Non-Resident Indians (NRIs), overseas corporate bodies (OCBs) and foreign institutional investors (FIIs) have been allowed to invest, on a repatriation basis, in all activities except agriculture and plantation, subject to certain conditions. The Reserve Bank of India has said companies, existing or new, public limited or private limited, engaged in or proposing to engage in activities such as finance, hire-purchase, leasing, trading, other services, etc., have been allowed to issue shares/convertible debentures to NRIs and OCBs on a repatriation basis provided the aggregate allocation to non-residents qualifying for the facility does not exceed 24 per cent of the new issue.

Plan to move grains through ships

Faced with the acute shortage of rail wagons, the Government is planning to utilise the sea route to transport the mounting foodgrain stocks to cater to the public distribution system (PDS) requirements of the southern region. The proposal, mooted by FCI, envisages transferring surplus grains from the North to the western region through rail and their subsequent movement to the southern States through the sea route.

Opposition to Dabhol project builds up

The township of Guhagar is fast emerging as the centrepiece of opposition to the Enron- backed Dabhol power project. With A population of 8,000, Guhagar is a tiny dot on the map of Maharashtra. But as protests over the Enron project gather momentum, the township is now being besieged by journalists. For the local populace the reasons for opposing the project are numerous. For starters, the background of the promoters of the mega power project is being called into question.

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