Mayaram meets top officials, more measures likely to arrest Rupee decline
Top finance ministry officials worked overtime on the weekend to firm up additional steps to arrest the sliding value of the rupee and contain the current account deficit (CAD).
Continuing the discussions initiated by Finance Minister P Chidambaram on Friday, Economic Affairs Secretary Arvind Mayaram held a meeting of senior officials, including Additional Secretary (Capital Markets) K P Krishnan and top tax officials. Some announcements are likely to be made by the ministry on Monday, either in Parliament or outside, sources said.
Mayaram, after a meeting of the Financial Stability and Development Council in Mumbai earlier this week, had said, 'You should wait till the end of the week. The Finance Minister will be talking about this (outcome of the meeting) later.' The steps being contemplated to check the rupee fall and boost forex flows include further relaxation of ECB norms for state-owned companies, curbs on import of non-essential goods.
Continuing the discussions initiated by Finance Minister P Chidambaram on Friday, Economic Affairs Secretary Arvind Mayaram held a meeting of senior officials, including Additional Secretary (Capital Markets) K P Krishnan and top tax officials. Some announcements are likely to be made by the ministry on Monday, either in Parliament or outside, sources said.
Mayaram, after a meeting of the Financial Stability and Development Council in Mumbai earlier this week, had said, 'You should wait till the end of the week. The Finance Minister will be talking about this (outcome of the meeting) later.' The steps being contemplated to check the rupee fall and boost forex flows include further relaxation of ECB norms for state-owned companies, curbs on import of non-essential goods.