The Reserve Bank of India has formally allowed the new set of Primary Dealers (PDs) in government securities to operate in the call money and the bill rediscounting markets. In separate communications to the dealers earlier this week, the central bank has said that they would be allowed to participate in the call money and notice money markets both as lenders and borrowers. The move is expected to provide the dealers with the much-needed liquidity support once they become operational in the government securities market.

Reliance Petro refinery delayed by over 2 years

The 15-million-tonne refinery of Reliance Petroleum Ltd (RPL), which was originally scheduled for commissioning in the second quarter of 1996, is now likely to go on stream by the end of 1998 or in early 1999. This was disclosed here today by Mr. Mukesh Ambani, Vice-Chairman of the company, at the fifth annual general meeting (AGM) at the project site in Motikhavdi village, about 30 km from here. In the absence of the Chairman, Mr. Dhirubhai Ambani, Mr. Mukesh chaired the AGM.

Rs. 1.5-cr. ST demand slapped on STC

The controversy over the State Trading Corporation’s newsprint import deal with Russia’s Balkhana Paper Mills, which is being probed by the Central Bureau of Investigation, has taken a new turn with the authorities slapping sales tax demands amounting to over Rs. 1.5 crores on STC. Sales Tax authorities in Maharashtra and West Bengal have concluded that transactions reported as ‘high seas basis’ were actually executed after the consignment entered the country and misreporting Was resorted to in order to evade tax.

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