FIIs looking for quick profits should be curbed: Azim Premji

Bangalore, July 19 (UNI) Wipro Chairman Azim Premji today said the Government should discourage Foreign Institutional Investors who bring in Dollars into the Indian market to make a 'quick buck'.

''We have to be careful about the forex inflow into the country as it is being done to make a quick profit. FIIs bring Dollar currency at three per cent interest and lend it in India at eight per cent and send back the currency after making a quick profit.

This should be curbed,'' he stressed.

Speaking to media persons after announcing the company's first quarter results, he said the country would have to be careful with the foreign currency being brought in to be used to fund acquisitions.

Wipro CFO Suresh C Senapathy said India had enough money to be used than bring in Dollars from outside. ''Nine per cent appreciation in the Rupee value may become tough for Indian exporters to manage. For India to be competitive in the global market, smoother management of forex is very important,'' he said.

UNI