The Hindu Business Line : Wednesday, April 02, 2003

Life insurance foray — Principal to partner Vijaya Bank, PNB
THE US-based Principal Financial Group will foray into local life insurance business partnering state-owned Vijaya Bank and Punjab National Bank, top banking sources said. "We are awaiting clearances from the Reserve Bank of India for such a ... More

VAT introduction postponed; new date to be fixed
THE Finance Ministry on Tuesday formally admitted that State governments have not been able to meet the April 1 deadline for introduction of the Value Added Tax (VAT) regime. An official release stated here that the Centre had, so far, received ... More

MTNL shelves plans to invest in Lanka Telecom
MAHANAGAR Telephone Nigam Ltd (MTNL) has shelved its plans to pick up equity stake in Sri Lanka Telecom (SLT), the premier telecom service provider in the island nation. According to official sources, although the MTNL board had considered the ... More

Oil refiners to be paid full market prices
OIL refiners will, from today, get full market prices for the petrol, diesel, LPG and kerosene they sell to the oil marketing companies, according to industry sources. The prices paid to the refiners on kerosene and LPG were capped in November ... More

Cenvat reimbursement on hank yarn okayed
THE Cabinet Committee on Economic Affairs (CCEA) has approved introduction of a non-plan scheme for reimbursement of Cenvat on hank yarn. The scheme envisages reimbursement of Cenvat paid on plain reel cotton and cellulosic spun yarn packed in ... More

RBI lifts curbs on realisation of SEZ export proceeds
THE Reserve Bank of India has lifted the restriction on units situated in special economic zones (SEZs) for the realisation of export proceeds. Hitherto, units had to ensure realisation within a period of one year. As a further measure of ... More

Exports surge 14 pc in Feb
Officials in the Commerce Ministry that the export growth during the fiscal 2002-03 was powered by traditional segments like garment (textiles), gem and jewellery, chemicals and related products. More

Foreign cos can set up shop in special economic zones
A FOREIGN company can now set up a branch in any of the special economic zones (SEZ) of the country to undertake manufacturing or trading activities. Branches of foreign companies were hitherto permitted to only undertake liaison activities in ... More

Euro may beat weak $ in exporter invoicing
FACED with a weakening US dollar, bankers are advising Indian exporters to start invoicing their receipts in euros. Bankers said this was being done partly to offset the losses being suffered by the exporters due to the depreciation of the ... More

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