Indian Railways Finance Corp, the finance arm of Asia's largest rail network, plans to raise up to $1 billion through offshore rupee bonds, making it the first domestic issuer to eye so-called "masala" debt to diversify its source of funds.
In the 1970s, whenever an Indian working in the Gulf came home on his annual holiday, he would carry a bunch of bank demand drafts (DDs) drawn on different banks, along with the usual gifts. The DDs were meant for the families of his friends.
Mumbai-based industrialist Harit Trivedi bought his first vintage car in 1979 for Rs 7,000. Today the car’s estimated value is about Rs 15 lakh. His second car, purchased for about Rs 10,000, costs about Rs 25 lakh today.
Those approaching retirement are somewhat unhappy at the Employees’ Provident Fund Organisation (EPFO)’s proposal to raise the age limit for vesting pension under the Employees’ Pension Scheme (EPS) from 58 to 60.Under EPS, private