Breather for select OCBs
Mumbai, Dec. 9: The Reserve Bank of India has said overseas corporate bodies (OCBs), which are incorporated and not under adverse notice of the RBI, will be considered for undertaking fresh investments as non-resident entities under FDI scheme with prior approval of the government or the central bank on a case to case basis depending upon the route. OCBs were derecognised as a class of investor entity in India from September 16, 2003. RBI, in a circular on derecognition of OCBs, said under the FDI scheme (automatic route), if the advance remittances towards allotment of shares have been received by an Indian entity from OCBs prior to September 16, it was permitted but the matter has to be reported to RBI.
Gold shoots up
Mumbai, Dec. 9: Gold prices shot up further to close at another historic high of Rs 6,125 per 10 gram on the bullion market today.
New Delhi, Dec. 9: The Tatas have applied for unified licences in the circles of Haryana, Punjab, UP (W) and Kerala, for which the company recently received letter of intent for basic telecom services.
Indo Rama plan
Bangkok, Dec. 9: Indo Rama, an Indian JV in Thailand, said it will invest $384.6 million in a project to manufacture purified terephthalic acid here.
New Delhi, Dec. 9: A parliamentary panel has said that firms may not be allowed to undertake actuarial practices fearing difficulty in fixing responsibility for misconduct.