Financial Express - India's leading business newspaper from the Indian Express Group

RBI asks firms to cut EEFC balance by 50%

RBI on Monday said that corporates will have to scale down their balances held in export earners foreign currency accounts (EEFC) to 50% of the amount held on August 20, and further that the excess amount will have to be converted in to rupees by August 23.

Hughes Tele.com posts Rs 270-cr net loss

Hughes Tele.com India Ltd, the basic telephone service provider in Goa and Maharashtra circles, has reported a net loss of Rs 269.36 crore during the fiscal ended March 31, 2000.

Direct tax mop-up zooms 143% in July

Revenue collection from central excise and customs continued to remain tardy even in July, with the realisation going up by 8.74 in case of excise and 9.39% towards customs, over the collection during the corresponding month last year.

Reforms inadequate for economic upliftment -- President

President KR Narayanan on Monday said the policies, programmes and five-year plans as refected in economic liberalisation have not been adequate to ensure basic needs to India's vast millions even after more than five decades of independence.

Khusrokhan to retire as Glaxo & Burroughs MD

Glaxo and Burroughs Wellcome India managing director HR Khusrokhan has decided to call it a day. Khusrokhan, who will continue as managing director of the companies till the end of 2000, took this decision following mutual consent reached with the British multinational on the issue.