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Business Briefs

FDI worth Rs 95 cr cleared

New Delhi, Oct 22: Korean chaebol Samsung has been allowed to raise the stake in its Indian subsidiary to 100 per cent, while Japanís Hitachi has been permitted to raise the holding in its airconditioner joint venture with Amtrex to 74 per cent. The two were among a batch of 21 foreign direct investment (FDI) proposals cleared by the government today for an aggregate sum of Rs 95 crore. Samsung will invest Rs 15.68 crore, while Hitachi will be stumping up Rs 20 crore. Canada-based NSI Global Inc will invest Rs 22.27 crore in its Indian arm. Consumer goods manufacturing, automobile components, engineering accessories, tourism and software are the sectors whose proposals were cleared.

WMA panel

Mumbai, Oct 22: The Reserve Bank of India has constituted an advisory committee on ways and means advances (WMA) of state governments to examine the existing WMA and the overdraft regulation scheme. The committee will also examine the special WMA limits of state governments, consider rationalisation, if warranted, revision of limits, keeping in view the needs of the states.

CSE scam

Calcutta, Oct 22: Calcutta Police, probing the Rs 120-crore CSE scam, today seized the bank and demat accounts of three brokers ó Sasi Mehra, Anup Maheswari and Rajender Agarwal.

Budget plan

New Delhi, Oct 22: Finance minister Jaswant Singh today virtually laid the roadmap for the next budget saying he would give topmost priority to economic reforms including taxation in a bid to push up growth and contain fiscal deficit.


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