government exceeds wma limit
mumbai: the government’s overdraft facility with the reserve bank of india has overshot the limit of rs 7,000 crore by rs 3,384 crore for the second half of 1999-2000. according to the rbi weekly statistical supplement, the ways and means advance balance rose during the week ended 7 january to rs 10,384 crore. the government’s plan to mop up rs 8,000 crore in later weeks is expected to reduce the balance.

the total stock of money in the system is estimated at rs 10,88,596 crore as on 31 december 1999. this represents a growth of rs 13,859 crore over the previous fortnight’s level.

srei plans equipment bank
mumbai: srei international finance, a calcutta-based non-banking finance company, mainly catering to equipment finance, has promoted an india infrastructure equipment trust to act as an equipment bank for project contractors. the company, registered in 1999, intends to achieve a capital base of rs 100 crore and it will associate equipment manufactures, infrastructure development finance corporation, icici and agencies like international finance corporation in the venture, according to srei’s director sunil kanoria.