Set up oil development fund, says SOPA
THE Soyabean Processors Association of India (SOPA) has written to the prime minister, Atal Bihari Vajpayee for the creation of an oil development fund (ODF) by leving a cess of Rs 3,000 per tonne on all imported edible oils.

Garment exporters decry reduced duty drawback
THE reduction in rate of duty drawback (DBK) has put apparel exporters in a piquant situation one more time. This is due to the fact that the Government has reduced new DBK rates by around 25-40 per cent from the previous level.

Wheat export tender only to assess market, justifies govt
IN the wake of a poor response to the tender for wheat exports, government has said it was floated only to assess the market and the trade price would be fixed by the high level inter-ministerial committee (HLC), which could not be termed as subsidy.

Modest recovery for bullion; oils steady
Both the precious metals recovered modestly on the bullion market here. Standard gold edged up by Rs 5 at Rs 4,355 per 10 gm so was gold .22 carat at Rs 4,030 in sympathy. Prices of gold biscuit (116.50 gm.) rose by Rs 50 at Rs 51,050 per piece.

Centre to review rubber import ban
THE Centre is reviewing the ban on rubber imports against advanced licences, even as the rubber consuming industry and planters remain divided over the issue.