Confusion clouds "local firm" definition
The Union finance minister Yashwant Sinha has thrown open the insurance sector to Indian companies in this year's budget. But he has not defined what constitutes an Indian company. The union cabinet is expected to define an Indian company on the basis of its equity structure.

"Centre's high borrowings not conducive to lowering rates"
The Reserve Bank of India deputy governor Y V Reddy reiterated that the centre's high borrowing programme will not be conducive to lowering real interest rates. He also called for doing away with the 2% interest tax on loans.

Centre borrowing via WMA touches Rs 10,306 crore
The centre has borrowed indiscriminately through the ways and means advances (WMA) and its recourse to them shot up to Rs 10,306 crore for the week ended May 22. This is just Rs 700 crore short of the Rs 11,000-crore limit the Reserve Bank of India (RBI) has set for the government in the first half of fiscal year 1998-99.

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