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We shouldn't let Govt be run by courts, says Gujral
Indian Prime Minister Inder Kumar Gujral would like to see a debate initiated in Parliament -- and outside -- on whether the current phenomenon of filing Public Interest Litigation (PIL) has not got out of hand. His fear is that the remedies can sometimes prove more fatal than the disease it is expected to cure.
1,000 killed, 40,000 injured in Iran quake
A powerful earthquake devastated eastern Iran yesterday, killing close to 1,000 people and injuring 40,000 in a shock wave that flattened 80 villages and damaged scores of others, officials said. The toll is expected to further go up as more details trickle in.
States reject Centre's tax-sharing formula
Asking for more, the States yesterday rejected the Tenth Finance Commission's proposed move for allocating 29% out of the Central pool of taxes to them. The proposal was turned down at a meeting of the standing committee of the Inter-state Council.
UF silent on Bihar Chief Minister's fate
Prime Minister I K Gujral held intense parleys with senior UF leaders in a desperate bid to tackle an unyielding Bihar Chief Minister Laloo Prasad Yadav. The negotiations were prompted by the CBI request to the the Bihar governor for sanctioning the prosecution of the state chief minister and some of his cabinet colleagues in the fodder scam.
Ex-CBI official accuses Vijaya Rama Rao
B R Lal, a former Central Bureau of Investigation's joint director and chief investigator in the Jain-hawala case until July 1995, has alleged that he was taken off the probe for advocating a hard line and calling for "complete investigations" against former Prime Minister P V Narasimha Rao and other Union ministers.
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RBI razes old walls, allows FIs greater access to short-term
The Reserve Bank of India has allowed financial institutions to raise short-term resoures through one-year term deposits. It has also abolished the existent instrument-wise limits for financial institutions' resource mobilisation and an umbrella limit linked to their net owned funds (NOF) has been introduced.
Institutions set to take battle to banks' boroughs
Major all-India financial institutions are all set to battle it out with the banks on the resource mobilisation front. While the institutions earlier, had to be content with three year term deposits, the RBI's decision allowing them to raise one-year deposits throws wide open the area of deposit mobilisation for them and the bugles of a full-blown war with the banks can be already be heard.
Hike in petro prices inevitable: Srinivasan
Former Atomic Energy Commission chairman MR Srinivasan said that a price hike in petroleum prices was inevitable what with the oil pool deficit touching a staggering Rs 20,000 crore. He added that the government would have to resort to this step in order to salvage the situation.
Mobil mulls LNG-based power unit in India
US petroleum giant Mobil Corporation is toying with the idea of setting up a liquefied natural gas (LNG)-based power plant in India. The Gail, Oil and Natural Gas Corporation (ONGC), Indian Oil Corportion (IOC), Bharat Petroleum Corporation Ltd (BPCL) consortium will own 48% of the shareholding in the LNG importing company.
US Exim Bank offers to fund airlines
In what could be termed as a godsend for the struggling Indian aviation industry, Exim Bank of the US has decided to offer loans up to 85% of the value of new aircraft to airline companies. The balance 15% has to be generated by the Indian promoter.
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