RBI should invest part of forex in banks: Pharmexcil – Economic Times- Topic: Forex News

In a letter to Director General of Foreign Trade R S Gujral, Pharmaceutical Export Promotion Council (Pharmexcil) Chairman D B Mody said, “Reserve Bank may give certain portion (of Forex reserves) to various banks in India with proper guidelines”. He said rise of rupee during last month had far reaching effect on the pharma industry which could lose substantial export business due to uncompetitiveness. Earlier in September, Pharmexcil had written to Commerce and Industry Minister Kamal Nath seeking relief measures such as higher DEPB (Duty Entitlement Passbook Scheme) rates and 6 per cent concessional rate on post- and pre-shipment credits to all exporters. The elevation of Vikram Pandit to a senior position in Citi will now see Indians in almost all the main international business of the largest US bank. Copyright © 2007 Times Internet Limited. read more

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