Fiscal deficit to exceed projections, says JM: The fiscal deficit in 1998-99 is expected to exceed the projected 5.6 per cent due to a shortfall in tax collections, investment banker JM Financial and Investment Consultancy Services has said. The current account deficit is also likely to increase to 2.2 per cent in 1998-99 from 1.7 per cent in the previous year due to declining exports and increase in imports, JM Financial said. It has projectedfurther pressure on the rupee in the next two-three months after the impact of resurgent bonds subsides. The current trend in tax collections shows that there could be a slippage of Rs 5,000-7,000 crore in fiscal deficit due to shortfall in customs and excise collections, it said.

Brand management fund needed, says Phdcci: In order to make optimum utilisation of the large low-cost funds available with the domestic banking sector, the government should devise a ``brand management fund'' to help Indian exporters. Such a step would not only promote exports, but also offer commercially profitable avenues for investing the fund available with the banks, the PHD Chamber of Commerce and Industry said.

`Prevention of Money Laundering Bill harsh': The government must be selective and judicious in framing the Prevention of Money Laundering Bill by focusing on regulation rather than enforcement, the Bombay Chamber of Commerce and Industry said. The bill, which incorporates provisions of the erstwhileForeign Exchange Regulation Act, is very harsh in its present form, the chamber stated in its memorandum sent to the standing committee on finance.

Saarc-European fund: Establishing a Saarc-European fund for financing mutually-agreed projects was the ``centrepiece'' of discussion between leaders two groupings on the sidelines of General Assembly. This has been stated by the Sri Lankan foreign minister, Lakshman Kardirgamar, who currently chairs Saarc. The secretariats of Saarc and the European Union would establish dialogue on the concept and a Saarc delegation would soon go to Brussels to ``flesh out'' the details. The meeting was the first-ever at a political level between the Saarc and the EU troika.