RBI liberalises money changing facilities
Mumbai: Reserve Bank of India (RBI) on 13 January said resident entities need not obtain a licence from the apex bank to undertake money changing activity.

Authorised dealers (ADs) and full-fledged money changers (FFMCs) can enter into agency/franchising agreements for carrying on the business of conversion of foreign currency notes, coins or travellers' cheques into Indian rupees, RBI said in a release here.

ADs and FFMCs would only be required to obtain a one-time approval from RBI, it added.

The objective of the scheme is to provide easier conversion facilities for travellers and tourists by enlarging the network of money changing facilities in the country.

RBI expects that it would enable banks and FFMCs to provide such facilities at all tourist centres and major cities for extended hours and on holidays.
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Zhu arrives in Delhi
New Delhi: Chinese premier Zhu Rongji flew in here on 13 January on a six-day visit to India.

Zhu, who is heading a high-level delegation, is the first Chinese premier to visit India since 1991 when Li Peng came here.

He would have talks with Prime Minister Atal Bihari Vajpayee on 14 January during which he is expected to request Vajpayee to exercise restraint along the Indo-Pak border in the wake of Pakistan President Pervez Musharraf's address.

The two countries are also likely to sign agreements for cooperation in space, science and technology and some WTO trade-related issues during the visit.

The Chinese leader will address a meeting of the FICCI and CII in Bangalore besides visiting the Software Technology Park there. He will also visit Mumbai.
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