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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Nandu who wrote (2697)	9/9/1998 8:58:00 AM
From: Mohan Marette	Respond to of 12475

The Goswami musings-The name is BOND,R.I.Bond [aka Ripoff India Bond]<g> Hi Anil: Here is an amusing and rather sarcastic piece by Goswami,hope you like it. economictimes.com

To: Nandu who wrote (2697)	9/9/1998 7:25:00 PM
From: sea_biscuit	Respond to of 12475

This point keeps coming up. Does anybody know anybody who actually did this? Personally, I don't know of anybody who did that. My "patriot" Indian friends who have been endlessly yapping about India's "greatness" since Pokhran-II were, strangely enough, reluctant to put their money where their mouths are! :-) (And one of them in fact, took my help in investing his money in a Vanguard Ginnie Mae Fund!) My stupid bank manager said I will have to pay the standard penalty (interest will be 1% less than stipulated) to withdraw my FCNR money to invest in the RIBs, so I put in new money. I plan to have words with him about this when I visit home next. I think you got a double whammy there. The RIBs story that I heard was something like this : a man who already had an FCNR account went to invest some money in RIBs, whereupon the bank manager impressed upon him to roll over the whole FCNR account into the RIBs instead. I believe that the manager did this in order to get the commission that he was being paid for attracting deposits into RIBs. As to whether or not there was a 1% penalty, or if the manager somehow could over-ride it, I have no information on that. Dipy.

To: Nandu who wrote (2697)	9/21/1998 12:01:00 PM
From: Mohan Marette	Respond to of 12475

REF:RIB/FCNR Anil: Did you have question about how much money might have come from FCNR account to the RIB,well if you did here is some information on that. Looks like 15-20% came from SBI FCNR accounts and all the other banks reported 8-10%.I didn't do any calculations but it seems like between 500-700 million dollars might have come from FCNR account out of the total 4.1 billion dollars. Here is the article. ===================== Excerpts "Mumbai, Sept 20: State Bank of India's (SBI's) foreign-currency non-resident deposits FCNR(B) corpus has reduced by 15-20 per cent, the highest among all banks, owing to funds transferred to the Resurgent India Bonds (RIBs) issue. The banking system overall has, however, witnessed a lower shift to RIBs at 10-12 per cent, according to banks' final estimates." financialexpress.com