MUMBAI: Following the budgetary announcements on relaxation of capital account transactions, the Reserve Bank of India has permitted Indian corporates to invest up to $100 million in overseas ventures through the automatic route in diversified sectors.

Corporates would also be allowed to prepay external commercial borrowings (ECBs) of over $100 million under the automatic route, RBI said in a release here on Sunday.

Earlier, they could prepay ECBs only up to $100 million without RBI approval and this relaxation in ceiling would be available until further notice, subject to review, it said.

Corporates were up to now permitted to invest in overseas joint venture or wholly owned subsidiary engaged in the same core activity, which contributed at least 50 per cent of its average turnover, under the automatic route.

The apex bank said the corporates would be allowed make overseas.

Courtesy: PTI, March 02, 2003

A prominent US Democratic Congressman and founder member of the India Caucus has introduced a legislation supporting permanent UN Security Council membership for India.

Introducing the legislation as a "sense of the Congress", Frank Pallone said his legislation allows the US House of Representatives to go on record in supporting India's bid for a permanent seat in the Security Council.

"It is time for the Congress and the Bush administration to recognise the importance India plays in the region and the world and support its bid for a permanent seat at the UN Security Council," Pallone said.

"I believe it is morally wrong to ignore the voice of over one billion Indian people in security decision that affects them and the rest of the world," he said.

"India's location, its large population, its history of participating in UN peacekeeping operations, and its leadership in the Non-alignment Movement, all justify its bid for a permanent seat in the UN Security Council," he said.

"All five members of the UN Security Council must realise that having India as a permanent security council member will give the South Asia region a stabilising force, helping peace efforts in Central Asia and all parts of our increasingly connected world," Pallone said.

Since September 11, he said, India had been dedicating herself to wipeout terrorism not only within its own territory but also throughout the world.

Courtesy: PTI, February 28, 2003