july 28, 1997

Multi-layer monitoring of Navaratnas planned

The Government has granted the Navaratnas — the nine PSUs selected for globalisation — wide-ranging powers for internal restructuring, including the power to create and wind up all posts up to those of non-board level directors (NBLDs). This would also include the NBLDs with the same payscales as board-level directors. In a communication the Department of Public Enterprises has said that “all appointments up to this level would be in the powers of the boards and would include the powers to effect internal transfers and redesignation of posts”.

Exporters to raise contribution to basmati fund

Rice exporters have decided to increase their contribution to the Basmati Development Fund from Rs. 20 to Rs. 50 a tonne, following India's decision to file half a dozen law suits against foreign firms attempting to encroach on basmati's unique brand equity. Resources from the fund were utilised to pay the lawyers’ remuneration when India won an international law suit against the US commodity firm, Rice Tech Inc, which had sought registration of the Texmati, Kasmati and Jasmati trademarks on rice varieties claimed to be analogous to basmati varieties.

‘Money laundering’ definition proving hurdle

The draft Money Laundering Prevention Act has got stuck following the failure of the inter-ministerial task force to arrive at an acceptable definition of the term ‘money laundering’. The definition will now be reviewed by the Committee of Secretaries constituted to evolve a consensus on the draft Act.

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