Question : CURRENCY SWAP AGREEMENT

(a) whether India and Japan have entered into a currency swap agreement to swap foreign exchange reserves to counter speculative moves on their currencies;

(b) if so, the details thereof;

(c) the time by which this agreement with Japan fructify;

(d) whether India has also entered into similar agreement with other countries; and

(e) if so, the details thereof?

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PAWAN KUMAR BANSAL)

(a) to (c) Negotiations between India and Japan are going on for putting in place a bilateral currency swap arrangement to take care of short term liquidity needs during a balance of payment crisis.

(d) No, Sir.

(e) Does not arise.