Export credit rate slashed
Mumbai: The Reserve Bank of India (RBI) today reduced interest rates for export finance by another 100 basis points (bps), for both pre- and post-shipment credit. The new rates would be effective between September 26 and March 31, 2002.

Accordingly, the maximum rate that banks should charge for export credit would be 250 bps below banks prime lending rates (PLRs) which is currently around 10.5 per cent for state-run banks for pre-shipment credit up to 180 days and post-shipment credit up to 90 days.
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US freezes terrorists account
Washington: The US administration today froze bank accounts and assets of terrorist groups with the United States. President George W Bush signed an order to freeze the US transactions of bin Laden, his al-Qaeda network besides 27 different organizations, individuals, groups and corporations with suspected ties with terrorists.

The administration has drawn up a list of 27 terrorist organizations which includes groups spread across the globe such as like Osama bin Laden's Al-Qaeda in Afghanistan, the Pakistani based Harkat-ul-Mujahideen, the Philippines-based Abu Sayyaf, the Islamic Movement of Uzbekistan and the Egypt-based Al-Jihad.
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Military movement in Afghanistan sees spurt
Kabul: Military activity within Afghanistan witnessed a spurt with the Northern Alliance, which controls approximately 5-10 per cent of the country, engaging in fierce battle with the Taliban troops to  make inroads in Taliban-controlled areas.

There was heavy exchange of mortar and artillery fire at the Panjshir Valley, about 70 km north of Kabul, as opposition forces made a desperate attempt to control the strategic Baghram airstrip. 

The opposition has been fighting the Taliban for the last six years, but its offensives have been stepped up since the suicide attacks on the World Trade Centre and the killing of its leader, Ahmed Shah Masood. "As soon as possible, we will attack," stated Rahmat Ramazan, Northern Alliance Spokesman.
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