RBI eases overdraft rules for Gujarat

RBI eases overdraft rules for Gujarat
EEB & AGENCIES

MUMBAI/NEW DELHI, JAN 27: In a bid to provide relief to the quake-hit Gujarat State, the Reserve Bank of India has relaxed the limits on ways and means advances (WMA) and overdraft rules for the state government till end of February to facilitate relief work. Corporates and various government departments have also started chipping in with relief measures.

In view of the unprecendented nature of the calamity in Gujarat, the RBI has relaxed the limits on WMA and overdarft for a period of one month till end of February 2001, apex bank said in a release. The relaxation would facilitate the state government in undertaking of all the necessary relief expenditure, it added.

The Union Government has also announced a full excise duty exemption to goods donated or purchased out of cash donations for relief and rehabilitation of people affected by severe earthquake. A similar exemption has also been provided from customs duty to imported goods intended for donation for the same purpose. A notification to this effect containing the procedures required for availing these exepmtions have also been issued, it said.

Meanwhile, public sector oil companies will contribute Rs 40 crore towards Prime Minister's Relief Fund for the benefit of the victims of yesterday's devastating earthquake in Gujarat.

Reviewing the efforts being made by public sector oil companies towards providing relief to the quake affected areas of Gujarat, Petroleum Minister Ram Naik also approved an additional quota of 45,000 kilo litres of kerosene for distribution in the earthquake affected areas. He also appealed to employees of the oil companies to contribute to the Prime Minister's Relief Fund, an official statement said here today.

IPCL has sanctioned Rs 50 lakh for relief measures for the earthquake victims and Union Fertilisers Minister S S Dhindsa has asked his ministry to gear up for relief and rehabilitation operations. Department of Fertiliser has been asked to arrange 10,000 blankets and 20,000 tarpaulin sheets, official sources said. They said Dhindsa assured full support and help to the state in a message to chief minister Keshubhai Patel.

Union Steel Minister B K Tripathy today appealed to public sector companies and officials in his ministry to contribute a day's salary for relief and rehabilitation of the quake affected people. Expressing his grief over the deaths in Friday's devastating earthquake, Tripathy in a statement here, asked the PSUs in his ministry to contribute generously to the Prime Minister's Relief Fund.

In an emergency meeting here today, the Steel Minister met all the senior ministry officials to keep in touch with Chief Secretary and Relief administration of Gujarat and extend all possible help and cooperation. He also asked the steel plant authorities to rush their medical staff as well as medicines to the affected areas to treat the injured.

The Confederation of Indian Industry (CII) also discussed with the Government strategies to overcome the crisis in Gujarat following Friday's devastating earthquake and relief measures for the affected. "CII is assisting in the relief operations and hasrequested its entire membership to contribute both in cash and kind for the earthquake victims," a CII statement said adding that the Confederation was sending 20,000 blankets and medicines to the quake victims as immediate relief.

Associated Chambers of Commerceand Industry (ASSOCHAM) today appealed to all its direct and indirect members numbering over a lakh to extend whatever aid possible to the victims of the devastating earthquake in Gujarat.

The Reliance group has offered assistance to Gujarat government and other agencies involved in the rescue and relief operations in earthquake affected areas of the state. The company has offered to contribute medical services, equipment, vehicles, machinery as well as provide medicines, food and emergency supplies, a release said here today.

Relief teams of Reliance were already in the field to co-ordinate operations with civil and military authorities, it said. Reliance Industries Ltd has a large petrochemicals complex in Hazira and petroleum refinary in Jamnagar.