RBI INITIATES ACTION TO CONSERVE FOREX RESERVES

The Reserve bank of India (RBI) has already swung into action. It has asked corporates to immediately bring in the proceeds of their External Commercial Borrowings (ECBs) for rupee expenditure in India, such as local sourcing of capital goods, on-lending to self-help groups (SHGs) or for micro-credit, payment for spectrum allocation, and so on.