IUC regime comes into effect

New Delhi, Jan. 31: Telecom tariffs across all types of services may undergo a change in the coming days with implementation of new inter-operator settlement of charges — interconnect usage charge — from midnight today. “New IUC regime will come into effect from midnight. However with regard to change in numbers by hitherto limited mobile operators now converted into unified service providers like Reliance and Tatas will happen gradually by March,” D. P. S. Seth, member, Trai.

Forex reserves

Mumbai, Jan. 31: After recording a drop in the previous week, India’s foreign exchange reserves went up by over $1 billion to cross the $104 billion mark for the week ended January 23. The country’s foreign exchange reserves rose by $1,111 million to $1,04,237 million in the period under review, according to the Reserve Bank of India’s weekly statistical supplement released here today. The foreign currency assets also crossed the $100 billion mark. There was an increase of $1,111 million to touch $1,00,019 million, it said.

HSBC offer

The Securities and Exchange Board of India has exempted Hongkong and Shanghai Banking Corporation (HSBC) from making an open offer for the shareholders of UTI Bank to acquire up to 20 per cent stake at Rs 90 per share. The offer was slated to be open from today till March 31, 2004. “Following Sebi’s communication, HSBC is not proceeding further with the offer,” SBI Capital Markets, manager to the offer, said in statement here.