Also Read: Retrospective Taxation: The Taxation Law (Amendment) Bill, 2021
It is the interest rate at which banks borrow and lend from each other in London.
It was found to have been manipulated by individuals at various financial institutions, creating shock waves in the financial system
rate that Indian banks use as a benchmark for setting prices on forward-rate agreements and derivatives. It is a mix of the London Interbank Offered Rate (LIBOR) and a forward premium derived from Indian forex markets.
Secured Overnight Financing Rate (SOFR) and Sterling Overnight Interbank Average Rate (SONIA) are the two popular alternatives, but are nowhere near as popular internationally as LiBOR.
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