The Reserve Bank of India(RBI) has permitted bank branches authorised to deal in foreign exchange and functioning under the areas of jurisdiction of Calcutta, Patna, Guwahati, Chandigarh and New Delhi offices to release foreign exchange for travel by land route to Bangladesh and Pakistan. The authorised dealers can release foreign exchange to travellers to these countries up to $ 200 per person per trip with the overall entitlement of Basic Travel Quota during a particular calendar year without production of journey ticket. The authorised dealer may also release amount of exchange to travellers visiting Myanmar on the same conditions. Accordingly, travellers need not approach the RBI offices for release of forex for travel to Bangladesh and Pakistan.

Sharma appointed RBI executive director:

BS Sharma has been appointed as the executive director of the Reserve Bank of India in charge of departments of administration and personnel management and human resources development. The appoint will be effective from November 1, an RBI press release said. Sharma was earlier chief general manager in charge of the department of administration and personnel management.

Investors asked to quote NIC codes:

The Reserve Bank of India has asked applicants under the automatic approval for foreign equity investment to quote the relevant National Industrial Classification (NIC) codes in respect of industries/products items in their applications. The codes for various items have been announced by the ministry of Industry in its press note issued on October 8, which is available on internet.

DCM Financial downgraded:

Credit Analysis & Research Ltd (CARE) has downgraded the rating of the fixed deposit and NCD programmes of DCM Financial Services Ltd (DFSL) from CARE A (single A) to CARE C. Instruments with C rating carry high investment risk with likelihood of default in the payment of interest and principal. "The general deterioration in the operations of the company has been aggravated by the resignation of key executives in recent weeks. There has also been large outflow of fixed deposits leading to asset liability mismatch and severe pressure on liquidity," said a CARE press release.

LIC investment in Orissa:

Life Insurance Corporation of India has invested Rs 913.85 crore in Orissa in 1996-97 with the bulk of it going to the social sector, senior divisional manager of its Cuttack division, Sudhir Roychoudhury said. Of the Rs 317,15 crore invested in the social sector during the year, Rs 200.46 crore went to the state electricity board, Rs 3.76 crore to the state road transport, Rs 8.01 crore to municipal water supply and sewerage, Rs 62.56 crore to state government for housing and Rs 42.38 crore to apex cooperative housing.

Bangur's remand extended:

A Delhi court has extended the judicial remand of Keshav Bangur, former vice chairman of Bank of Rajasthan in an alleged FERA violation case related to Bennett Coleman and Company chairman, Ashok Jain, till November 13. Duty magistrate Pradeep Chaddha extended the remand of Bangur, who was recently shifted from Tihar Jail to All India Institute of Medical Sciences for "claustrophobia". Baldeo Mallik, counsel for the Enforcement Directorate (ED), moved an application in the court seeking extention of judicial remand of Bangur as investigations against him were being carried out abroad.