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Silver surrenders NEW DELHI, Aug 11: Silver prices plunged on the bullion market today on stockists selling at the prevailing higher.......more HC
directive in NEW DELHI, Aug 11: The Delhi High Court has taken strong exception to the lower courts adjourning hearing in cheque-bouncing cases. ....more DGAD
recommends NEW DELHI, Aug 11: The designate anti-dumping authority has recommended imposition of definitive duties of 121 US dollars......more |
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RBI for self-regulatory NEW DELHI, Aug 11: Reserve Bank of India today favoured self-regulatory framework for Micro-Finance Institutions even as SIDBI and NGOs proposed.....more WB, IMF
annual WASHINGTON, Aug 11: Fearful of confronting the expected 50,000 anti-globalisation........more Electrification
work KOCHI, Aug 11: Union Minister of State for Railways, O Rajagopal, today inaugurated the railway . ....more |
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HC directive in cheque bouncing case NEW DELHI, Aug 11: The Delhi High Court has taken strong exception to the lower courts adjourning hearing in cheque-bouncing cases for exceptionally longer period and said endeavour should be made to expedite the cases as early as specified in the Negotiable Instrument Act. "Keeping in view the aims and objects of the Act, it must be the endeavour of all the courts to expedite the hearing of (cheque bouncing) cases and ensure speedy disposal, this would go a long way in infusing confidence in the system of justice," Justice R S Sodhi in a recent judgement said. Taking exception to a Metropolitan Magistrate adjourning a case of cheque bouncing to April 2, 2002 after a hearing on August 2, Justice Sodhi said the 8-months adjournment "is rather a long date given by the lower court." Directing the petitioner to approach the Magistrate for preponing the hearing, the High Court said once cognizance was taken by a Magistrate to a complaint about bouncing of a cheque supported by an affidavit of the complainant and witnesses, there should be no need to record the statement again in such matters. "This would to my mind cut short the procedure without offending any provisions, nor is likely to cause prejudice to the accused (against whom the complaint for bouncing of cheque is filed)," Justice Sodhi said. The order came on a petition by a local firm, Bips System Limited against the order of the Magistrate giving it a eight months long date in a cheque bouncing case. Bips’ counsel Rakesh Tikku said such a long adjournment would "defeat the very purpose of justice".(PTI) |
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DGAD recommends definitive anti-dumping duties against China NEW DELHI, Aug 11: The designate anti-dumping authority has recommended imposition of definitive duties of 121 US dollars per metric tonne on all imports of phosphoric acid from China. The Directorate General of Anti-Dumping and Allied Duties, under the Commerce Ministry had initiated the investigation on the basis of a petition filed by Gujarat Alkalies and Chemicals Ltd and Bilt Chemicals Ltd. The DGAD had conducted the investigation for the period April-December 2000. In its final findings, the DGAD said the product had been exported to India below its normal value and that the domestic industry had suffered injury due to dumped imports from China. The product under consideration, phosphoric acid (technical grade), is used for the production of sodium phosphate, calcium phosphate, magnesium phosphate and ammonium phosphate. (PTI) |
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RBI for self-regulatory norms for micro finance institutions NEW DELHI, Aug 11: Reserve Bank of India today favoured self-regulatory framework for Micro-Finance Institutions even as SIDBI and NGOs proposed a Micro Finance Act and setting up of a standing committee under Ministry of Finance to ensure growth in credit to rural poor. "There should be self-regulatory organisation which will frame self-regulatory norms for NGOs and Micro-Finance Institutions (MFIs) to enable them to fund self help groups in rural areas," RBI General Manager (Rural Planning & Credit Department) Deepali Pant Joshi told reporters here. She said the self-regulatory norms would enable the NGO to attain credibility and performance standards in line with the Forex Dealers Association of India (FEDAL). The move comes in the wake of a growth in Micro Finance worth Rs 1,929.82 million last fiscal to self-help groups in last fiscal. The RBI has already exempted non-bank finance companies registered under companies act to carry out micro-finance activities, Joshi said, adding the apex bank was not in favour of imposing strict guidelines over the MFIs. Supporting RBI’s initiatives, SIDBI Executive Director Brij Mohan said "there is need for a Micro Finance Act to lay down the norms for NGOs engaged in micro finance activities." The Government is working on the Bill for micro finance and it is expected to be ready within a year or so, he said. Mohan said a SIDBI sub-committee was looking at various aspects of self regulations and it would submit a report by December 31, 2001. Mohan said the time is ripe for allowing NGOs to collect deposits from rural poor and offer credit for productive purposes. "The NGOs have to become credible. The credibility will come only after RBI recognises them," he added. SIDBI targets increasing its lending to NGOs to Rs 350-400 crore by 2006 from Rs 30 crore during 2000-01. The bank targets a credit line worth Rs 50 crore to NGOs this fiscal, Mohan said. The Association of Community Development Finance Institutions, Sa-dhan, is also preparing for a self-regulatory regime and asked Government to set up a standing committee under Finance Ministry to look into the issue of micro finance in tbe country. Sa-dhan co-chair Vijay Mahajan said the orgainsation has asked the ministry to set up the committee with representation from Government, banks and MFIs to ensure that micro finance is utilised in a transparent and effective manner. "Sa-dhan also asked Insurance Regulatory and Development Authority to ensure that the need of the poor for risk coverage is kept in mind and the MFIs are allowed to provide micro-insurance services," he said. Sa-dhan has 44 member MFIs and has a client base of over 7,67,000. Total loans disbursed through MFIs amounted to Rs 1,929.82 million and sanctions were at Rs 1,501.26 million last fiscal.((PTI) |
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WB, IMF annual meet compressed for two days WASHINGTON, Aug 11: Fearful of confronting the expected 50,000 anti-globalisation demonstrators the world over, World Bank and IMF are compressing their annual meeting this year to just two days in September instead of stretching it for over a week. The meeting will now take place here on September 29 and 30, and not from September 27 to October three with adequate security arrangements, bank officials said yesterday. District of Columbia Police have sought 38 million dollars of federal aid for security. In addition, about a thousand federal law enforcement officers from various deprtments will reinforce them. Police are also being brought from neighbouring jurisdictions. "The World Bank and IMF fully share the interest of the US authorities, in their role as host of the event, in ensuring the conduct of all essential business with the least possible disruption to the people who live and work in Washington," the World Bank and IMF said in a joint statement. Security concerns were heightened by the death of a protester at the group of eight summit in Genoa, Italy, last month. The meeting will be attended by the Finance Ministers of all the member States, officials from various financial intitutions and international bankers among others. The anti-globalisation lobby has alleged that the organisations serve the rich instead of the poor. (PTI) |
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Electrification work between Ekm and Tvm inaugurated KOCHI, Aug 11: Union Minister of State for Railways, O Rajagopal, today inaugurated the railway electrification work at an estimated cost of Rs 161.76 crore, between Ernakulam and Thiruvananthapuram, at a function here. Speaking on the occassion, Rajagopal, said the first phase of the work from Ernakulam to Kayamkulam via Kottayam would be taken up and in the next phase, work in Kayamkulam-Thiruvananthapuram section will be taken up followed by Ernakulam-Kayamkulam section via Alappuzha. The work was proposed to be completed at a fast pace and the whole project was targeted for completion by the end of March 2004. Refuting the allegation that railways was not showing enough attention to its development in Kerala, he said out of the Rs 630 crore allotted in the budget for doubling work in the country, Rs 140 crore had been spent on the Mangalore-Shornur track doubling work alone. Out of the 24 new trains proposed in the budget, four trains had been given to Kerala, he said adding two new trains Poona-Ernakulam Express and Marusagar Express from Kaipur to Ernakulam would start running once the Kadalundi bridge was opened for traffic. Rajagopal said the repair work on the remaining 10 pillors in the Kadalundi bridge was expected to be completed by sept 20 and through traffic was likely to commence by the end of Sept. N K Chidambaram, member Rlectrical, Railway Board, said with the proposed electrification of Ernakulam-Thiruvananthapuram section, 519 kms would get electrified, covering 49.4 percent of the route kilometres in the State. So far about 15400 kms have been electrified constituting about 24 per cent of the total Railway network and more than 60 per cent of the freight and 48 per cent of the passenger traffic on Indian railways was through elecrtified route. Kadavoor Sivadasan, Kerala Minister for electricity, said Kerala State Electricity Board (KSEB) was offering electrical energy at concessional tariff of Rs 1.90 per unit for running of electric trains in the section. Among others, who spoke included Prof K V Thomas, Kerala Minister for Tourism and K B Ganesh Kumar, Kerala Minister for Transport. (PTI) |
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