Cabinet agrees to consider 5% fuel cess for road fund
The Union Cabinet has agreed in principle to consider the proposal to levy five per cent cess on the basic price of petrol and diesel for the Central Road Fund (CRF), along with any proposal to raise the administered price of oil. Sources say while the decision does not guarantee levy of a cess on oil for the road sector, it definitely stands a better chance of approval, since it will be discussed simultaneously with the larger issue of oil price hike, whenever it is taken up.
RBI approves SCI’s Singapore venture
The RBI has cleared a Shipping Corporation of India (SCI) proposal to float a shipping unit in Singapore in collaboration with two companies based in Thailand and Mauritius, respectively. The SCI Managing Director, Mr. P.K. Srivastava, told Business Line that the penultimate go-ahead, received recently, would enable the Ministry of Surface Transport to seek the allimportant Cabinet clearance. Bulk Transportation Company — the joint venture proposal conceived nearly two years ago — envisages a capital investment of $10 millions.
Sonia Gandhi becomes Congress (I) member
Mrs. Sonia Gandhi has enrolled herself as a “primary member” of the Congress in a move that is likely to change equations within the party and the political scene outside. “I am happy to announce that Mrs. Sonia Gandhi has enrolled herself as a primary member of the Congress,” announced AICC spokesperson Mr. V.N. Gadgil at the party headquarters. “We warmly welcome her participation in the activities of the party. Her participation will enthuse, galvanise and electrify the rank and file and grassroot workers.” he said.
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