Miscellaneous - This Day That Age   

dated June 13, 1958: Foreign exchange

The Industrial Finance Corporation of India is understood to be considering the question of raising loans in foreign countries to overcome the present foreign exchange shortage and help the development of Indian industries. Set up in 1948 with a paid up capital of five crores of rupees, the corporation during the past ten years has sanctioned loans to the extent of Rs.58 crores for the development of Indian industries and applications for loans to the tune of Rs.18.4 crores are pending before it. The corporation raised nearly Rs.13 crores from the internal capital market by the issue of bonds and had also taken loans from the Government of India. The corporation is likely to approach the Life Insurance Corporation for a sizable loan.

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