FM sooths crestfallen market, not against PN
New Delhi, Oct 17 (UNI) After the stock market benchmark Sensex today crashed by 1,743 points within minutes of opening, Finance Minister P Chidambaram said the government is not in favour of banning Participatory Notes and there is no need for alarm.
''Fundamentals of the economy are still strong and there is no need for alarmist statements,'' said Mr Chidambaram.
The
government
is
not
in
favour
of
banning
participatory
notes,
he
said
adding
''We
have
not
banned
PNs,
we
have
simply
placed
a
cap
on
the
proportion
of
money
coming
through
PNs
vis-a-vis
overall
assets
under
management
or
overall
derivative
position." UNI
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Story first published: Wednesday, October 17, 2007, 13:36 [IST]