Business Line twenty years ago today: Munde panel picks holes in Enron deal

August 12 | Updated on January 23, 2018 Published on August 11, 2015

The Cabinet sub-committee of the Maharashtra Government headed by the Deputy CM, Mr. Gopinath Munde, to look into the Dabhol Power Company deal, after going through seven terms of reference, has concluded that “having examined the issues and having listed the deficiencies is unanimously of the view that the arrangement in force is not tenable due tothe infirmities pointed out in the terms and conditions of the contract. It therefore recommends that phase- II of the project should be cancelled and phase-I should be repudiated.”

RBI sets terms on FIs for Euro issue deposits

The Reserve Bank of India has imposed statutory reserve requirements on FIs and banks accepting foreign currency deposits from Indian corporates out of their Euro issue proceeds. FIs and banks accepting such deposits usually for short maturities will now have to maintain a Cash Reserve Ratio (CRR) of 7.5 per cent on them. Further, they will also not be allowed to swap the foreign currency for rupees. Bankers here interpreted this step by the central bank as an effort to check money supply and also a possible appreciation of the Indian rupee.

Cotton exports in jeopardy

Raw cotton exporters are encountering rough waters as international buyers appear hesitant to open letters of credit, according to market sources. Sources say Indian exporters are finding it difficult to execute export quotas negotiated at prices which were 30 per cent higher than the current prices, in the international markets. Senior officials of the Cotton Corporation of India (CCI) dispute the fact. It may not necessarily mean that buyers are giving the contracts a second thought, they opine.

Published on August 11, 2015

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor


This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.