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Rupee
higher
The rupee ended sharply higher at 45.16/17 in its value
against the dollar. This is better than the 43-month closing
high of 45.2250/2300 on March 10.
G-Sec - The yields on the benchmark 10-year paper fell
to 5.15% (5.17%) with the 7.37% 2014 ending 21 paise higher
at Rs 117.25/30.
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Inflation finally below 5 per
cent
New
Delhi: After 16 weeks of over 5.0 per cent, inflation
fell to 4.91 per cent mark for the week ended March six
due to sharp fall in prices of vegetables, wheat, fuel
products and manufactured items including food products,
restoring credibility to the governments oft repeated
claims of bringing it down to this level.
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RBI
approval required for investment schemes abroad
Mumbai:
All banks, Indian and foreign, including those not having
an operational presence in India should henceforth seek
approval from the Reserve Bank of India before marketing
foreign currency deposit schemes, overseas mutual funds,
or any other such foreign financial services to resident
Indians.In a circular to all authorised dealers in foreign
exchange, the apex bank has observed that, several advertisements
by both foreign and Indian banks, soliciting foreign currency
funds and deposits do not contain appropriate disclosures
to guide potential depositors
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TMB's
elected directors to discharge their duties
Chennai:
The Company Law Board (CLB) has directed that the 10 elected
members of the Tamilnad Mercantile Bank can now discharge
their duties.This follows the submission of a report to
the CLB of the proceedings of the bank's annual general
meetings for the seven-year period between 1997 and 2003
and the elections to the board conducted at Tuticorin
on March 12. The Chairman of the meeting, S. Ramalingam,
a retired judge of the High Court, submitted the report.
The bank's board now consists of 14 members including
two nominated by the Reserve Bank of India and two by
the Central Government.
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