NEW DELHI, Oct 24 :

Following is the time-bound agenda set out by Prime Minister Atal Bihari Vajpayee today to restore business confidence:...more

Further rise in onion
prices expected

NASIK, Oct 24:

Onion prices are expected to touch Rs 55 per kg by next week as the parting rains in Maharashtra further damaged the onion crop....more

New telecom policy
in three months: PM

NEW DELHI, Oct 24 Prime Minister Atal Bihari Vajpayee today said a new telecom policy would be announced within the next three months.....more

Govt relaxes demurrange
period for exporters
to clear goods

NEW DELHI, Oct 24: The Government has relaxed the demurrage period for importers to clear their goods...more

Atal Bihari Vajpayee

SEBI to increase creeping acquisition
limit to 5 pc

MUMBAI, Oct 24:

After Prime Minister’s announcement of greater freedom under the takeover regulations, Securities and Exchange Board of India (SEBI) has decided to increase the creeping acquisition limit to five per cent from two per cent and the threshold limit to 15 per cent from 10 per cent....more

Six-point frame
work for global
finance restructure

NEW DELHI, Oct 24:

Prime Minister Atal Behari Vajpayee today sought international consensus on restructuring of the world financial system to avoid recurrence of the global recession and South-East Asian financial crises...more

NEW DELHI, Oct 24 : Following is the time-bound agenda set out by Prime Minister Atal Bihari Vajpayee today to restore business confidence:

- permitting buy-back of shares within the prudential guidelines of sebi.- abolishing restrictions on inter-corporate investments.- permitting companies to enhance acquisition limits in accordancewith the recommendations of the Justice Bhagwati Committee ontakeover regulations.- structural improvement for demat trading and settlements.- restructuring of PSUs and setting up of more transparent mechanismfor disinvestment. Action promised within 30-days.- examining the proposal to permit an appropriate level of minorityforeign equity in the insurance sector.- speeding up passage of new Companies Act and FEMA. Industry to beconsulted before finalising money laundering act.- full backing to Unit Trust of India irrespective of developmentsrelating to US-64 scheme.- work on a Rs 28,000 crore, 7000 Km road project connecting Kashmirto Kanyakumari and Silchar to Saurashtra to begin within this yearand from 20 places.- new telecom policy in place within three months.- disputes between DoT and TRAI to be settled within 15 days.- tangle of licensing fee structure for basic and cellular operatorsto be resolved by November 30.- identifying five cities for constructing international airportswith upto 100 per cent foreign equity participation.- deep acreages in oil exploration sector to be offered for bidding.Bids to be invited within two months.- formulating a six-point conceptual framework for seeking change inglobal financial architecture.- seeking change in approach and functioning of credit ratingagencies and global commercial banks.- seeking restructuring of bretton woods twins. (UNI)Uni pc-ba bbs ht1521

NASIK, Oct 24: Onion prices are expected to touch Rs 55 per kg by next week as the parting rains in Maharashtra further damaged the onion crop.

Onion prices shot up by Rs 700 per quintal at the Lasalgaon market yard, the main onion producing belt here. The old quality was auctioned at Rs 4001 per quintal and is likely to be sold in the open market at Rs 50 to Rs 55 per kg.

Fresh transactions were made in the market yesterday after the diwali holidays, market yard sources said adding that about 361 quintals of onion had arrived at the yard.

Excessive damage to the onion crop in the wake of recent rains in Maharashtra had led to a steep hike in the price of the commodity.

The parting rains have cast a spell of gloom with the occasional heavy spells, damaging the crop.

The shortage in the supply of onion seeds had also added to the woes of the already burdened farmers, the sources said. (PTI)

NEW DELHI, Oct 24: Prime Minister Atal Bihari Vajpayee today said a new telecom policy would be announced within the next three months.

Government would also come out with a new internet policy to resolve all outstanding issuessoon and issue license to private Internet Service Providers (ISPs), he said addressing the 71st annual meeting of Federation of Indian Chambers and Industry (FICCI).

The Iridium Project for Global Satellite Mobile (GSM) systems would be launched in the country as scheduled on November one and necessary license for GSM had been given by Government yesterday, the Prime Minister said.

The Informational Technology Task Force, under chairmanship of Planning Commission Deputy Chairman Jaswant Singh, would submit its report before November 30, he said.

All outstanding issues between Telecom Department (DoT) and Telecom Regulatory Authority of India (TRAI) would be resolved soon, he said.

We have the political will to unite all the knots And Government would not like the two wings of executive to move the courts on any issues, he said, in an apparent reference to the on-going case in Delhi High Court between TRAI and DoT. (PTI)

MUMBAI, Oct 24:

After Prime Minister’s announcement of greater freedom under the takeover regulations, Securities and Exchange Board of India (SEBI) has decided to increase the creeping acquisition limit to five per cent from two per cent and the threshold limit to 15 per cent from 10 per cent.

To ensure stability and finality in public offer process, SEBI has decided to suitably amend regulations as to permit acquisitions, through negotiations or otherwise, during the offer period only upto date of the last revision permitted, which is seven working days prior to the date of closure of the offer.

SEBI, in a statement here today, said it has decided to amend sub-regulation (1) and (2) of regulation 11 to provide for increase in the creeping acquisition to five per cent for all persons holding above 15 per cent but below 75 per cent.

Any acquisition beyond the five per cent limit shall mandate an open offer in terms of the regulations, SEBI said.

SEBI, basing its decisions on the recommendations of the reconstituted Bhagwati Committee, said having enhanced the creeping acquisition limit, the threshold limit of 10 per cent appeared to be too low and hence revised it upwards to 15 per cent.

The reconstituted Bhagwati committee had considered the provisions of SEBI (substantial acquisitions of shares and takeovers) regulations, 1997, relating to consolidation of holdings, threshold limit and acquisitions during the offer period, with a view to examine if these aspects require any amendments.

The committee after detailed discussions had decided that the creeping acquisition limit be increased to five per cent, which should be applicable even to persons holding above 51 per cent but below 75 per cent.

The committee had further decided that upon acquiring two per cent, disclosures should be made to the stock exchanges. (PTI)

NEW DELHI, Oct 24: Prime Minister Atal Behari Vajpayee today sought international consensus on restructuring of the world financial system to avoid recurrence of the global recession and South-East Asian financial crises.

The World Bank (WB) and International Monetary Fund (IMF) ought to be restructured innovatively to avert any such economic crises in future, he told an industry meeting here.

World Bank and IMF were set up in the pre-globalisation era and at a time when most countries in the world were either not free or had just won their independence, Vajpayee said in an indirect reference to the shortcomings of these institutions in coming to the rescue of global economy during the South-East Asian meltdown.

We similarly seek a radical change in the approach and functioning of other institutions such as rating agencies and global commercial banks, He told the 71st federation of Indian Chambers of Commerce and Industry (FICCI) annual meeting.

Stating the United Nations was contemplating a major international conference in two years time to suggest a new policy framework for global financial system, he said India would make an important contribution to the deliberations at the conference.

In this regard, Government had formulated a six-point conceptual framework reflecting the need for managing large capital flows without excessive volatility, he said. (PTI)

NEW DELHI, Oct 24:

The Government has relaxed the demurrage period for importers to clear their goods.

As per the revised rules, agreed at the Export Promotion Board (EPB) meeting held here today, the demurrage free period has been increased to five days including the arrival date of the flight.