•  Increasing interest rate ceilings for FCNR(B) and NRE deposits to LIBOR / SWAP rates plus 100 basis points and LIBOR / SWAP rates plus 175 basis points respectively. •  ECB policy, which is an instrument of capital account management, has been liberalised to revert to the pre-May 2007 period.
It may be recalled that due to large  BIS Review 4/2009  1  capital flows, the end use of ECB proceeds was limited to foreign currency expenditures.