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No cap on forward contracts

Mumbai, Dec. 10: The Reserve Bank of India has removed the cap of $100 million for booking of forward contracts by authorised dealers (ADs) in foreign exchange. “RBI has decided that the eligible limit for this facility would be the average of past three years’ export/import turnover or the previous year’s turnover, whichever is higher,” the central bank said today. As per the earlier norms, ADs were permitted to book forward contracts subject to the condition that at any point of time the forward contracts so booked and outstanding should not exceed 25 per cent of the limit worked out on the basis of last three years’ average import/export performance, within a cap of $100 million.

GSK move

New Delhi, Dec. 10: GlaxoSmithkline Consumer Healthcare has written down the value of its Maltova and Viva brands in the balance sheet by Rs 31.62 crore. It would continue to focus on Horlicks and Boost. It has also announced a second interim dividend of Rs 3.70 per equity share for the year ending December 31.

Pfizer plant

Mumbai, Dec. 10: Pfizer Ltd will close down its bulk drug plant at Chandigarh with effect from February 9, as its operations have become non-viable.

SSI package

Mumbai, Dec. 10: The Centre would announce a special package for the small-scale industries before the 2004-05 budget to enable them to face competition in the emerging WTO regime.

Hydrogen fund

New Delhi, Dec. 10: The oil PSUs led by IOC have decided to create a corpus fund for stepping up research in tapping hydrogen as a fuel.


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