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Economy

Wednesday, May 13, 1998

	RBI modifies NBFC prudential norms The Reserve Bank of India (RBI) on Tuesday directed non-banking finance companies (NBFCs) to take into account the value of underlying assets while making provisions for non-performing assets (NPA) in hire purchase and lease assets. It has also barred NBFCs from creating any new asset by granting fresh loans or making investments as long as they are defaulters in repayment of public deposits under section 45QA(1) of the RBI Act.		Policy on oil-pipeline cost in the offing The Union petroleum ministry is formulating a policy paper on the cost structure of oil pipelines to prepare industry for the last lap of oil- price and distribution decontrol. The `pipeline reimbursement cost scheme,' scheduled to be ready within the next three months, will comprise guidelines to help determine a competitive, but profitable remuneration for the commercial use of petroleum-product pipelines.
	Centre defers Rs 5,200-cr liabilities per year as staff retirement age goes up In a populist decision, the Union government has increased the retirement age of government employees including defence personnel by two years to 60 years and in the process deferred liabilities to the tune of Rs 5,200 crore per annum. The decision to increase the retirement age will become applicable with immediate effect and all those employees due to retire on May 31 or after that will get the benefit.		Govt to repeal Urban Land Ceiling Act The Union cabinet on Tuesday decided to repeal the Urban Land Ceiling Act through a bill in the Budget session and invite private sector participation to stimulate the housing construction activity in urban areas. The provisions of the Act have not only been restricting the supply of land in urban areas but have also led to unnecessary harassment of land-holders.

Ficci for removing hurdles to FDI, FII
The adverse fallout of possible trade sanctions against India can be negated by removing all hurdles to foreign direct investment and foreign institutional investment, according to Federation of Indian Chambers of Commerce and Industry (Ficci).

Maharashtra may mop up Rs 600 cr via taxes in 1998-99
The Maharashtra government expects to mop up Rs 600 crore from various tax proposals announced in the 1998-99 budget. An additional Rs 200 crore will be raised from a taxation drive to bridge the Rs-846.29 crore deficit. These proposals were incorporated in an ordinance issued recently.

Maharashtra Govt lauds government move to repeal Ulcra
I-T dept files petition in SC against settlement commission order
Opposition nods in approval of blasts, but questions timing
Controversy erupts over Mumbai customs' officials suspension
Financial Briefing
ICWAI factions trade charges over elections
US to impose sanctions against India
PM writes to Clinton
US wants tough food safety standards
Taiwan setting up south-east Asia fund next month
Korea union threatens public sector strikes
Executive Briefing
World Briefing
Japan economy stagnant, conditions severe, says planning agency
Don't fear the ECB, says Euro parliament
Australia's Costello delivers promise on surplus
Indonesia must discard politically sensitive monopolies, say IMF
Export of ready-made garments to be hit as US plans sanction
Nuclear tests for world peace, says Joshi
Tests not necessary, say defence experts
Multilateral aid will not be affected
Snippets