....Given that consumer inflation is still in double digits, the slippage in the value of the rupee is bad news for the ‘ aam aadmi.’ Mercifully, the price of gold is at a three- year low. This should help pare down the foreign exchange outgo on its import. Also, the import duty on gold was revised twice in the last couple of months. How that would help reduce the current account deficit remains to be seen, but the RBI and the SEBI too have sought to come to the rescue of the government by easing norms for capital inflows. The market regulator has eased the know- your- investor norms and done away with distinction among foreign investors who acquire up to ten per cent of equity in a company. Norms have been relaxed for operating in the debt markets, as well in order to attract capital inflows. On its part, the RBI too announced a slew of measures to make it easier for foreign funds. et, cumulatively these changes by the SEBI and RBI will not add up to anything more than a mere tinkering..........
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