RBI advises income-tax assessees: The RBI has advised income tax assessees to take advantage of paying advance income tax at branches of designated banks. For the convenience of income tax assessees, arrangements have beenmade for receipt of income tax at specified branches of Bank of Baroda, Bank of India, Bank of Maharashtra, Central Bank of India, Dena Bank, Indian Overseas Bank, State Bank of India and United Bank of India. The designated branches of these banks have been authorised by the income tax department to accept payment of income tax dues.

Crisil downgrades Ashok Leyland Finance debentures:Crisil has downgraded the Rs 36-crore non-convertible debenture issue of Ashok Leyland Finance from AA to AA-. It has however reaffirmed the AA and P1+ ratings assigned to the finance company's fixed deposit and Rs 120-crore commercial paper programmes respectively. The ratings reflect the weakening in the company's asset quality, decline in profitability on higher provisioning and tax outgo and high leveraging. These risks are however offset to a large extent by the strong manufacturer linkages of the company with the parent company, Ashok Leyland.

Three-day repos results: The RBI received five applicationsamounting to Rs 685 crore at the three-day 8 per cent fixed-rate repos held on Tuesday. The central bank accepted all the five applications in full.

Crisil downgrades Gujarat Machinery debt rating: Crisil has downgraded the fixed deposit programme and the Rs 5-crore commercial paper programme of Gujarat Machinery Manufacturers to A+ from AA and P2+ from P1+ respectively. The revision in rating factors in the decline in demand for glass-lined equipment owing to lower fresh investments for capacity creations in end-user industries, increased competition and declining sales and profitability. The rating also takes into account the significant increase in debtors and decline in advances from customers that has resulted in pressure on the working capital position of the company.

91-day T-bills auction: The RBI has announced the auction of 91-day treasury bills for a notified amount of Rs 400 crore. The auction will be conducted using the uniform price auction method. The allocation tonon-competitive bidders will be outside the notified amount, at the bank's discretion. Tenders should be submitted in the prescribed form on Friday. The results will be announced the same evening.

Crisil rates Growgreen Forests scheme: Crisil has assignedthe collective investment scheme of Growgreen Forests a Grade-V rating. The rating reflects an adverse business risk profile on the nascent stage of operations, high level of developmental expenses, low agricultural base compared with funds deployed in operations and low level operational cash inflows. The rating also factors the high financial risk owing to low capitalisation level, high cost of raising investor funds and significant quantum of short-term funds which is likely to result in high dependence on fresh investor funds to meet its operational expenses and repayment obligations in the short to medium term.

14-day treasury bills auction: The RBI has announced the auction of 14-day treasury bills for a notified amount of Rs 100crore. The allocation to non-competitive bidders will be outside the notified amount at the bank's discretion. Tenders should be submitted in the prescribed form on Friday and the results will be announced the same evening.

Crisil downgrades Praj Industries debt plan: Crisil has downgraded the fixed deposit programme of Praj Industries to B+ from A. The revised rating reflects a substantial drop in export business, negative outlook for exports in traditionally strong east Asian markets, stagnant domestic market for the last three years, increase in gearing levels and potential losses. These are partly offset by the company's dominant market position in domestic brewery and distillery business, track record in export markets and the management's efforts to consolidate and restructure the businesses.

Bank Muscat opens branch at Bangalore: Bank Muscat International opened its first branch in Bangalore on Tuesday. The bank has commenced operations in the city by bringing in capital worth $10million. Bank Muscat International is one of the largest banks in the Sultanate of Oman with capital and reserves of Rs 565 crore and an asset base of Rs 6,785 crore. To forge ties between India and Oman, Bank Muscat International is organising a seminar on investment promotion, trade development and tourism soon.