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Economy

Wednesday, May 27, 1998

	Financial institutions to wait for the structured deal The Unit Trust of India (UTI), Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) have decided to wait for the much-talked-about "negotiated deal" from Alcan to materialise before they make up their mind on selling out their stake in Indal.		Phased introduction of citizen charters on cards The centre is planning for phased introduction of citizen charters in all ministries and departments to provide transparency and accountability of various consumer services, minister of state for food and consumer affairs Satya Pal Singh Yadav said. The charter proposal is being considered to provide clean, effective and responsive administration at all levels.
	Excise officials bust bogus invoice-books racket Excise officials have seized tens of scores of bogus invoice books used by several textile-processing houses and traders. The seizure of the books, printed at Bhiwandi and Ulhasnagar off Mumbai, has brought to light several instances of duty-evasion.		CCEA clears more capital revamp at RINL The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved a second round of capital restructuring of Rashtriya Ispat Nigam (RINL) in a bid to bring the company's books back into the black. The company, which has a 3.4-million-tonne capacity shore-based integrated steel plant at Visakhapatnam, has accumulated losses of more than Rs 3,593 crore.

Rupee may dip to 43, says Morgan Stanley report
Morgan Stanley Dean Witter has revised its forecast for the Indian currency. The rupee will touch 43 by the year-end, it said, as against 41.50 predicted earlier. The rupee is over-valued by about 15% against a purchasing power parity benchmark and the central bank will prefer its gradual depreciation, said the Morgan report.

CEOs want opening up of insurance sector, says poll
Chief executive officers (CEOs) want next week's 1998-99 budget to open up the insurance sector and refrain from an increase in import duties. The results of a survey, published in the latest issue of India Today magazine, showed that 71% of respondents said insurance should be opened to the private sector while only 5% opposed the idea.

Pending production-sharing oil deals likely to be cleared soon
Growing urea stock may halve imports this year
ITC analysts' meet a flop show
Customs official transferred back
Financial Briefing
China suspends some subsidies for imported crude
Japan's crude imports on the decline
Wool council to release extra quota
South Africa's Deepmine plans digging deeper for gold elusive frontier
Nylon filament yarn makers seek excise-duty cut
CCFI clears six infrastructure projects worth Rs 15,000 cr
IIP expanded, base year shifted
Fernandes supports nuclear weaponisation
State urban rehabilitation corporation on the cards
Rupee fall may dissuade foreign investors, says Stanchart
Jusuf Habibie signals peace; releases political prisoners ahead of IMF meet
Weak Japan economy, yen bad news for Asia
Crusader prosecutor eased out of Japan's financial-scandal probe
Opposition breathes down on Japan premier over reports of affair
Rupee dips further, closes at 41.15
Executive Briefing