFCs from contributing to partnership firms. (KNN)
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