June 9, 1995

The Commerce Ministry today simplified some of the procedures stipulated in the Export and Import Policy and the revised version of the Handbook of Procedures besides issuing clarifications on Exim norms and the role of various authorities. The most significant simplification is in regard to the procedural norms for duty-free licence holders where the requirement of a legal undertaking for discharge of export obligations has been dispensed with. Extradition proceedings against Pillai on

The Centre is understood to have ordered a magisterial inquiry into the charges against the Mr. Rajan Pillai, setting in motion extradition proceedings as requested by the Singapore Government. The order has been passed under Section 5 of the Extradition Act and according to information reaching here, the First Class Magistrate of Tiz Hazari Court in Delhi will conduct the inquiry. Section 5 of the Extradition Act says that where such a request for extradition is made, the Government may, if it deems fit, issue an order to any Magistrate to hold an inquiry as if the offence had been committed within his local jurisdiction.

RINL bid to reduce debt burden

Rashtriya Ispat Nigam Ltd, the corporate entity of Vizag Steel Plant, is working on a multi-pronged approach to cope with its financial obligations. RINL’s exercise covers outstanding term loans and the plan funds made available to it by the Union Government, subsequent to restructuring of its capital base. As for outstanding term loans placed at Rs. 1,485 crores (exclusive of Rs. 350 crores as overseas suppliers’ credit), RINL’s attempt is to-get a part of it rolled over and secure fresh term loans to pay off a part of the balance.

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