RBI eases overseas borrowing norms for dollar-hungry OMCs
Mumbai, Oct 3 : The Reserve Bank India (RBI) on Wednesday relaxed overseas borrowing norms for state-run Oil Marketing Companies (OMCs) as rupee continues to slide to new lows for more than a month now.
The RBI relaxed the norm that requires raising External Commercial Borrowings (ECBs) for working capital purposes from direct and indirect equity holders or from a group company with a minimum average maturity of five years.
Public sector OMCs, which require huge amount of foreign currency to import crude oil, can now raise ECBs for working capital purposes with a minimum average maturity of three to five years from all lenders under the automatic route.
"It has been decided, in consultation with the government of India, to liberalise the said provision and permit public sector OMCs to raise ECB for working capital purposes with minimum average maturity period of 3/5 years from all recognized lenders under the automatic route," the RBI said in a notification.
Further, the individual limit of $750 million or equivalent and mandatory hedging requirements as per the ECB framework have also been waived and the overall ceiling for such ECBs has been kept at $10 billion equivalent, with immediate effect.
While the OMCs have been encouraged to raise some of their dollar requirements from abroad, the central bank has asked the OMCs to have a Board-approved forex mark to market procedure and prudent risk management policy for such ECBs.
The notification comes on a day when rupee touched a fresh low and closed at its all-time low of Rs 73.34 per US dollar after Brent crude oil price went over $84 a barrel.
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FIR filed against three individuals, website for spreading false news involving VB, ‘Op Sindoor’
Mangaluru, May 15: An FIR has been registered at the Mangaluru South Police Station against three individuals and a news website for allegedly spreading false and provocative content involving Kannada daily Vartha Bharati and "Operation Sindoor".
The complaint was lodged by B.M. Basheer, News Editor of Vartha Bharati, who sought legal action against those misusing his name, the name of the newspaper, and "Operation Sindoor" to circulate misleading and defamatory content.
According to the complaint, a Facebook post by Nithin Shamanur titled ‘Operation Sindoor: Kannada Journalist’s brother’s wife Finished’ contained false information and featured a photograph of a woman and soldiers. This same post was allegedly shared by two others — Santosh Hegade and Bettampady Chandra — on their Facebook profiles. In addition, the same content was reportedly published by the website newsputtur.com.
Basheer stated that the news being circulated is completely baseless and inflammatory, and accused the individuals involved of attempting to mislead the public. He warned that such content could spark unrest, especially in the already sensitive environment of coastal Karnataka.
“This baseless and provocative misinformation in the name of ‘Operation Sindoor’ is misleading the public and has the potential to incite unrest in society,” said Basheer in his complaint. “Given the already sensitive atmosphere in coastal Karnataka due to recent developments, such rumors are likely to further destabilize the situation.”
He demanded strict legal action against Nithin Shamanur, Santosh Hegade, Bettampady Chandra, and the editor of newsputtur.com, including registration of a criminal case and a thorough investigation into the matter.
Acting on the complaint, the Mangaluru South Police have registered an FIR against all four accused under relevant sections for allegedly spreading false, defamatory, and inflammatory content online. Further investigation is underway.
