Saturday, July 11, 1998
No RBI fiat on balance for savings account
Reserve Bank of India has not stipulated any minimum balance for savings or current accounts. Such stipulations are made by individual banks taking into account the cost of maintaining and servicing the accounts. The minimum balance stipulated by the banks for saving bank account cannot be considered as or on par with fixed deposits.
Three-fold increase in FDI investment
Foreign direct investment in June jumped three times compared to the figure for May, Sikander Bakht, Union minister for industry, said. This confidence by foreign investors in India shows that there has been no negative impact on account of the nuclear tests. The US has been the largest source of FDI into India with its share ranging between 25-26% of total foreign investment.
DGFT to crack down on MoU-shy car firms
The Directorate General of Foreign Trade (DGFT) has asked the Central Board of Excise and Customs (CBEC) to stop all import consignments of CKD/SKD kits for cars till the manufacturers sign MoUs with the government. Sources said that the directorate had information that automobile manufacturers were importing completely-knocked down/semi-knocked down kits in the guise of components through their import licence.
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