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Business Briefs

Import norms relaxed

Mumbai, Sept. 18: The Reserve Bank of India today said authorised dealers (ADs) may allow advance remittance in excess of $100,000 on obtaining a guarantee against the counter guarantee of an international bank of repute outside India. This further liberalises and simplifies the procedure for import of goods. Earlier on June 19, the RBI had permitted ADs to make advance remittance up to $100,000 or its equivalent without bank guarantee for import of goods.

NRI firms

Mumbai, Sept. 18: The Reserve Bank has said that overseas entities owned by non-resident Indians (NRIs) will continue to enjoy all the facilities available to any foreign investor, including the automatic route for foreign direct investment.

Mukand offer

Mumbai, Sept. 18: Steel company Mukand Limited will offer nine shares of Rs 10 each at par for every four company shares on rights basis to shareholders aggregating Rs 50.63 crore.

Oil selloff

Berlin, Sept. 18: Disinvestment minister Arun Shourie today raised questions over the Supreme Court judgement halting sale of HPCL and BPCL, saying the verdict could force a review of the selloff process as it has evolved since 1991. “On this principle disinvestment of all companies should be subject to clearance of Parliament,” he said

Drug import

New Delhi, Sept. 18: The government has granted exemption from registration for import of all kinds of drugs under the advance licence scheme.


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