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Business Briefs

Syndicate Bank gets new boss

Bangalore, Aug. 24: Michael Bastian today assumed charge as the chairman and managing director of Syndicate Bank. Bastian, who was the executive director of Vijaya Bank, has been appointed till August 31, 2004, by the government. Prior to being appointed the executive director of Vijaya Bank, he was the general manager of the Union Bank of India, Mumbai. He was also vice-chairman of the Foreign Exchange Dealers’ Association of India and director of the Association of Merchant Bankers of India.

Forex reserves

Mumbai, Aug. 24: India’s foreign exchange reserves touched a record high of $ 60.63 billion during the week ended August 16 due to continued revaluation of the dollar vis-a-vis the euro and other international currencies. In the reporting week, the forex reserves surged by $ 609 million to reach $ 60,639 million. The previous high was recorded at $ 60,148 million for the week ended August 2. However, the reserves had declined by $ 161 million for the week ended August 9.

Tax surcharge

New Delhi, Aug. 24: The government today said there was no proposal to impose surcharge on excise and customs to meet additional expenditure in the wake of the drought, which was unlikely to affect indirect tax collections targeted at Rs 1,36,334 crore this fiscal. The excise collections were growing at 22 per cent and the Central Board of Excise and Customs is hopeful that indirect tax target for this fiscal will be attained.

Co-op banks

Raipur, Aug. 24: The Reserve Bank of India has rejected the Chattisgarh government’s decision to divide seven district co-operative banks in the state into 16 banks, saying it was against the Banking Regulation Act.


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