Published on Mon, Sep 04, 2006 at 09:42 | Source : Moneycontrol.com
Updated at Tue, Sep 05, 2006 at 10:27
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MoF stance on P-Notes positive: JPMorgan
Adrian Mowat, Asian Regional Strategist at JP Morgan says there is no change in global investors' perception of the RBI's policy, and adds that the Ministry of Finance's stance on P-Notes is a positive one.
Adrian Mowat, Asian Regional Strategist at JP Morgan says there is no change in global investors' perception of the RBI's policy, and adds that the Ministry of Finance's stance on P-Notes is a positive one.
Mowat said, "I think there are still questions there, when global investors think about India moving towards capital account convertibility. When you read this document it all looks very encouraging, moving in the right direction and that sounds very constructive."
He further said, "With regard to the issue of the Reserve Bank wishing to phase out P-notes, it is negative, although we need to put that into context. It is well known that the Reserve Bank is not in favour of P-notes whereas the Ministry of Finance is more constructive on the use of P-notes."
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He further said, "With regard to the issue of the Reserve Bank wishing to phase out P-notes, it is negative, although we need to put that into context. It is well known that the Reserve Bank is not in favour of P-notes whereas the Ministry of Finance is more constructive on the use of P-notes." 
