Following the announcement in the Second Quarter Review of Monetary Policy 2010-11 (paragraph 107 (www.rbi.org.in/scripts/NotificationUser.aspx?Id=6071&Mode=0#p107) ) that guidelines stipulating the prudential limits to regulate the investment of banks in companies engaged in forms of business other than financial services will be issued separately, the Reserve Bank of India the Reserve Bank of India today released on its website, Draft Guidelines (www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2386) on Equity Investments by scheduled commercial banks in subsidiaries and other companies for comments and feedback.

The Reserve Bank of India’s Reference Rate for the US dollar is ` 44.3830 and the Reference Rate for Euro is ` 64.1591 on July 6, 2011. The corresponding rates for the previous day (July 5, 2011) were ` 44.4988 and ` 64.3968 respectively. Based on the Reference Rate for the US dollar and middle rates of the cross-currency quotes, the exchange rates of GBP and JPY against the Rupee are given below: