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Business Briefs

Credit card sops

Mumbai, May 21:Moving a step closer to liberalisation, the Reserve Bank of India today said that resident individuals are free to obtain international credit cards issued by overseas banks and other agencies. Those maintaining a foreign currency account with an authorised dealer in India or a bank abroad, as permissible under extant foreign exchange regulations, would be allowed to obtain these credit cards.

Thermax board

Mumbai, May 21:The board of Thermax Ltd will consider a proposal to issue bonus redeemable preference shares or bonus debentures to shareholders at its meeting scheduled on May 29.

EPF rate

New Delhi, May 21:Labour minister Sahib Singh Verma today refused to commit whether the current EPF interest rate of 9.5 per cent will continue or lowered for this fiscal in view of mounting pressures from the finance ministry to reduce the “unsustainable” rate.

Tata Tele move

Mumbai, May 21:Tata Telecom Ltd will invest Rs 25 crore during the next three years on developing and supporting software, including converged and call centre solutions, to provide improved customer services.

NTPC flotation

New Delhi, May 21:Sebi has asked state-owned NTPC to get the government’s approval for its proposed public offer before seeking exemptions from the regulator on the size of the IPO.


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