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Business Briefs

Import duty relief for sugar

New Delhi, July 9: India has decided to allow millers to import raw sugar at zero duty for sale in the domestic market for another six months till March 31, 2010. “Deadline for raw sugar import (under the advance licensing scheme) at zero duty will be extended till March-end next year,” food and agriculture minister Sharad Pawar said. A notification to this effect is under way.

Citi rejig

New York, July 9: Citigroup has announced a slew of changes at the top management level, with chief financial officer Edward Ned Kelly set to become the company’s vice-chairman. John Gerspach will take over as Citigroup’s CFO, while Eugene M. McQuade will join the group as the CEO for Citibank.

Govt debt

New Delhi, July 9: The government said it did not intend to resort to monetisation of its debt, which means direct borrowing from the Reserve Bank of India, to fund widening fiscal deficit, pegged at 6.8 per cent of the GDP this fiscal.

IRDA move

Mumbai, July 9: Insurance regulator IRDA has allowed all life insurance companies to make electronic payments to policyholders and beneficiaries.

Budget meet

Calcutta, July 9: Tax proposals of the budget were discussed in detail at a seminar organised by Deloitte here on Tuesday.


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