Govt may relax ECB norms
Meanwhile, the Indian government on Wednesday ruled out launching of dollar-denominated bonds but indicated that it may further relax overseas borrowing norms and raise FII investment limit in debt instruments to help companies tide over the liquidity crunch created by global financial crisis.
"There is no proposal to launch sovereign long-term dollar-denominated bonds as of now," a finance ministry official said when asked whether the government is planning to hit the overseas market to raise funds.
Image: Commuters walk past the Bombay Stock Exchange in Mumbai. | Photograph: Sebastian D'Souza/AFP/Getty Images
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