Gold import impact

Hyderabad, Aug. 12: India’s huge gold imports in the last fiscal were partially responsible for the high current account deficit (CAD), C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, has said. According to Rangarajan, India saw $60 billion worth of gold imports last year and the situation partly contributed to high CAD levels.

Petronet stake

New Delhi, Aug. 12: Under orders from the oil ministry, three state-owned firms IOC, ONGC and BPCL have decided not to press for the acquisition of the Asian Development Bank’s stake in Petronet LNG. In August last year, the ADB had offered to sell its 5.2 per cent stake in Petronet, in which these three gas firms hold 12.5 per cent each and have the first right of refusal.

HSBC case

New Delhi, Aug. 12: The income tax department has decided to include the offence of money laundering in its soon-to-be filed charge sheet against individuals named in the classified HSBC list for stashing illegal funds.

Steel projects

New Delhi, Aug. 12: Concerned over delays in the execution of small steel projects worth about Rs 70,000 crore, the steel ministry has sought the cooperation of ministries such as mines and environment and the states in removing the various hurdles.

Bank account

New Delhi, Aug. 12: The government has asked state-owned banks to ensure one account per family to facilitate direct transfer of subsidy under 32 central schemes.