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of <h1>India and Japan Discuss $3 Billion Currency Swap Deal and Rail Project Funding with Japanese Assistance.</h1> India and Japan are negotiating a bilateral currency swap arrangement to address short-term liquidity needs during a balance of payment crisis. The agreement would allow the exchange of up to $3 billion in domestic currency for a period of 90 days, extendable to 630 days. Additionally, India has proposed a project to Japan for Official Development Assistance to fund a high axle load freight corridor with a computerized train control system on the Delhi-Mumbai and Delhi-Howrah routes. The Ministry of Railways is considering funding sources, including potential Japanese assistance. This information was provided by the Minister of State for Finance in the Rajya Sabha.
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