INS SINDHURAKSHAK TRAGEDY

              Series of blast sinks Navy's Kilo class INS Sindhurakshak at the naval dockyard in Mumbai.

Sindhurakshak was refitted at Zvezdochka in Russia only two years back.

PROJECT 75

              India's Submarine programme

LATEST MEASURES TO CONTROL THE CAD

              The Government and the RBI stepped in with further measures to control the burgeoning CAD and to defend the rupee.

a)RBI clamped down on capital outflow with tighter investments and remittance limits abroad for companies and individuals.

(i)RBI reduced the limit for overseas investment through the automatic route by an Indian company from 400 per cent to 100 per cent of the company's net worth.

(ii)In case of individuals limit under the liberalised remittance scheme(LRS)has now been brought down to $75,000 a year from $2,00,000.

(iii)RBI raised the interest rates on FCNR(Foreigh currenct non-resident)deposits.

b)Govt banned the import of gold coins and medallions.