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Business Briefs

Regulator for co-op banks

Bangalore, Dec. 27: The Reserve Bank has proposed setting up a separate regulatory authority for cooperative banks, RBI governor Bimal Jalan said today. Speaking at the 24th Bank Economists’ Conference (Becon-2002) here, he said the proposed body for cooperative banks should have ‘representative elements and a local character”, India being a large and diversified country.

Rupee firms up

Mumbai, Dec. 27: Despite light month-end pressures, the rupee firmed up against the US currency today on the back of healthy dollar supplies from exporters and expatriate Indians in moderately active two-way trade at the Interbank Foreign Exchange (forex) market. Closing at Rs 47.9900/9950 per dollar, the rupee gained three paise from Thursday's close of Rs 48.0200/0250.

Exim norms

New Delhi, Dec. 27: Exports and imports from 23 points in the country would be permitted simply on the basis of self assessment without physical checking from March 31, 2003, said chairman of the Central Board of Excise and Customs M. K. Zutshi at the Board of Trade meeting held under the chairmanship of commerce minister Arun Shourie.

Daewoo order

New Delhi, Dec. 27: The Delhi High Court today restrained Seoul-based Daewoo Corporation from making any attempt to change the statutory auditors of its holding company Daewoo Motors India.

Pepsi-Coke row

New York, Dec. 27: Pepsico has lost a four-year legal battle against Coca-Cola, The Wall Street Journal reported today. The US court of appeals dismissed Pepsi's lawsuit over access to the market for fountain dispensed soft drinks in restaurants, movie theatres and other outlets.

EPZ conversion

New Delhi, Dec. 27: Four export processing zones (EPZs) will be converted into special economic zones (SEZs) from January 1, 2003. The zones selected for conversion are located at Noida, Falta (West Bengal), Chennai and Vishakhapatnam.

Tata firm

Calcutta, Dec. 27: Tata TD Waterhouse Securities today opened its investment centre in Calcutta to provide investment services to retail investors in the metropolis and surrounding areas.


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