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From The Hindu, May 2, 1975: Centre may float bonds in other countries

From The Hindu, May 2, 1975: Centre may float bonds in other countries

The Hindu01-05-2025
New Delhi, May 1: The Union Finance Minister, Mr. C. Subramaniam, is examining the possibility of floating short, medium or long-term Government of India bonds in countries like Philippines, Hongkong, Thailand, etc., to which the Indians residing in those countries, besides the nationals, can subscribe. He is also believed to be considering the scope for making some changes in the banking laws to provide for the holding of deposits of Indians resident in these countries in foreign currency instead of rupees.
This is in response to the representations made by members of the Indian community who met the Finance Minister in Manila, where he was recently to attend the Annual Meeting of the Board of Governors of the Asian Development Bank. Members of the Indian community in Hongkong and Bangkok also met the Finance Minister when he was returning to India from Philippines. The Indian Chambers of Commerce in Manila, numbering about 100, had given him a reception while Indian bankers, insurance men and other businessmen, numbering about 200, met him in Hongkong. There was a similar informal meeting with Indian businessmen and traders in Thailand.
Indians resident in these countries have done well in industry and trade but the events in Vietnam and Cambodia have filled them with a sense of uncertainty about their future.
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