The Telegraph
Since 1st March, 1999
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Business Briefs

Small savings up

New Delhi, Oct. 19: Risk-free small savings schemes mopped up 27.33 per cent more at Rs 54,126 crore in April-August as investors switched from low-return deposits of banks, which saw their deposit growth fall to 11.9 per cent from 14 per cent. The surge coincided with the government’s announcement that it had collected 57 per cent of the targeted income tax, excise and customs revenue.

Contract notes

Mumbai, Oct. 19: Sebi has barred sub-brokers from issuing contract notes and making payments by cheque directly for share transactions. A sub-broker will now have to enter into a tripartite agreement with a Sebi-registered broker and the client for share deals.

Balmer bids

Calcutta, Oct. 19: The government is free to invite bids for Balmer Lawrie since the Cabinet Committee on Divestment cleared the share purchase agreement at its October 3 meeting. However, it will not see the bids until the valuation is over and the reserve price is fixed.

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