Forex

consideration. “This is necessary to re-evaluate the asset based on the current market scenario/dynamics, whileextendingtheconcessionperiod,” theofficialstated.

“On completing the duration, a captive berth will be re-tendered wherein the existing operator will be given the first right of refusal to match the highest bid and continue running theberth,”theofficialsaid.

The changes being worked out will makethecaptiveberthpolicy“uniform” across major ports. Many of the captive berths currently in operation pre-dates the policy that was introduced in 2016 with the approval of the Cabinet. These captive berths are now governed by different agreements for different durations. Some of them are coming up forrenewalsoon.

The proposed amendments will havetoberatifiedbytheCabinet.

“Many industries in and around a major port are dependent on the captive facility. If the captive berth is taken away suddenly, all of them will be in jeopardy. So,itisimperativetooffertherightoffirst refusal to the existing operator,” said the Deputy Chairman at one of the majorportsontheeasterncoast.

The 2016 policy is being tweaked to bringallthefacilitiesontooneplatform, headded.

Withreferencetoamajorport,aport dependent industry (PDI) is defined as an entity (including any of its affiliates) which is dependent on that major port for import and/or export of at least 70 per cent of the designed capacity of theproposedfacilityforcaptivecargo.

Optimal utilization of land and waterfront at the disposal of the major ports is of critical importance, the Cabinet said while approving the Captivepolicyin2016.

“The objective of the policy is to ensure uniformity and transparency in the procedure for awarding captive facilities. The policy will help generate committed business for the major ports on a long-term basis by facilitating the developmentandoperationofdedicated port facilities by industries which are substantially dependent on a particular major port for import and/or export of theircargoandthusplayacatalyticrole in the eventual realization of the objectives of port led development,” itsaid.

Allocation of waterfront and associatedlandtoport-basedindustries on public-private-partnership (PPP) and captive basis is one of the areas which have been identified for investment by the private sector in majorports.

Port Dependent Industries (PDI) will be granted concessions for setting up dedicated facilities in major ports for import and export of cargo and their storage before transportation to destination for 30 years, per the policy finalisedin2016.

reserves rise by $1.657 bn to $586.412 bn

MUMBAI: India's forex reserves rose by $1.657 billion to $586.412 billion as of April 14, marking their second consecutive week of increase, accordingtotheRBIdatareleased.

In the previous reporting week, the overall reserves rose by $6.306 billion to $584.755billion.FortheweekendedApril 14, the foreign currency assets, a major component of the reserves, increased by $2.204billionto$516.635billion,according to the Weekly Statistical Supplement releasedbytheRBI.

Gold reserves dropped by $521 million to $46.125 billion, the RBI said. The Special Drawing Rights (SDRs) were down by $38 million to $18.412 billion,theapexbanksaid.