The Central Government, on its part, initiated several measures to ease the debt burden of States: (i) the Debt Swap Scheme (2002-03 to 2004-05), (ii) Debt Consolidation and Relief Facility (DCRF) (effective fiscal 2005-06) that allowed rescheduling of central loans at a reduced rate of interest of 7.5 per cent and debt waiver (subject to enactment of FRL and adherence to revenue deficit reduction targets) and (iii) reduction of interest rate on securities issued to NSSF during 1999-2000 to 2001-02 carrying interest rate of 11.0-13.5 per cent to 10.5 per cent (effective fiscal 2007-08).
BIS Review 9/2005  3  Investment overseas To further the process of capital account liberalisation, steps were taken to encourage the strategic presence of the Indian corporates overseas. Overseas investment are also permitted for undertaking agricultural activities including purchase of land incidental to this activity either directly or through the overseas offices.