WHILE deferring its recommendation on the oil sector companies, Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Ltd, the Disinvestment Commission today ruled out the need for any divestment in the Government’s stake in Rail India Techno-Economic Services (RITES). In its third report submitted today, the Commission, however, suggested that the Government holding in Container Corporation of India Ltd (Concor) and Mahanagar Telephone Nigam Ltd (MTNL) be reduced to 51 per cent. For Kudremukh Iron Ore Co Ltd (KIOCL) the Commission recommended a phased disinvestment to bring down the Government holding to 26 per cent.

Drawback rates raised for 190 export items

The Revenue Department on Friday announced enhanced rate of duty drawback for 190 export products, besides bringing in 11 new products for the drawback benefit, while continuing the existing rates for 186 export products. Following a review of the rates of drawback after taking into account, the changes in the rates of duty of customs and excise in the 1997-98 Union Budget, an official release said the revised all industry rates of drawback this year would come into effect from June 1.

Licencees to get relief: DoT

The DoT has laid down a set of rules and procedures to monitor and expedite the implementation of private sector project licences in telecom services. At a press conference here on Friday, the Telecom Secretary, Mr. A.V. Gokak, clarified that henceforth a private licensee will be given relief if the time taken for clearances from the various Government agencies concerned exceeds the “self-imposed deadline” of four months.