Public Financial Institutions: NDDB amongst five others
New Delhi: The National Dairy Development Board and five other institutions have been declared public financial institutions (PFIs). UTI-1, a specified undertaking of the Unit Trust of India, has been left out owing to uncertainty over whether it can be a PFI or not.

The other applicants, besides NDDB, are Pradeshiya Industrial and Investment Corporation of UP Ltd, Rajasthan State Industrial Development and Investment Corporation Ltd, State Industrial Development Corporation of Maharashtra Ltd, West Bengal Industrial Development Corporation Ltd, and Tamil Nadu Industrial Development Corporation Ltd.

Some of the advantages of being declared a PFI include the fact that borrowers need not deduct tax at source from the interest they pay, thereby saving financial institutions from maintaining records and reconciling their tax liabilities.
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RBI defers revised norms for audit firms
Mumbai: Acceding to requests from the Institute of Chartered Accountants of India, New Delhi, the Reserve Bank of India has decided to defer the implementation of the revised empanelment and categorisation norms for audit firms to be considered as statutory central or branch auditors of 27 public sector banks, for a period of one year. The new norms will now come into force with effect from 2005-2006 instead of 2004-2005 as planned earlier.

Similarly, the decision to prepare a panel of statutory branch auditors for 27 public sector banks once in two years effective 2004-2005 has also been deferred for a period of one year. Accordingly, the statutory branch auditors' panel that would be prepared for 2004-2005 would remain in force for that year only and from 2005-2006 and onwards, such panel would be prepared once in two years.
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Rupee range-bound
Mumbai:The rupee was marginally up against the dollar to close the Monday's trade at 45.2325/2375. G-Sec prices closed higher. The 8.07 per cent 2017 paper opened at Rs 122.05 and closed at Rs 122.17. The 7.49 per cent 2017 paper opened at Rs 116.40 and closed at Rs 116.54. The 10-year benchmark, the 7.37 per cent 2014 paper closed with a yield of 5.25 per cent.
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