From: gnreddy@cbnewsf.att.com (G.Narotham Reddy)
Subject: India: Interest Rates For Deposits in Foreign Currencies Reduced
Organization: AT&T
Date: Mon, 27 Jul 92 18:43:45 GMT


Source	: The Hindu
Date	: July 18, 1992
Country	: India

Topics:

* Interest rates for deposits in foreign currencies reduced
* Bank Directors told to resign:
* Forex Reserves touch $6.86 Billions
* Vikram Inmarsat' inaugurated


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* Interest rates for deposits in foreign currencies reduced

Bombay: July 11: The Reserve Bank of India has reduced interest rates for
deposits in Pound Sterling, US Dollar and Japanese Yen under the Foreign
Currency (Non-Resident) Account scheme.  The reduction has been
announced keeping in view the present interest rates on these currencies
in overseas markets.
	Interest rates for Pound Sterling deposits have been reduced by
one percent for all maturities. Interest rates on US dollar deposits
have been reduced by one per cent each for six-months and one-year
maturities and 1.25 per cent each for two-year and three-year
maturities; interest rates on Japanese Yen deposits has been reduced by
0.25 per cent for six month period and by 0.50 per cent for two year
and three year periods.  The rate for one-year period remains unchanged.
There is no change in  interest rates for Deutsche Mark deposits.
	The new schedule of interest rates for various currencies for
transactions entered into with authorised dealers effective from July
13, 1992.
	There is no change in the interest rates on Non-Resident 
External Rupee accounts or the periods for which deposits in such accounts 
are accepted.

* Bank Directors told to resign:

Kozhikode: July 11: The directors of the Nedungadi Bank, who are
allegedly connected with the controversial Fairgrowth Financial Services
Ltfm have been asked to resign.
	The bank chairman, Mr K P G Menon, said the bank's directors who
are also on the board of directors of the Fairgrowth Financial Services
Ltd., were asked to quit, in view of the recent controversies involving
the latter. At least three directors of the bank are reported to be
connected closely with the FFSL.  They are Mrs. Prema Ratnakar, who has
succeeded her husband as the chairman of FFSL, Mr.T.P.G Nambiar,
Chairman, BPL Ltd., and Mr. Pratap C Reddy, Chairman of Appollo
Hospitals. 
	the bank, which has its head office here, is one of the oldest
scheduled commercial banks in South India.

* Forex Reserves touch $6.86 Billions

Foreign exchange reserves as on July 13 have touched $6.86 billions and
as of last week ( July 18 ) Rs 56 crores have been collected as import
duty on nearly 22 tonnes of gold.
	the ministry of state for finance, Mr.Rameshwar Thakur told the
Economic Editors Conference that the total revenue collections in June
this year have been Rs 14,272 crores against Rs 10,505 crores in June
1991.  The revenue collections in 1991-92 had shown an increase of over
Rs 9,400 crores over the previous year's collections of Rs 55,950
crores.  In 1991-92, Rs 65,415  crores were collected through customs
and central excise duties and income tax and corporation tax.

* Vikram Inmarsat' inaugurated

Pune July 11:
India's first satellite mobile communication land earth station, named
after the space scientist, Dr.Vikram Sarabhai, was today dedicated to
the nation by the Union Minister of State for Communications Mr.Rajesh
Pilot, at Avri, 85 km from here.
	The inaugural call to the Shipping Corporation of India;s
"Annapurna", sailing in the Red Sea, commissioned the "Vikram Inmarsat"
(international maritime satellite) land earth station with the ship
captain announcing "loud and clear" reception.

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