Cabinet clears new Trade Marks Bill
NEW DELHI: Union Cabinet tonight cleared a proposal to repeal Trade and Merchandise Marks Act and replace it with a new trade Marks Act. The new trade Marks Bill, which is likely to be introduced in the winter session of Parliament, is part of four bills the government is planning to legislate to strengthen Intellectual Property Rights (IPRS) regime in the country.

The proposed amendments will make the trade marks law simpler, more flexible and more effective, an official spokesperson told reporters after the cabinet meeting. The bill proposes to introduce a system of levying penalty on those who violate the trade marks.

Camdessus to step down as IMF chief
WASHINGTON: International Monetary Fund Managing Director Michel cAMDESSUS has announced his decision to resign from the world body citing "personal reasons", two years before completing an unprecedented third term in office. Camdessus, who announced his decision last night to the executive board of IMF, said "my friends, this is the right time." It "allows us to anticipate favourable trends for the world economy." "Personal reasons, of which I did not even want to hear, leads me to this decision," Camdessus said.