RBI relaxes ECB norms to prop up rupee
Mumbai, Sep 19: The Reserve Bank of India (RBI) on Thursday liberalised some aspects of the external commercial borrowings (ECBs) policy including those related to rupee-denominated bonds to help check rupee depreciation.
"It has been decided to allow eligible ECB borrowers who are into manufacturing sector to raise ECB up to $50 million or its equivalent with minimum average maturity period of 1 year," the RBI said in a notification.
Till date, ECB up to $50 million or its equivalent could be raised by eligible borrowers with minimum average maturity period of three years.
The decision to revise the minimum average maturity period of three years to one year was part of the five measures announced by the government last week after Prime Minister Narendra Modi held an economic review meeting.
Presently, Indian banks can act as arranger and underwriter for rupee denominated bonds (RDBs), also called masala bonds, issued overseas, and their holding cannot be more than five per cent of the issue size after six months of issue as an underwriter.
"It has now been decided to permit Indian banks to participate as arrangers/underwriters/market makers/traders in RDBs issued overseas subject to applicable prudential norms," the central bank said.
Last Monday, the government exempted tax on interest payable by Indian companies to non-residents, including foreign companies, on borrowings through off-shore rupee denominated bonds issued till March 31, 2019.
Till now, interest payable on such bonds issued before July 1, 2020 was liable for concessional rate of tax of five per cent
These steps, which are aimed at raising the foreign exchange inflow, are part of the multi-pronged strategy to curb current account deficit (CAD) and rupee depreciation.
Last Friday, after the Prime Minister held the economic review meet, Finance Minister Arun Jaitley announced the government's five measures and also a broad policy decision to curb non-essential imports and increase exports.
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Bhojshala case: Disputed structure built from remains of pre-existing temples, claims ASI
Indore (PTI): The ASI has told the Madhya Pradesh High Court that a massive structure dating back to the Paramara kings' rule existed at the disputed Bhojshala temple-Kamal Maula mosque complex, and the current structure was built from the remains of temples.
The Archaeological Survey of India (ASI) made the claim on Tuesday based on its 98-day scientific survey and over 2,000-page report.
The Hindu community considers Bhojshala a temple dedicated to Vagdevi (Goddess Saraswati), while the Muslim side claims the monument as the Kamal Maula Mosque. The disputed complex is protected by the ASI.
During the hearing before Justices Vijay Kumar Shukla and Alok Awasthi of the HC's Indore bench, Additional Solicitor General Sunil Kumar Jain, representing the ASI, presented a detailed account of the scientific survey conducted two years ago at the complex.
Referring to the ASI's survey report, he said, "Retrieved architectural remains, sculptural fragments, large slabs of inscriptions with literary texts, Nagakarnika inscriptions on pillars, etc, suggest that a large structure associated with literary and educational activities existed at the site. Based on scientific investigations and archaeological remains recovered during the investigations, this pre-existing structure can be dated to the Paramara period."
It can be said that the existing structure was made from the parts of earlier temples, based on scientific investigations, survey and archaeological excavations conducted, study and analysis of retrieved finds, study of architectural remains, sculptures, and inscriptions, art and sculptures, Jain said quoting the report.
Summarising the report, he also drew the court's attention to the fact that the archaeological study identifies that many architectural components, such as pillars and beams, were originally part of temple structures before being repurposed for a mosque.
"The evidence of this transition includes Sanskrit and Prakrit inscriptions that were damaged or hidden, alongside sculptures of deities and animals that were often mutilated or defaced," Jain contended.
The report also states that "all Sanskrit and Prakrit inscriptions are older than the Arabic and Persian inscriptions, indicating that users or engravers of the Sanskrit and Prakrit inscriptions occupied the place earlier".
In light of the Muslim side's earlier objections, the bench wanted to know why there were some discrepancies in the ASI's responses regarding the status of the disputed complex in the cases filed over the years.
The Additional Solicitor General argued that earlier studies of the complex involved only officials, while the current survey involved scientists and the use of advanced technologies such as Ground Penetrating Radar (GPR).
The hearing in the Bhojshala case will continue on Wednesday.
The high court has been regularly hearing four petitions and one writ appeal regarding the religious nature of the Bhojshala temple-Kamal Maula mosque complex since April 6.
