MUMBAI, Dec 24 (Reuters) - The Reserve Bank of India has
formed a committee under Executive Director Deepak Mohanty to
review the current system of data collection and the feasibility
of data production within the central bank to reduce the burden
on reporting entities.
This committee will recommend steps to deliver quality
information to data users and reinforce the information system
for monetary policymaking, the RBI said on Tuesday.
The panel is expected to submit its first report in four
months from the day of its first meeting, the RBI said.
In a separate release, the central bank relaxed overseas
investment by allowing resident Indians to issue tax-free,
non-convertible bonds in rupees to foreigners and use those
funds for lending to infrastructure or keeping in fixed deposits
of banks pending utilisation.
Earlier such rupee funds borrowed from foreigners were not
allowed for any investment or for re-lending.
(Reporting by Suvashree Dey Choudhury; Editing by Subhranshu