Anti-terror ordinance promulgated
New Delhi: The centre on Tuesday promulgated the Prevention of Terrorism Ordinance, 2001, giving the police wide-ranging powers of investigation and arrest whenever terrorist acts are involved.

In the new ordinance, terrorist acts have been defined as "acts done by using weapons and explosive substances or other methods in a manner as to cause or likely to cause death or injuries to any person or persons or loss or damage to property or disruption of essential supplies and services with intent to threaten the unity or integrity of India or to strike terror in any section of the people."
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Russia to supply nuclear-capable aircraft
New Delhi: India and Russia concluded talks for leasing four nuclear-capable TU 22 aircraft. Announcing this, the vice-chairman of the Russian Federation Ilya Klebanov said the agreement would be signed next month.

Klebanov also hinted at the enlargement of the 2000 military technical agreement saying the two countries wanted to ``intensify and strengthen the document based on mutual agreement''.

Russia has agreed to speed up the delivery schedule of the T-90S tanks. As per the contract, India will import 124 ``fully-formed'' T-90S tanks and 186 tanks in ``completely-knocked down knocked down condition'', along with transfer of technology for indigenous manufacture.
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Hands-on policy for FIs
New Delhi: Finance minister Yashwant Sinha on Tuesday announced that the government will henceforth pursue a "hands-on policy" with regard to public financial institutions.

"We will constantly oversee their overall position and hold their boards of directors and top management fully accountable", Sinha said while inaugurating the three-day Economic Editors' Conference here.

He clarified that the government will not interfere with the day-to-day functioning of the financial institutions, but it will keep a close watch, call for reports on their functioning and give them the necessary advice and support.

Sinha announced the constitution of a team of experts which will regularly interact with him and other senior functionaries of the finance ministry and advise on measures to reform and strengthen the country's financial sector.

The team - comprising former SBI chairman M S Verma, Deepak Parikh, K.V. Kamath of ICICI, Ravi Narayan of NSE, Ravi Mohan of Crisil, C. Bhave of NSTL, Omkar Goswami of CII - will be a standing body.
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Government relaxes buyback norms
New Delhi: The government on Tuesday relaxed the norms allowing companies to buyback their shares. The government decided to allow buyback of up to 10 per cent equity by companies every six months against the prevailing restriction of two years.

Under the new norms, the board of directors of the company would be authorised to approve to buyback shares up to 10 per cent of its paid up equity capital and free reserves without any special resolution. Till now, promoters were allowed to hike their stake by 5 per cent in a year.
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