September 9, 1995

The Union Labour Ministry is considering extending the provisions of the Employees’ Provident Funds Act (EPF), 1952 to industries employing 10-20 workers. The extension of Provident Fund laws to cover establishments with less than 20 employees has already been recommended by the Central Board of Trustees — a tripartite body comprising representatives from the Central Government, States and employees’ organisations.

BoJ cuts discount rate to new low

The Bank of Japan, faced with the growing risk of the country's economy falling into further recession, has announced a further reduction in the official discount rate to the unheard of low of a mere 0.5 per cent from the already low level of one per cent. An announcement by the Bank said the lowering of the discount rate was decided upon to make the economy’s recovery more certain on the monetary front, taking into account “possible effects on the economy of the recent downward trend in prices which, it is feared, may continue to excessive levels”.

US bans Indian rayon scarves

The US has slapped a nation-wide ban on the sale of 3,75,000 Indian-made rayon scarves on the plea that they were “dangerously flammable”. Announcing the ban and ordering a recall of the scarves, a US Consumer Products Safety Commission (CPSC) release said the scarves had failed the standard flammability test. A product that burns faster than a newspaper is considered dangerously flammable. The action on Indian-made scarves is the largest clothing recall under the Flammable Fabrics Act.

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