RBI clarification on Rs 500 notes: RBI has said that there is no intention of withdrawing from circulation the old series of currency notes in the denomination of Rs 500. The bank has said that the notes continue to be legal tender and members of the public can use all notes in circulation, including the old series.

Sundaram Brake gets LAA- rating: Icra has reaffirmed the LAA- rating assigned to the long-term partly convertible debenture programme of Sundaram Brake Lining Ltd (SBLL). The rating indicates high safety with respect to timely payment of principal and interest. Icra expects SBLL to maintain its position inthe industry in view of its established operations, technical capabilities, cost-efficient manufacturing and superior products. Stability in its market position and access to diversified markets are likely to facilitate steady growth in turnover over the long-term.

Raghavan elevated to Nabard ED's post: N Raghavan has been elevated to the post of executive director of National Bank for Agriculture and Rural Development with effect from November 1, 1998. Prior to his appointment, Raghavan was chief general manager (investment credit department) of the bank.

Siemens debt plan gets P1+ rating: Crisil has assigned a P1+ rating to the Rs 125 crore short-term debt programme of Siemens Ltd. The rating factors in the explicit support provided by Siemens AG of Germany (SAG) on the rated debt instrument. The rating also factors in the committed support of SAG enjoyed by Siemens, which is manifest in the technological, financial and managerial inputs provided by the parent.

Seminar on consumermovement: B P Saraf, a judge of the Mumbai high court, will inaugurate a seminar on "Consumer Movement in India - Retrospect & Prospect" on November 21 at the HR College of Commerce and Economics. It has been jointly organised by the All India Bank Depositors Association and the Mumbai Grahak Panchayat.

Solomon Raj appointed IndusInd Bank chief: S Solomon Raj has been appointed the chairman of IndusInd Bank Ltd with effect from October 5, 1998. His previous assignment was as managing director of IndusInd Bank since its inception in April 1994.