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Full Text of Mid-Term Review of the Annual Policy Statement for 2008-09 click here



Highlights of Mid-Term Review of the Annual Policy Statement for 2008-09- October 24, 2008

Development of Market Infrastructure

Interest rate futures (IRFs) contracts as recommended by the Working Group on Interest Rate Futures to be launched in early 2009 along with the supporting changes in the regulatory regime.

Access to NDS-OM through the Constituent SGL (CSGL) route further extended to investors such as other non-deposit taking NBFCs, corporates and FIIs.

Arrangements for settlement of primary auction bidding under the multi-modal settlement mechanism on the anvil.

CCIL to operationalise a clearing and settlement arrangement for OTC rupee interest rate derivatives on a non-guaranteed basis within a month, and on a guaranteed basis within three months.

Foreign Exchange Market

The external commercial borrowings (ECBs) policy modified - ECBs up to US $ 500 million per borrower per financial year permitted for rupee expenditure and/or foreign currency expenditure for permissible end-uses under the automatic route; payment for obtaining license/permit for 3G Spectrum allowed to be considered an eligible end-use for the purpose of ECBs; ECBs borrowers permitted to either keep proceeds off-shore or to remit to India for credit to their rupee accounts with AD Category-I banks in India, pending utilisation for permissible end-uses.

All-in-cost ceilings for ECBs for average maturity period of three years and up to five years enhanced to 300 basis points and over five years enhanced to 500 basis points above LIBOR.

The exchange traded currency futures started trading on the National Stock Exchange (August 29, 2008), the Bombay Stock Exchange (October 1, 2008) and the Multi Commodity Exchange Stock Exchange (October 7, 2008).

CCIL to operationalise settlement system of the foreign exchange forward segment within a month.

Domestic oil and shipping companies permitted to hedge their freight risk with overseas exchanges/ OTC markets.


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Click Here For Macroeconomic and Monetary Developments Mid-Term Review 2008-09







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