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Business Briefs

No repo rate cut now: Jalan

Mumbai, Dec. 13: Reserve Bank (RBI) governor Bimal Jalan today said the apex bank “is not contemplating any cut in the 5.5 per cent repo rate just now”. “We are not contemplating any repo rate cut just now... There is no need..We are comfortable,” Jalan told reporters here.

Notice to MNCs

New Delhi, Dec. 13: Eighteen MNCs, including Sony, LG, Samsung and Hyundai, have been issued show-cause notices by the enforcement directorate for paying salaries abroad to their foreign national employees working in India without getting the Reserve Bank’s permission, the Lok Sabha was informed today.

PSB rate cut

New Delhi, Dec. 13: Punjab & Sind Bank will cut prime lending rate by 0.5 per cent to 11.5 per cent along with that for housing and consumer loans from December 14, 2002. The PLR would be slashed from 12 per cent to 11.5 per cent, the bank said in a release.

Grasim probe

New Delhi, Dec. 13: Sebi will soon complete its investigation to find out whether Grasim had acquired control of L&T. This comes in the wake of Sebi chariman G. N. Bajpai's assertion that the investigation into the issue would be completed by February.

Boeing deal

New Delhi, Dec. 13: Boeing today said it would concentrate on clinching the Air-India deal of 17 aircraft and was willing to have a dialogue with the government on the Indian Airlines' proposal to acquire 43 aircraft.


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