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Business Briefs

PF rates to remain uniform

New Delhi, July 14: The Employees Provident Fund Organisation today categorically ruled out differential rates for its 3 crore subscribers. “It is clarified that no such discussion took place during the June 30 meeting of the central board of trustees and such a proposition was neither mooted nor considered,” regional provident fund commissioner U. C. Tewari said in a statement. “All members, whether covered through a mandate of law or in a voluntary manner, are indistinguishable once they become members,” he said.

Inflation index

New Delhi, July 14: The government today fixed the ‘cost inflation index’ at 480 for 2004-05, which is 3.67 per cent higher than 463 in 2003-04. The Central Board of Direct Taxes has issued a notification specifying the cost inflation index for this financial year.

Yes Bank plan

Mumbai, July 14: Yes Bank, which will soft launch its operations in August, plans to recruit over 165 people by the end of the current fiscal, said MD and CEO Rana Kapoor.

Rabo unit

Mumbai, July 14: Rabo India Finance Ltd, an arm of RaboBank International, is planning to float a merchant banking subsidiary and a private equity fund of over $50 million for investment in Indian firms.

Gulf Oil

Mumbai, July 14: The board of Gulf Oil Corporation Ltd would meet on July 21 to consider a proposal for buying back of shares.


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