Liberalisation in reverse

The new restrictions imposed by the Reserve Bank of India (RBI) on companies and individuals making overseas investments and remittances, apart from a blanket ban on gold coin imports, suggest a hint of desperation among the country’s policymakers. The measures announced on Wednesday, together with those over the past month, are not insignificant. Indian companies will henceforth have to seek special permission to make any direct equity investments abroad amounting to more than their current networth. 

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