The Disinvestment Commission has indicated to the Finance Ministry that the Government should not go ahead with the second GDR offering of VSNL unless the realisation is higher than the price of $13.93 for GDRs for the first issue. The Commission has also indicated to the Finance Ministry that the time was not opportune now to launch another deal in the overseas markets. In tune with its consistent stand that the offer for sale of equity of State units should be delinked from the Budget, it reckons that hawking the shares now to overseas investors may not help the Government maximise value, officials said.

India, France sign accords to combat crime

India and France signed two agreements aimed at combating international terrorism, scams and other crimes and bringing fugitive offenders to justice. The agreements on mutual legal assistance in criminal and civil matters were signed between the two sides after talks between French President, Mr. Jacques Chirac, and the Prime Minister, Mr. I.K. Gujral, at Hyderabad House. The accord will help the two countries to combat crime and enforcement of the substantial commercial and economic links between the two countries, government said.

Sharp rise in short-term debt: BIS

India’s short-term debt of up to and including one year shot up from $6,726 millions in end-March 1997 to $7,745 millions by end- June 1997, even before the onset of the South- East Asian economic meltdown in July last year. The Bank for International Settlements, in its latest estimates, said that despite growing strains in South-East Asia, overall bank lending to Asian developing countries showed no sign of a let-up in the first half of 1997 at $32 billions.

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