PNB drops equity issue plan
The losses posted by the Punjab National Bank (PNB) for 1995-96 have forced the bank to spike its proposal to go ahead with a public issue of equity shares during the current year. Instead, the bank intends to take recourse to the debt market to keep its capital adequacy above the stipulated level Prior to this, PNB was one among half-adozen nationalised banks which were firming up plans for entering the capital market to raise resources through the issue of shares at a premium.
The European Union (EU) has temporarily suspended levy of customs duty on a large number of items. This has created new opportunities for boosting exports to Europe, while blunting the edge enjoyed by India and other developing countries in specific sectors on account of tariff preference under the Generalised System of Preferences (GSP). Thp duty suspension, which in most cases is to the extent of permitting duty-free entry, covers items spread over 141 tariff lines.
Urban agriculture development scheme soon
The Centre will soon launch a scheme -- Urban Agriculture Development -- to decongest cities having a population of over one million, the Union Minister of State for Urban Affairs, Mr U Venkateshwaralu, announced on Sunday. Mr. Venkateshwaralu said the scheme would be taken up in 23 thickly-populated cities at a cost of Rs. 1,500-Rs. 2,000 crores with assistance from the Food and Agricultural Organisation. The scheme, likely to be finalised by the year-end, would prevent influx of people into cities besides ensuring supply of fresh vegetables to the cities as farming would be encouraged in peripheral areas.