Set up internal asset-liability committee sans further ado, RBI tells banks
The Reserve Bank of India has directed banks to "immediately set up an internal asset liability committee". It wants banks to put in place asset-liability management system before they take the plunge in long-term infrastructure financing. The RBI has set the deadline for introducing a formal asset liability management (ALM) system on October 1.
CCEA gives nod for repromulgation of Shipping Act
The Cabinet Committee on Economic Affairs (CCEA) has given its approval for repromulgation of the Merchant Shipping Act with the amended sections 138/184/369 and 436. Under the amended sections of the Act the International Labour Organisation (ILO) had sought to ameliorate the conditions of the crew members on the ships.
Bakht against divestment targets
Union industry minister Sikander Bakht on Wednesday said the Centre should not set a public-sector disinvestment target as the past experience was not too encouraging. Disinvestment should be based on scientific calculations. There should not be a target, said Bakht.
Minister hints at opening up of insurance ring
Hinting at the possibility of the insurance sector being opened up in the near future minister of state for revenue, banking and insurance RK Kumar said that monopoly of insurance by the public sector is an unhealthy phenomenon. Competition must be introduced in both life and general insurance, he said.
Indonesia announces its first round of economic reforms
Indonesia announced a slew of economic reforms on Wednesday, heeding an April 22 deadline for a 43 billion dollars bail-out package led by the International Monetary Fund. Officials also said they had made progress toward restructuring Indonesia's 68 billion dollars corporate debt, which is considered a key obstacle to economic recovery.
Indonesia to impose 40% tax on crude palm oil
Indonesia said on Wednesday it will impose a 40% export tax on crude palm oil and crude olein to replace an export ban, as agreed with the International Monetary Fund. Finance minister Fuad Bawazier said in a decree that a 20% export tax would be imposed on crude coconut oil while RBD (refined, bleached, deodorised) coconut oil exports would carry a 15 percent tax.
