Govt. studying recast of coal pricing

The Union Coal Ministry is actively considering a proposal to recast the coal pricing and distribution policies. This was disclosed by Mr. Ajit Panja, Union Minister of State in charge of coal. Mr. Panja felt that the existing coal pricing policy had lost its relevance in the wake of the steep reduction in customs duty on imported coal announced in the Union Budget for 1994-95. Import duty on all coal, except coal of ash content below 12 per cent, had been reduced to 36 per cent from 85 per cent.... Mr. Panja said that domestic coal companies, including Coal India Ltd, should be allowed to operate in a “level playing field.”

SBI tie-up for fund management co.

State Bank of India has tied up with the global securities firm, S. G. Warburg, the African Development Bank and the State Bank of Mauritius to float a fund management company based in Mauritius. The Mauritius International Fund Management Company will launch two country funds an India Specific Fund and another targeted at the African stock markets. Both the Funds are expected to be launched in a couple of months after the MoU is signed by all the partners early next month.

DoT plan to drastically change tendering system

Following a series of failures in its tenders, especially those on cellular phones and radio paging which generated avoidable negative publicity, the Department of Telecommunications has now decided to put its house in order. As part of this exercise, whenever the officials connected with tender work fail to deliver, or do not perform, not only will they be punished but adverse remarks will be entered in their confidential report.

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