Business & Economy

Foreign exchange inflow
crosses record mark

What is India News Service, Saturday, 11 December 2004, 2000 hrs IST

Foreign exchange reserves recorded one of the highest ever inflows of US dollar 3.74 billion to cross 130 billion mark during the week ended December 3, 2004 due to heavy flow of investments and revaluation of currencies.

The record inflows led to the foreign exchange reserves cross the USD 130 billion mark, according to the Reserve Bank of India's weekly statistical supplement released on Saturday.

The foreign exchange reserves during this period rose by USD 3,794 million for the week under review to USD 1,30,717 million, the RBI said.

Foreign currency assets were also up by a record USD 3,553 million to touch USD 1,24,761 million, the RBI said.

Revaluation of international currencies, including the US dollar and gold and foreign institutional investments contributed to the spurt in reserves, analysts said.

PM clears airports modernisation plan:  Dr Manmohan Singh gave his seal of approval for the Rs 40,000-crore expansion and modernisation plan for airports across the country. 

Hectic parleys for amicable settlement between Ambanis: Hectic negotiations are in progress through several intermediaries, including Ambani family members, to bring about an amicable settlement between the two brothers, Mukesh Ambani and Anil Ambani, regarding ownership issues.

Industrial growth tops 10 pc in Oct: The country is, for the first time since the mid-1990s, witnessing an industrial resurgence of sorts. The official Index of Industrial Production (IIP) has registered a year-on-year increase of 10.1 per cent in October. 

PAN must from January 1: The Government said today that quoting of the Permanent Account Number (PAN) and Tax Account Number (TAN) on challans will be mandatory from January 1 next.

Inflation falls to 7.3 pc: The wholesale price index rose 7.3 per cent in the year through November 27, slowing from 7.34 per cent in the previous week due to lower prices of food and non-food articles.

Swadeshi names hog best employers list: Seven of the top ten 'best employers' in India are home-grown firms, including two state-owned corporations. 

Four National task forces set up for afforestation: About 1.73 lakh forest fringe villages have been incorporated in the 297 new and 185 continuing projects during the tenth plan period for afforestation.

Top IT companies ready to quit Bangalore: Several Bangalore-based software companies including Infosys and Wipro have threatened to migrate to other states. 

Bumper production likely in mustard, rapeseed: Overall coverage under rabi oilseeds, too, has been so far reported higher this year, at 81.22 lakh hectares.

Moser Baer CFO Banerjee resigns: Moser Baer India CFO Indrajeet Banerjee has put in his papers three months after joining the firm.  

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