A time has come perhaps for us, within the broad contours of our capital account management, to take our assets to off-shore markets through appropriate institutional framework. A starting point has been made by permitting IFC to issue Rupee denominated bonds overseas. Depending on experience gained, this arrangement can be further opened.
Similarly, the Sahoo Committee to review the regulations relating to issue of DRs, is expected to address the issue of “home bias” of the overseas investors. 18. Let me now turn to another area – External Commercial Borrowings. Have regulations evolved to facilitate or hamper business?