The Ministry of Finance has opened up the investment window for Indian pension funds by granting clearance to them to invest in the equity offering of IDBI. This is reckoned to be the first time that provident funds, gratuity funds and superannuation funds have been allowed to invest in equities in India. The Government has facilitated this move by declaring the IDBI securities as trustee securities, thus making it eligible for investment by this class of investors. According to money market dealers, the floodgates have now been opened up for the progressive opening up of the equity segment to the Indian pension funds. “This could open up terrific opportunities for investment,” they say.

DoT notifies tender for basic services

The Department of Telecommunications (DoT) has notified the tender for basic services, ending all speculation regarding a prolonged debate over the tender norms. The press note issued by DoT said tenders would be accepted from all registered Indian companies for providing telephone services on a non-exclusive basis in all the 19 telecom circles and the capital city of Delhi. The due date for submitting tenders is March30, 1995, and the sealed tenders would be opened on the same day at noon.

Cabinet clears customs, patents ordinances

The Union Cabinet today cleared the ordinances amending the Patents Act and the Customs Tariff Act. Presidential assent to the ordinances is awaited. The Cabinet also rejected the allegations in Mr. Arjun Singh’s letter to the Prime Minister, Mr. P. V. Narasimha Rao. The decision of the Council of Ministers would be referred to the Congress Working Committee (CWC).

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