The Reserve Bank of India on Tuesday unveiled new account for expatriate Indians. The non-resident (special) rupee account will have the same facilities and restrcitions in regard to repatriation of funds as applicable to rupee accounts maintained by resident citizens.

Dabur sells 20% in food venture to Nestle

Dabur India on Tuesday said it was selling its 20 per cent stake in joint venture Excelsia Foods to partner Nestle SA of Switzerland for $2.5 million, thereby reducing its holding to a minority 40 per cent. With the deal, Nestle will have a controlling 60 per cent in the snack-food venture.

UTI chief on board representation

UTI chief PS Subramanyam on Tuesday said the trust had not issued any "diktat" to companies seeking board representations but only sought to ascertain the extent of proper enforcement of governance. "We have shot off letters to some leading corporates to enquire what they have achieved in enforcing corporategovernace in their companies," he said.

Dow Jones crosses 10,000-mark

The Dow Jones Industrials closed above 10,000 for the first time on Monday, marking a milestone in the eight-year bull market. Blue-chip stocks surged 184.54 points (1.88 per cent) to 10006.78, in a broad advance driven by oil and financial stocks. Analysts say an unprecedented mix of low interest rates, robust earnings and a roaring US economy have provided most of the fuel for the Dow's rise.

I-T "survey" at Banthia's residence

I-T officials on Tuesday carried out a "survey" on the residential premises of former BSE vice-president Rajendra K Banthia. According to the officials, the "survey" was being carried out on a directive from I-T headquarters in Delhi in connection with alleged unaccounted shares of a blue-chip company worth several crores. Banthia had to step down following Sebi investigations into price rigging in the scrips of Videcon International, BPL and Sterlite Industries last year.

ACC sets upinhouse panel

The Associated Cement Companies has set up an internal committee to "review" investments in subsidiaries and associate companies. The committee, comprising a small group of key executives, will report to the board on whether investments will adversely affect ACC's cement business in the long run. The panel is expected to submit its report over the next three months.

IBP rejects IOC's retail-trade offer

IBP has turned down an offer made by Indian Oil for selling its Servo lubricants at its retail counters. The offer was made with an intention of promoting a long-term alliance in marketing but IBP has rejected it for a host of reasons. One such reason being that IBP is keen on promoting its own lube brand.

Siel nod to buy stake in Honda-Siel

Siel Ltd received shareholders' approval at its AGM on Tuesday to buy back 15 per cent equity stake in its joint venture Honda Siel Cars India by pumping in Rs 54 crore. "We are keeping the option open, though we will not be able topurchase it in one year," said a company official.

Great Eastern Shipping to hive off property division

Great Eastern Shipping Company, in a bid to enahance shareholder value, will demerge its property division into a separate company with effect from April 1. The company has also decided to put in place a new management structure. The shares of the new company will be directly allotted to Gesco shareholders, according to a press release issued on Tuesday.

RPG in talks with Sumitomo

RPG group is in "active discussions" with Sumitomo Corporation for a joint venture in household insecticides. The proposed venture could be formalised in the third quarter of 1999-2000 if all goes well, group chairman Harsh Goenka said on Tuesday.

Chhabria asks CLB to dismiss Mallya writ

BDA chairman Kishore Chhabria has moved the CLB for dismissing a petition filed by Vijay Mallya-controlled Herbertsons that had alleged funds mismanagement by him saying that the petitioner was guilty ofsuppression of material facts. The last few months have seen a corporate war between Mallya and Chhabria over the ownership of Herberstons.

Gail to bid for new oil blocks

Gail is planning to bid for oil blocks to be offered under the new exploration licensing policy (NELP) and is also scouting for joint-venture partners for the same, according to director (planning) HP Chandna. Gail sources said the company was looking at Shell, Unocal and Petronas for forming a joint venture to bid for the oil blocks. The Government has invited bids for 48 oil blocks under NELP.

CBDT against Gold scheme amnesty

CBDT chairman Ravi Kant on Tuesday said that amnesty for the gold scheme was not acceptable to the board as another amnesty scheme, close on the heels of the VDIS, would be unfair to the honest tax payer. "VDIS was greatly condemned as it put honest tax payers at a disadvantage," he said at a meeting with various chambers of commerce and industry in Delhi.

Central Bank, Union Bank cutPLRs

Central Bank of India and Union Bank of India on Tuesday announced a 1 per cent cut in their prime lending rates with effect from April one. Both the banks' PLRs will now stand reduced at 12.5 and 12 per cent.

RBI offices open On April 1

All offices of the Reserve Bank in Mumbai will be conducting normal business on April 1, 1999. However, all public-sector, commercial and co-operative banks will not be open to public on that day due to yearly closing of their accounts, a RBI release said on Tuesday.

IRA appointment

The Government has appointed Oriental Insurance Company director and general manager H Ansari as member of the Insurance Regulatory Authority. Ansari has over 35 years experience in general insurance, stated a press release on Tuesday.

Sensex up 85 points

Buying support from institutions and domestic operators saw equities jump at at the BSE on Tuesday. The Sensex crossed the 3600-mark and ended 85.91 points higher at 3683.49 from its previous close of3597.58. Opening at 3666.70, the sensex witnessed a high and low of 3697.68 and 3639.63 points.

Mustardseed prices set to harden

Mustardseed prices are slowly hardening up after an early March plunge caused by forecasts of a very high crop. According to latest estimates by the Solvent Extractors' Association of India, an all-India body of oil millers, the mustard crop for the current season (1998-99) will be 59.5 lakh tonnes.