Govt green flags tender sale of 6.5 m tonne wheat

Written by Press Trust of India | New Delhi | Updated: Nov 11 2012, 06:39am hrs
The government today said that it will sell 6.5 million tonne of wheat to bulk consumers such as flour millers and biscuit-

makers in a bid to check the rising prices of wheat products and to offload surplus stocks. It has also approved allocation of an additional 5 lakh tonne each of wheat and rice to NAFED, NCCF and Kendriya Bhandar for sale to retail consumers.

Both the decisions were approved by the Cabinet Committee on Economic Affairs (CCEA). CCEA approved allocation of 65 lakh tonne of wheat for tender sale by FCI to bulk consumers/traders and allocation of 5 lakh tonne wheat and 5 lakh tonne rice for sale to retail consumers, an official statement said.

Citi to pay $6.6 m to Vikram Pandit

New York : Citigroup will pay its former India-born CEO Vikram Pandit, who had unexpectedly resigned from his position last month, $ 6.6 million in incentive awards for 2012, it said in a regulatory filing.

Michael ONeill, Chairman of Citis board of directors, said: Vikram steered Citi through the financial crisis, realigned its strategy, bolstered its risk management and returned it to profitability.