India limits overseas borrowing

In an attempt to stem the rise in the rupee, the Reserve Bank of India said that companies borrowing overseas cannot remit more than $20 million to India in a single financial year.

The central bank also said that companies repatriating more than $20 million of their foreign assets in a financial year, would need the central bank's permission to do so.

The Indian government is concerned that the strength of the rupee, which is now at a nine-year high against the dollar, is damaging export grow