Monday, February 15, 1999
Reserve Bank eases bridge loan norms
The Reserve Bank of India (RBI) has significantly eased bridge-loan norms for corporates by allowing banks to extend such loans against expected proceeds of non-convertible debentures (NCDs), external commercial borrowings (ECBs) and global depository receipts (GDRs).
Indian Oil, Bharat Petroleum may object to ouster from Petronet LNG
Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) are unlikely to take their ouster from Petronet LNG lying down. Industry sources said that the two oil PSUs will, during the next few days, write to the ministry of petroleum and natural gas indicating their objections to the move.
Ministry likely to bar patent-sensitive molecules export by pharma firms
The ministry of health is believed to be working on a proposal that would debar drug companies from exporting molecules covered under international patents even for research & development (R&D) purposes. The plan, if cleared at a crucial Drug Technical Advisory Board (DTAB) meeting on February 23, will result in the loss of several million dollars of forex for drug firms in India.
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