Reserve Bank of India hikes FII limit in govt securities, corp bond by $5 billion
PTI: Mumbai, Jan 24 2013, 15:12 IST
high current account deficit (CAD) – the gap between inflows and outflows of foreign funds – is trying to attract more foreign funds into the country.
The CAD touched a record high of 5.4 per cent in the July-September quarter of the current fiscal.
In order to check outflow of foreign currency, the government recently hiked import duty on gold and also took steps to encourage mutual funds park their gold in deposit schemes offered by banks.
As a measure of further relaxation, the RBI added that it has dispensed with the one year lock-in period on holding infrastructure bonds.
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