ICICI Bank 2003 Annual Report Download - page 89

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F25
forming part of the Accounts Continued
schedules
b. Exchange Fluctuation
Exchange Fluctuation aggregating Rs. 923.6 million, which arises on account of Rupee-tying Agreements with the
Government of India, is held in “Exchange Fluctuation Suspense with Government Account” pending adjustment
at maturity on receipt of payments from the Government for repayments to foreign lenders.
c. Swap suspense (net)
Swap Suspense (net) aggregating Rs. 128.7 million (debit), which arises out of conversion of foreign currency
swaps, is held in “Swap Suspense Account” and will be reversed at conclusion of swap transactions with swap
counter parties.
d. Exchange Risk Administration Scheme
Under the Exchange Risk Administration Scheme (“ERAS”), the Government of India has agreed to extend support
to the Exchange Risk Administration Fund (“ERAF”), when it is in deficit and recoup its contribution in the event
of surplus. The Bank can claim from the positive balance in the ERAF account maintained by the Industrial
Development Bank of India (IDBI) to the extent of the deficit in the ERAS Exchange Fluctuation Account. If the
balance in the ERAF account with IDBI is insufficient, a claim will be made on the Government of India through
IDBI.
The Government of India has foreclosed the scheme vide their letter F. N. 6 (3)/2002-IF.1 dated January 28, 2003.
The total amount payable to the Government of India under the scheme amounting to Rs. 493.6 million has been
included in Other Liabilities.
e. Profit on sale of shares in ICICI Bank Limited is in respect of the shares held by erstwhile ICICI Limited and
transferred to a Board of Trustees as per the scheme of amalgamation.
13. Comparative figures
Consequent on the merger of ICICI, I PFS and I CAPS with the Bank effective March 30, 2002, current year figures
are not comparable with those of the previous year. Figures of the previous year have been regrouped to conform to
the current year’s presentation.
Signatures to Schedules 1 to 19
For and on behalf of the Board of Directors
N. VAGHUL K. V. KAMATH
Chairman Managing Director & CEO
LALITA D. GUPTE KALPANA MORPARIA
Joint Managing Director Executive Director
NACHIKET MOR CHANDA D. KOCHHAR
Executive Director Executive Director
S. MUKHERJI BALAJI SWAMINATHAN
Executive Director Senior General Manager
JYOTIN MEHTA N. S. KANNAN G. VENKATAKRISHNAN
Place : Mumbai General Manager & Chief Financial Officer & General Manager -
Date : April 25, 2003 Company Secretary Treasurer Accounting & Taxation Group