The Supreme Court has ruled that citizens have no fundamental right to carry on business in potable liquor and the State had the power to prohibit such trade. In a judgment, a five-judge Constitution Bench, headed by the Chief Justice, Mr. M. N. Venkatachallaiah, held that the State had the right to create a monopoly in carrying on this trade besides possessing the power to grant licences to citizens qualified for the purpose to carry on this trade
White goods sector may be opened further
The Union Finance Minister, Dr. Manmohan Singh, has hinted at the possibility of further opening up of the domestic consumer goods sector. Dr. Singh’s reiteration on consumer goods came even as the Commerce Minister, Mr. Pranab Mukherjee, has been resisting such a move. At present, consumer goods are imported only through the Special Import Licence route. Addressing the 89th Annual General meeting of the PHD Chamber of Commerce and Industries, Dr. Singh said “Indian industry must fully accept the logic of competition.” Even countries such as Bangladesh and Sri Lanka had ended quantitative import restrictions and “we must also do so if we do not want the country to become a smugglers’ paradise.”
Bank employees denounce new lending norms
The National Confederation of Bank Employees has warned of “direct action” and agitations if the Centre did not modify the recent RBI guidelines on lending rates by banks. Describing as “retrograde” the guidelines, which gave banks the freedom to fix lending rates for advances above Rs. 2 lakhs, the confederation President, Mr. Balasubramaniyan, said they would adversely affect weak banks and might lead to their being unable to recover.
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