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Monday , February 25 , 2013
Since 1st March, 1999
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Business Briefs

PF rate meet today

New Delhi, Feb. 24: EPFO’s trustees are likely to decide on Monday the payment of 8.5 per cent interest to its over five crore subscribers on their PF deposits for 2012-13, higher than 8.25 per cent provided in the previous fiscal. “An 8.5 per cent rate of interest for the year 2012-13 is feasible,” said a note prepared by the EPFO which was considered by the finance and investment committee, its advisory body, on February 15.

RBS job cuts

Mumbai, Feb. 24: British banking major RBS will be laying off some of its 1,000 employees in India as it winds down retail and commercial business in the country. “As part of its winding down plans for the retail and commercial business here, RBS India has reviewed its operating model and this will unfortunately lead to a number of job losses,” it said in a statement.

Cell connection

New Delhi, Feb. 24: Telecom regulator Trai has announced that from March 22 inactive mobile connections of prepaid customers cannot be shut down if they have a balance of Rs 20. The time period for considering a connection inactive has been set at 90 days.

IT relief

New Delhi, Feb. 24: The government has allowed IT and ITeS special economic zones to set up disaster recovery centres outside their limits at any part of the country, meeting the long-pending demand of the industry.

Selloff move

New Delhi, Feb. 24: The government has decided to kick off the divestment programme in the April-June quarter of 2013-14 by offloading equity in Hindustan Copper, THDCIL and NEEPCO.

FII inflows

Mumbai, Feb. 24: Foreign institutional investors (FIIs) infused a net amount of $4.31 billion (about Rs 23,035 crore) in Indian equities in February so far, taking the total for calendar year 2013 to $8.4 billion (Rs 45,094 crore).

Rail projects

New Delhi, Feb. 24: The government should take steps for speedy implementation of key railway projects such as the dedicated freight corridor, high-speed rail corridors and other capacity enhancement works in order to reduce supply chain costs, industry body CII has said.