(Rs.crore) 20022003VariationItemNov. 29Nov. 21Nov. 28#Week Year12345 6Notes issued2,61,1143,01,8863,01,568–318 40,454Notes in circulation2,61,0793,01,8623,01,549–313 40,470Notes held in Banking Department352320–3 –15Deposits Central Government101101101— —State Governments414141— —Scheduled Commercial Banks65,93968,23573,2535,018 7,314Scheduled State Co-operative Banks1,4561,4731,412–61 –44Other Banks4,2924,3624,337–25 45Others6,5537,7077,76962 1,216Other liabilities1,

Variation overItemAs on Nov. 28, 2003WeekEnd-March 2003End-December 2002Year Rs. CroreUS$ Mn. Rs. CroreUS$ Mn.Rs. CroreUS$ Mn.Rs. CroreUS$ Mn.Rs. CroreUS$ Mn.1234567891011Total Reserves4,41,10996,0714,12269882,82920,6431,02,76025,6261,18,01729,146of which : (a)Foreign Currency Assets4,23,32892,1484,122698*81,85220,2581,01,55425,1541,16,13728,508(b)Gold17,7683,920 ——9833861,2264761,899642(c) SDRs133 ––—–6–1–20–4–19–4Memo Item : RTP**5,6011,219 3442,4115472,4205572,4765

(Rs. crore) OutstandingVariation overItem as on 2003FortnightFinancial year so farYear-on-year Nov. 14# 2002-20032003-2004200220031 234567Liabilities to the Banking System Demand and time deposits from Banks35,8123747,297–4,6437,377–2,914 Borrowings from Banks (1) 14,872–1,404135–4,765653–5,512 Other demand and time liabilities (2) 3,025617–122771194924Liabilities to Others Aggregate deposits@ 13,92,4271,2181,42,8161,11,5741,90,1761,46,251 (0.1)(12.9)(8.7)(18.0)(11.7)

(per cent per annum) 20022003Item / week endedNov. 22Oct. 17Oct. 24Oct. 31Nov. 7Nov. 14Nov. 2112345 678Cash Reserve Ratio (per cent)(1)4.754.504.504.50 4.504.504.50Bank Rate6.256.006.006.00 6.006.006.00I.D.B.I.(2)12.5012.5012.5012.50 12.5012.5012.50Prime Lending Rate(3)10.75-11.5010.50-11.5010.50-11.5010.50-11.5010.50-11.5010.50-11.5010.50-11.50Deposit Rate(4)6.00-6.755.00-6.005.00-6.005.00-6.005.00-6.005.00-6.005.00-6.00Call Money Rate (Low / High)(5) - Borrowings1.0

(Rs. crore) 2003 - 20042002 - 2003 OutstandingVariationsOutstandingVariationsItem as on 2003(3) - (2)as on 2002(6) - (5) Mar. 21Nov. 14 Mar. 22Nov. 15 1 2 345671. Bank Credit 7,29,2157,61,92632,7105,89,7236,81,05291,329 (4.5) (15.5) A.Food Credit 49,47935,439–14,04053,97854,204226 B. Non-Food Credit 6,79,7367,26,48746,7515,35,7456,26,84791,103 (6.9) (17.0)2. Investments 92,85490,974 @–1,88081,00089,805 +8,805 A.Commercial Paper 4,007 4,2702648,4976,667–1,830 B.Shares

Foreign 2002200320022003Currency Nov. 29Nov. 24Nov. 25Nov. 26+Nov. 27Nov. 28Nov. 29Nov. 24Nov. 25Nov. 26+Nov. 27Nov. 281 234567891011121314 RBI's Reference Rate (Rs. per Foreign Currency) Foreign Currency per Rs. 100@U.S. Dollar 48.270045.870045.9300 45.890045.9400 (Based on Middle Rates)Euro 47.960054.640054.1800 54.730054.8000 FEDAI Indicative Rates (Rs. per Foreign Currency) U.S.{Buying48.270045.870045.9250 45.885045.93002.07172.18012.1772 2.17912.1768Dollar Sellin

(Rs. crore) Outstanding asonVariation over FortnightFinancial year so farYear-on-year 20032002-20032003-200420022003ItemMar. 31#Nov. 14#Amount%Amount%Amount%Amount%Amount%1 2345678910111213M3 17,25,22218,68,9224,2530.21,71,77311.51,43,7008.32,33,41816.21,98,79511.9 [16,95,551] [1,36,062][9.1] [1,97,707][13.8] Components (i+ii+iii+iv) (i)Currency with the Public2,70,9832,98,9014,4831.523,8049.927,91810.329,06412.334,30213.0(ii)Demand deposits with banks1,98,6022,13,106

(Rs. crore) Outstanding as onVariation over 2003WeekFinancial year so farYear-on-year 2002-20032003-200420022003ItemMar. 31#Nov. 28#Amount%Amount%Amount%Amount%Amount%1 2345678910111213Reserve Money3,69,0613,91,8644,6801.24,6351.422,8026.224,0187.549,25814.4Components (i+ii+iii) (i)Currency in circulation2,82,4733,08,728–314 –0.117,0126.826,2559.329,00112.140,74215.2(ii)Bankers' deposits with RBI83,34679,0014,9316.7–12,459–14.8–4,345–5.2–5,004–6.57,31310.2(iii)"Other"

(Rs. crore)Repo/RRREPOREVERSE REPONet injection(+)OutstandingLAFperiodBids ReceivedBids AcceptedCut-OffBids ReceivedBids AcceptedCut-Offabsorption(-) ofAmount @Date(Day(s))NumberAmountNumberAmountRate(%)NumberAmountNumberAmountRate(%)liquidity (11-6) 1234567891011121314 Nov. 24, 200316126,1506126,1504.50—————–26,15027,575 Nov. 25, 200326129,1156129,1154.50—————–29,11530,540 Nov. 27, 200315828,3205828,3204.50—————–28,32029,745 Nov. 28, 200335825,6355825,6354.50—————–25

(Rs. crore)Date ofDate ofNotifiedBids ReceivedBids AcceptedDevolvement onTotalWeigh-ImplicitAmountAuctionIssueAmount Total Face ValueNumberTotal Face ValuePDs/SDs*RBIIssuetedYield atOutstanding NumberCom-Non- Com-Non- (8+9+AverageCut-offas on the petitiveCom- petitiveCom- 10+11)PricePriceDate of Issue petitive petitive (per cent)(FaceValue)1 2 34567891011121314152003-2004 Apr.1Apr.450032950—20500———50098.665.47398,727Jul.2Jul.450031778—25500———50098.775.02237,488Oct.1

(Rs. crore)Date ofDate ofNotifiedBids ReceivedBids AcceptedDevolvement onTotalWeigh-ImplicitAmountAuctionIssueAmountNumberTotal Face ValueNumberTotal Face ValuePDs/SDs*RBIIssuetedYield atOutstanding Com-Non- Com-Non- (8+9+AverageCut-offas on the petitiveCom- petitiveCom- 10+11)PricePriceDate of Issue petitive$ petitive$ (per cent)(FaceValue)1 2 34567891011121314152003-2004 Apr.1Apr.41,000552,210—191,000———1,00094.825.496426,126Jul.9Jul.111,000512,43029211,00029——1,029

(Rs. crore)Fortnight EndedDate123456789101112131415 Nov. 1Nov. 2Nov. 3Nov. 4Nov. 5Nov. 6Nov. 7Nov. 8Nov. 9Nov.10Nov. 11Nov.12Nov.13Nov.14Nov. 14, 200372,4401,44,8802,16,0422,80,6653,44,6914,10,9034,78,5925,46,5406,14,4896,80,8677,45,5548,15,2318,83,6059,48,668 Nov.15Nov.16Nov.17Nov.18Nov.19Nov.20Nov.21Nov.22Nov.23Nov.24Nov.25Nov.26Nov.27Nov.28Nov. 28, 200366,7381,33,4772,03,7152,73,3213,41,3214,10,0384,78,3115,47,5106,16,7096,86,2437,52,1028,17,9448,84,724 9,57,458Not

(Rs. crore)Fortnight endedTotal AmountIssued duringRate of Interest Outstanding #the fortnight #(percent) @1 2 3 4 Jan.10, 20031,199 59 4.37 — 6.61 Apr.4, 20031,188 25 5.25 — 7.40 Jul.11, 20032,242 44 4.45 — 6.25 Oct.3, 20033,154 48 3.75 — 6.75 Oct.17, 20033,243 257 4.50 — 7.00 Oct.31, 20033,321 139 4.25 — 6.50 @ : Effective interest rate range per annum.

(Rs. crore)FortnightendedTotal AmountReported duringRate of Interest Outstandingthe fortnight(percent)@1 234Jan.15, 20038,6458865.70 — 7.50Apr.15, 20035,8397525.25 — 8.15Jul.15, 20037,0691,1425.15 — 6.80Oct.15, 20036,9741,0274.75 — 7.75Nov.15, 20037,2301,2864.81 — 6.00Nov.30, 20037,9561,3564.70 — 6.04@ : Typical effective discount rate range per annum on issues during the fortnight.

20022003Percentage Variation over WeightNov. 16Sep. 20*Nov. 15#WeekMonthEndYearItems / Week ended March 123456789ALL COMMODITIES100.00167.9175.6176.50.20.32.45.1Primary Articles22.02177.1180.9183.70.1–0.23.13.7 (i)Fruits and Vegetables2.92210.8200.2216.40.8–4.718.92.7Fuel, Power, Light and Lubricants14.23240.1254.5253.60.10.2–1.15.6Manufactured Products63.75148.6156.1156.80.30.63.55.5 (i)Sugar, Khandsari and Gur3.93132.6141.3143.1—0.610.77.9 (ii)Edible Oils2.76144.415

20022003 Nov. 28Nov. 24Nov. 25Nov. 26+Nov. 27Nov. 281 234567BSE SENSEX (1978-79=100)3220.754822.154894.59 4989.045044.82S & P CNX NIFTY (3.11.1995=1000)1049.701543.901568.65 1598.35 1615.25+: Market closed.

(Rs. crore) Week Ended Oct. 17, 2003Oct. 24, 2003Oct. 31, 2003Nov. 7, 2003Nov. 14, 2003Nov. 21, 2003 Nov. 28, 20031 23456781.Banks (a)Borrowings3,9794,7135,0593,7123,9822,4441,807 (b)Lendings7,0266,4725,8744,6505,1153,0802,0262.Primary Dealers (a)Borrowings8,1066,1786,6845,8166,7284,8693,957 (b)Lendings153152159151100127863.Non-Bank Institutions (a)Lendings3,1933,4793,9363,7813,9294,0753,2964.Total (a)Borrowings12,08510,89111,7439,52810,7107,3135,764 (b)Lendings10,372

(Rs. crore) Week EndedItems Oct. 24, 2003Oct. 31, 2003Nov. 7, 2003Nov. 14, 2003 Nov. 21, 2003 Nov. 28, 20031 234567I.Outright Transactions (a)Govt. of India Dated Securities43,02537,78060,37249,14337,93326,097 (b)State Government Securities776525192212205492 (c)91 – Day Treasury Bills2,0021,7292,0311,4671,9902,204 (d)364 – Day Treasury Bills1,4963,1032,9242,2962,2991,671II.RBI*1,9231,0001530—34@ : Excluding Repo Transactions. * : RBI's sales and purchases include tran

(US$ Million) MerchantInter-bank FCY / INRFCY / FCYFCY / INRFCY / FCY Spot Forward ForwardSpot Forward ForwardSpotSwapForwardSpotSwapForward Cancel- Cancel- Position Date lation lation 1 2345678910111213Purchases Nov.10, 200352133641411649693813442861419626 Nov.11, 2003470216205715487647944050415642 Nov.12, 2003479232418462617001502504593443 Nov.13, 2003634317787710297130916031360045621 Nov.14, 200354438382569861113313603551725269 Sales Nov.10, 20034081101071215110312

(Rs. crore) Week Ended Oct. 25, 2003Nov. 1, 2003Nov. 8, 2003Nov. 15, 2003Nov. 22, 2003 Nov. 29, 20031234567Amount26.96121.42104.79120.0747.9458.74Source : National Stock Exchange of India Ltd.

(Rs. crore) Nov. 28, 2003Variation in Total Treasury BillsHoldersTreasury Bills of Different MaturitiesTotalOver theOver End 14 Day91 Day364 Day(2+3+4)WeekMarch (Intermediate)(Auction)(Auction) 1234567Reserve Bank of India—————–1,019 Banks—7,47216,29323,765–873–5,128 State Governments3,533500—4,033299–2,361 Others1793,0669,83413,079–1377,926

(Devolvement/Private Placement on RBI and OMO Sales/Purchases)(Face Value in Rs. crore) Gross Amount RaisedNet Amount Raised 2003-20042002-20032002-20032003-20042002-20032002-2003 (Upto(Upto (Upto(Upto Nov. 28, 2003)Nov. 29, 2002) Nov. 28, 2003)Nov. 29, 2002) 12345671. Total1,04,434*1,02,0001,25,00072,31675,28597,580of which : 1.1 Devolvement/Private Placement on RBI5,00023,17536,175 2. RBI's OMO Sales36,38538,08253,780 Purchases——— * : Includes Rs.14,434 crore repres

(Amount in Rs. crore) For the Week Ended Nov. 21, 2003For the Week Ended Nov. 28, 2003Item AmountYTM (%PA) Indicative**AmountYTM (%PA) Indicative** MinimumMaximum MinimumMaximum1 234567I.Outright Transactions 1.Govt. of India Dated Securities Maturing in the year 2003-04304.40734.4272904.29644.5258 2004-051064.50004.70142354.45984.5183 2005-062804.61914.70215924.55224.5992 2006-07834.67184.75291054.65454.8716 2007-081444.79074.8927254.77694.8382 2008-094944.80775.1983

Reserve Bank of India Exchange Control Department Central Office Mumbai 400 001 A. P (DIR Series) Circular No. 41December 6, 2003ToAll Authorised Dealers in Foreign ExchangeMadam/ Sirs,Indian Direct Investment in JVs/WOSs Abroad Attention of Authorised Dealers is invited to the following Notifications on Foreign Exchange Management (Transfer or issue of any foreign security) Regulations, 2000 amending the provisions of the original Notification No. FEMA.19/RB-2000 dat

Reserve Bank of India Exchange Control Department Central Office Mumbai 400 001A.P. (DIR Series) Circular No. 42 December 6 , 2003To All Authorised Dealers in Foreign ExchangeMadam / Sirs,Overseas Direct Investment - LiberalisationAttention of Authorised Dealers is invited to AP (DIR Series) Circular No.41 dated December 6, 2003 permitting Indian companies to transfer shares of their JV/WOS abroad by way of sale under Automatic Route. As Authorised Dealers are aware,

The Reserve Bank of India has announced the auction of 364 day Government of India treasury bills for a notified amount of Rs.1000 crore. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the Bank. The sale will be subject to the terms and conditions specified in the General Notification No.F.2(12)-W&M/97 dated 31 March 1998 issued by Government of India as amended by Government of India notification No.2(1)-W&

The Reserve Bank of India has announced the auction of 91 day Government of India treasury bills for a notified amount of Rs.500 crore.The auction will be conducted using ""Multiple Price Auction"" method. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the Bank. The sale will be subject to the terms and conditions specified in the General Notification No.F.2(12)-W&M/97 dated 31 March 1998 issued by Government of