Jute order relief

Calcutta, Oct. 26: The Centre has allowed the conditional dilution of the Jute Packaging Materials Act for Punjab apprehending a shortfall of jute bags because of a sudden spurt in the arrival of paddy in the mandis of the state. The act makes it mandatory for foodgrains to be packed in jute bags. The government, in its order dated October 23, has said “the exemption is granted only for the Government of Punjab for the procurement of 80,000 bales of 50-kg bags for packing of material procured on or before November 30. Beyond this date the exemption shall turn void”.

Opec signal

Tehran, Oct. 26: Mohammad Ali Khatib, Iran’s Opec governor, has said the organisation might consider another cut in oil production because of a glut in the market. He said a reduction “will be considered” at the next meeting in Algiers in December.

Coal supply

New Delhi, Oct. 26: The members of Parliament have asked the government to cancel all previous coal linkages awarded to power projects, which have not made any progress and are not likely to be commissioned in the Eleventh FiveYear Plan.

CII plea

New Delhi, Oct. 26: The Confederation of Indian Industry (CII) has asked the central bank to further cut mandatory deposit requirement for banks by another 1.5 per cent and short-term lending rate by 0.5 per cent to inject more liquidity for economic growth.

FirstRand

New Delhi, Oct. 26: South Africa’s major bank FirstRand is gearing up to start banking operations in India by March-April next year.