India Current Affairs 2017

RBI relaxes norms for ECBs

As per RBIs new relaxations to External Commercial Borrowings (ECB) norms, corporates would be able to access ECBs for raising funds from companies which are under investigation by assorted law-enforcing authorities. Currently, such companies are not allowed to access ECB under the automatic route. Any request by such corporates for ECB was usually examined by the RBI under the approval route.
But from now on, all entities will be permitted to access ECBs under the automatic route, notwithstanding the pending investigations /adjudications / appeals by the law enforcing agencies, without prejudice to the outcome of such investigations / adjudications / appeals.

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Union govt approves Export of Additional 5 Million Tonnes of Wheat

The Union Government approved export of extra 5 million tonnes of Wheat in its stocks. The additional quantity of 5 million tonnes of wheat shall be exported by the private traders. It was also decided that the public sector trading firms will not be a participant in export of the additional quantity of wheat.
Private traders would use bidding process to export the 2011-12 crop and the floor price decided for per quintal is Rs 1480.
For current fiscal, the allowed export of wheat from the godowns of the Food Corporation of India is at 9.5 million tonnes.

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