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JD promises to keep out foreign insurance firms
The Janata Dal in its poll manifesto has promised to block any move to open up the insurance sector to foreign companies and restrict foreign investment to only areas like infrastructure. The manifesto, released by former prime minister H D Deve Gowda and party leader Madhu Dandavate, promises to take a balanced approach towards globalisation and liberalisation to foster indigenous development of industry and the need to provide employment for the youth.
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B Misra is new income-tax chief commissioner
Chief commissioner of income tax (CCIT)-1 V M Muthuramalingam has been replaced by B Misra as part of a series of transfers effected by the department of revenue across the country. Muthuramalingam moves to the Central Board of Direct Taxes (CBDT) as member, personnel and vigilance. The transfer orders, which are on ad-hoc basis, have been issued by SS Sharma, director to the government of India.
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Ministry likely to route crude oil imports through Transchar
The Union ministry of surface transport is likely to route the crude oil imported by Oil Coordination Committee (OCC) on FoB (freight on board) basis through its shipping agency -- Transchart from April 1. With the `cost plus formula' (CPF) to be discontinued soon, the crude and the petro products will come through the Transchart instead of the Shipping Corporation of India (SCI) which is a government undertaking.
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Power developers prefer joint-venture distribution model
Of the eight models suggested by the Cohelo committee, in its `interim concept paper' on private sector participation in the distribution sector, the joint venture model has been favoured most by the private developers. Moreover, majority of the distribution companies have ruled out the possibility of their or any other private developer entering into a management contract with the Union government for a particular distribution zone.
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