Friday, June 12, 1998
Sinha's golden handshake for employees of sick PSUs
Finance Minister Yashwant Sinha yesterday announced an attractive Voluntary Retirement Scheme (VRS) to deal with employees of sick Public Sector Undertaking (PSUs) and the constitution of a task force to review all employment schemes. Under the VRS scheme, PSU workers who had completed 30 years of service would be offered 60 days wages instead of the earlier 45 days for every year of service.
SEBI imposes curbs on short sales to rein in bears
The bear rally on the stock markets was arrested on Thursday after the Securities and Exchange Board of India (SEBI) imposed an additional 10% margin on short sales of shares. Thanks to the Sebi directive, sensex bounced back by 128 points from the day's low of 3,207.54 points to close with a gain of 24 points at 3,335.76 points on the Bombay Stock Exchange.
Exporters hail RBI measures
The exporters and industry associations were in a jubilant mood following the unexpected measures announced by the Reserve Bank of India (RBI) to control the foreign exchange situation in the country. The Associated Chambers of Commerce and Industry of India (Assocham) felt that exports would be stimulated and the reduced interest costs would make it more competitive.
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