Rupee up two paise - G-Secs down
Mumbai: The rupee on Tuesday, was up two paise from its previous close of 43.72 against the dollar.

Forwards Market: The six-month forward closed at 2.36 per cent as against 2.12 per cent in the previous session. The 12-month forward ended the day at 1.70 per cent (1.79 per cent).

G-Secs: Securities drifted down by 15-20 paise during the day, with the benchmark 7.38 per cent 10-year paper finishing at 6.72 per cent (6.70 per cent).

Call Rate: Flat at 4.70-4.80 per cent levels.

CBLO market: 158 trades aggregating Rs5,456.60 crore were put through in the rate range of 4.50-4.75 per cent.
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Revised RBI procedures for FEMA violations
Mumbai: The Reserve Bank of India has reviewed the procedures for compounding of contraventions under the Foreign Exchange Management Act (FEMA), in order to minimise transaction costs.

The central bank said that while the review is in order to provide comfort to citizens and the corporate community, a severe view would be taken of willful, mala fide and fraudulent transactions.

Accordingly, the responsibilities of administering compounding of contravention cases under FEMA have been vested with the RBI with the exception of cases pertaining to hawala transactions. The Directorate of Enforcement will continue to deal with them.
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SBT raises NRE/FCNR rates
Thiruvananthapuram: The State Bank of Travancore (SBT) has raised the interest rates on NRE and FCNR term deposits from February 1.

The interest rates for FCNR term deposits in major currencies have also been revised. The interest rates for RFC deposits for a period of six months to less than one year remains at one per cent.
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