Banks are advised to constitute an ad hock committee to undertake procedures and performance audit on public services rendered by them. The uniform margin to be applied on all advances against shares/financing of initial public offerings/issues of guarantees raised from 40 percent to 50m percent. Banks are advised to constitute a Special Committee to monitor and follow up fraud cases involving amounts of Rs. 1 crore and above. General permission is granted to foreign companies to establish branch offices/units in special economic zones to undertake manufacturing and service activities. The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities rose from USD 500 to USD 5000. Indian students studying abroad to be treated as NRIs. Final guidelines on investment by financial institutions (FIs) in debt securities issued.