RBI panel to review NBFC rules
The Reserve Bank of India (RBI) on Monday announced the formation of an informal advisory group on non-banking financial companies (NBFCs) to review the implementation of the new NBFC regulations issued on January 2, 1998.
Bakht for more sops to SSI
Union industry minister Sikander Bakht has said that the turnover limit for concessions in excise duty for the small-scale industry needs to be revised. Speaking at the third small-scale industry summit of the Confederation of Indian Industry (CII), Bakht said that the duty free slab of turnover has remained stagnant at Rs 30 lakh over the last 12 years even though the cost inputs have increased sharply.
DoT mulls revenue sharing for fresh bids
The Department of Telecommunications (DoT) is studying the option of following a revenue sharing agreement with private operators as a possible replacement for current arrangement of paying licence fees. This step is being considered for the next round of bidding for telecom licences.
SEBI show-cause to 11 plantation cos
The Securities and Exchange Board of India (SEBI) has decided to take a tough stand against plantation companies which have failed to cooperate with the auditors appointed by them. The regulator has slapped show-cause notices on 11 such companies and has threatened to even bar them from accessing public funds.
Fiat to expedite refunds
Italian car maker Fiat Auto has announced that its new joint venture company, Ind Auto Ltd, would expedite the refunds of over 50,000 customers who do not want to buy its Uno model. In a statement, Fiat claimed that it has sent letters to to customers informing them of this decision.
Reliance profit soars 25% to Rs 1,653 crore
Reliance Industries (RIL), the largest private sector enterprise in the country, has successfully weathered the vagaries of the general industrial slowdown, lower import duties and dumping by notching up a 54% rise in sales turnover and a 25% increase in net profit for the year ended March 1998. The board of directors has announced a dividend of 35% on higher capital after the bonus issue (75% adjusted for bonus as against 65% for the previous year).
