The Union Finance Ministry has decided, in principle, to restrict the scope of the Prevention of Money Laundering Bill, 1998 (PMLB) only to heinous crimes contrary to the existing provisions which cover both heinous and general crimes. Sweeping changes are on the anvil in the Foreign Exchange Management Act, 1998 (FEMA) Bill too with the Ministry favouring the introduction of a 'sunset clause'. Under the proposed clause, "either offences under repealed FERA could be investigated for a maximum period after repeal of the law or that only such offences be investigated under FERA as has been registered prior to the repeal of the FERA,” the Revenue Secretary, Mr. Javed Choudhury, said.

Hyundai lines up new Santro version

Hyundai Motor India Ltd (HMIL) is planning to expand its range of 999-cc Santro with the addition of semi-automatic transmission (SAT) version by the end of first quarter of 1999. The multi-functional vehicle is at an advanced stage of development. It will have all the features of Santro Dx-2 such as power steering, power windows, central door locking, CFC-free air conditioning, remote fuel filter door, rear washer and wiper/ defogger. It will be priced around Rs. 4 lakhs, a company official said.

Divestment in favour of Jet chief valid

The controversy surrounding the disinvestment of 40 per cent equity in Jet Airways by Gulf Airways and Kuwait Airways has been finally put to rest. The Finance Ministry and the RBI have clarified that the disinvestment in favour of the company Chairman, Mr. Naresh Goyal, was within the stipulated norms. The clarification was issued in response to a request from the Civil Aviation Ministry to verify whether the disinvestment took place last year.

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