Wednesday, September 23, 1998
Concessional funds for primary dealers off
The Reserve Bank of India has said that it will not provide further concessional finance to the six primary dealers (PDs) operating in the money market for market-making activities. The RBI also said that it does agree that short selling should be allowed.
ICMF chief for scrapping non-viable, obsolete units
The textile industry is one of the recession-hit sectors and many mills are facing closure threat. Deepak Parikh, the outgoing chairman, Indian Cotton Mills Federation, said the situation aggravated since the beginning of the year with a substantial reduction in the offtake of cotton yarn by the South-east Asian countries, which are reeling under a currency crisis.
Sub-contracting norms for export units eased
The Central Board of Excise and Customs has liberalised provisions relating to sub-contracting in respect of 100 per cent EOUs, EPZs and EHTPs. These units can now give sub-contracts to units in domestic tariff area (DTA) and also accept job work from the DTA units.
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