President suggests government can wait on telecom policy
New Delhi: President K.R. Narayanan, in suggesting that the new telecom policy could await the formation of a new Lok Sabha and government, has put the Bharatiya Janata Party government in a fix.

With the president intervening in the matter, the government's going ahead with the implementation of the policy may cause politicisation of the issue.

The opposition has said that the government has lost over Rs 1,400 crore by giving a waiver on the licence fee to private telecom operators in the country. The waiver has been given on the ground that the industry was in a bad shape and a bailout was necessary.
Back to News Review index page

Forex reserves come down
Mumbai: India's foreign exchange reserves shrank by nearly $628 million since the Kargil conflict started on 26 May.

The weekly statistical supplement of the Reserve Bank of India, said the foreign exchange reserves, including gold and SDRs, have gone down by $105 million during the week ending 2 July to $32,904.

The Centre's reliance on the ways and means advances has also gone up, and the balance during the week ended 2 July rose by Rs 2,965 crore to Rs 8,762 crore.
Back to News Review index page

New travel insurance plan
Calcutta: The India Network Foundation and an insurance company belonging to the AIG group have together launched a special travel insurance plan that offers several benefits to people visiting the US and Canada.

The scheme offers refund of premiums to people who have to cut short their visits abroad. It also offers toll-free service and reimbursement of medical claims, if made, during the visit itself.

The plan is available to all the members of India Network Foundation, their visiting relatives, temporary employees and their families. The foundation is a non-profit community organisation, serving Asian Indians living and working in more than 180 countries.
Back to News Review index page

Rs 500 notes valid currency
Mumbai: The Reserve Bank of India has announced that all the Rs 500 notes issued by it are legal tender, and banks and members of the public should continue to accept these notes in their transactions or in exchange.

The notes are acceptable at bank counters and at the RBI counters, RBI said in a notice.

The RBI has issued this notice because of some reports that Rs 500 notes were not being accepted for fear of forgery.   
Back to News Review index page

HSBC shares on New York Stock Exchange
New York: HSBC Holdings Bank, one of the world's largest banks, began trading on the New York Stock Exchange, enabling its shares to be traded actively round the clock and around the world.

But HSBC, whose stock is already listed in London and Hong Kong saw its American Depository Receipts end seven cents lower than the opening price of $62.13 on a volume of 198,8000 issues.  
Back to News Review index page