Govt permits 100% FDI in EOUs
New Delhi: The government has allowed 100 per cent foreign direct investment in 100 per cent export oriented units engaged in manufacturing activity.
The government has amended the handbook of procedures to give effect to this. Units in the special economic zones (SEZs) have also been allowed to sell, in the domestic tariff area (DTA), by-products and services in addition to goods on the basis of self-declaration.
Moreover, the SEZ units can remove moulds, jigs, tools, fixtures etc to the premises of sub-contractors and bring them back to the bonded premises of the SEZ units after completing the job work within the specified period. The development commissioners of the SEZs have been given powers to issue green cards after securing a legal undertaking to this effect from them.

The SEZs have been made eligible for a ten-year tax holiday for setting up the zones and also for a similar dispensation in respect of their income. The SEZs are primarily conceived as magnets to attract foreign direct investment with a view to boosting exports.
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IA to levy Rs 100 surcharge per ticket
Mumbai: Indian Airlines (IA) on Friday decided to levy a surcharge of Rs 100 or $2 per ticket effective October 1, 2001 in view of the hike in insurance premium between 15-25 times for the aviation industry following terrorist attacks on the US.The surcharge is expected to continue only till the war premium continues.

IA, which flies 23,000 passengers a day, is expected to net around Rs 7 crore monthly from the surcharge.
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A-I grounds 5 Airbus, cancels 15 flights
Bangalore: Air-India has decided to ground five Airbus 310s and cancel about 15 flights, most of them bound for South-East Asia and the Gulf, till October 1.

The flights canceled include routes like India-Dubai, Singapore, Muscat, Dhahran, and Hong Kong.
A-I has leased four A310s this year and proposes to push the number up to eight by mid-2002. It will also be getting one Boeing 747-400 shortly, followed by a second one sometime next year.
The leased planes this year helped A-I to introduce close to half a million additional seats across its network. The grounding will however spoil the airlines calculation. It has a fleet of 27 aircraft including the four leased planes.
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Nirmal Bang dies in road mishap
Mumbai: Leading stock broker Nirmal Bang was killed and two others injured when the car in which they were travelling overturned at Gahunj village near Talegaon on the Mumbai-Pune Expressway on Friday.
Bang owns five stock broking and merchant banking entities which have been banned by the Securities and Exchange Board of India from undertaking any fresh business following their alleged involvement in the stock market manipulation leading to crash in the sensex on March 2 last.
Bang's firms, which are under SEBI investigation, are Vama Securities, Nirmal Bang Securities Pvt Ltd, Bang Equity Broking Pvt Ltd, Bang Securities Pvt Ltd and Nadi Finance and Investment Pvt Ltd.
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