Gold smugglers, havala traders make most of NRI scheme
The more important official route for gold imports has been the NRI channel. It amounted to over Rs 49,806 crore. The scheme became an instant hit after it was introduced as part of the import liberalisation scheme, customs sources say. The scheme allowed gold imports up to 5 kg on payment of duty at the rate of Rs 220 per 10 grams. The total duty recovered between 1994-97 works out to Rs 2,307.8 crore and it was earned in foreign exchange.

Wait not for Godot
Investors have gone through the fire in the last 50 days. Sure, they must have gone through a similar experience in post-1992 when the securities scam was unearthed. But, my own view is that the current experience is even more horrific. The two experiences are the exact opposites in terms of the effect of bullish or bearish extremes.

Oversubscribed J&K Bank keeps market waiting
After a long wait of more than five months from the closure of the subscription list, Ahmedabad Municipal Corporation (AMC) has finally made its appearance on the National Stock Exchange (NSE) trading screen on June 29. AMC made a Rs 100-crore public issue of 14 per cent bonds in January 1998 of which it had proposed firm allotments in favour of specified banks and financial institutions to the extent of Rs 75 crore.