The cabinet committee will comprise Finance Minister Yashwant Sinha, industry minister Sikander Bakht and the minister of the respective administrative ministry.

The pricing of shares and other related issues will be decided by the cabinet committee on recommendations of the core group of secretaries on disinvestment. The Government proposes to raise Rs 5,000 crore from divestment, which will include buyback of shares, during the financial year.

Meanwhile, the Cabinet also approved proposals regarding grant of person of indian origin (PIO) card. The cardholders will be entitled to various facilities and benefits in economic, financial and educational field except in matters relating to execution of agricultural/plantation properties.

Also the cardholder will not be requiring visa to enter the country. The decision, which was in pursuance of the budgetary announcement made by Sinha, was a step forward to provide dual citizenship to persons of Indian origin.

The details of the scheme will be issued by the home ministry shortly. The Cabinet also decided to amend the Essential Commodities Act 1955 to enable the Government to deal more effectively with persons indulging in hoarding and blackmarketing and profiteering in essential commodities by making the law more deterrent.