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Indians
Can Buy Shares, Property Abroad NEW DELHI: With foreign exchange reserves touching an unprecedented $ 70 billion mark, a confident Government of India has further opened up the economy allowing resident individuals, companies and mutual funds to invest in stocks and buy property abroad. Finance Minister Jaswant Singh told a meeting of overseas Indians in New Delhi on Friday that non-resident Indians can also sell property and other assets in the country and take away up to $ 1 million from such sales.
Resident Indians, companies and mutual funds will now be allowed to buy shares of companies listed on the stock exchanges in New York, Nasdaq, London etc. However, the companies whose shares are sought to be purchased should have 10 per cent holding in companies listed on Indian stock exchanges. Unlike other categories, mutual funds can invest up to $ 1 billion (as against the present limit of $ 500 million). The ceiling on Indian companies buying holdings outside will have to be proportionate to their net worth (25 %). Indian companies can also buy business and residential property abroad without any clearances. Individuals too can make such purchases abroad without having to pass through bureaucratic red tapes, but with a limit of $ 1 million. At present non-resident Indians are allowed to repatriate up to $ 100,000 from sales of their immovable property and other assets. The new relaxation raises the limit to $ 1 million. The Government has also lifted the limit of $ 20,000 for remittance under the employees stock options scheme. Although all these are for a six-month test-run, they take the Indian rupee a step ahead in the implementation of the proclaimed policy of convertibilty. Indian Cricketers Sign Contract on Condition(Go To Top) SYDNEY: In a significant step towards breaking the impasse over the vexed contract issue, all the 15 members of the Indian World Cup squad in Auckland, New Zealand, signed the ICC players' terms contract on Friday but made it clear that certain clauses in it were not acceptable to them. Although the cricketers made themselves available for the mega event by honouring the January 14 deadline set by the ICC, they have objected to certain "restrictions" in the contract.(Details) Iran,
Russia Sign Protocol on Nuclear Plants(Go
To Top) NICOSIA: Ignoring Washington's expressed concern that Iran might use nuclear power plants to acquire nuclear weapons, Moscow has signed a protocol with Iran envisaging continuation of cooperation in the field of electricity generation through the use of nuclear power. Under the protocol, Russian companies will speed up the completion of the nuclear power plant at Bushehr. After the inauguration of the plant, Russian and Iranian experts will carry out a feasibility study for a second 1 Gigawatt nuclear plant. Gholamreza Aqazadeh, chairman of the Iranian Atomic Energy Agency, and Alexander Rumyantsev, Energy Minister of the Russian Federation, signed in Teheran the relevant protocol during end-December. It is expected that the power plant will be commissioned by March 2004. Teheran, which has been included by US President George Bush in the so-called "axis of evil", vehemently denies charges that it is building two nuclear power plants that could be used to produce weapons of mass destruction. It should be mentioned that Iran allows inspectors of the International Atomic Energy Agency to visit the plants under construction whenever they wish. Moreover, in order to dispel any worry, Teheran agreed to return spent nuclear fuel to Russia for reprocessing. Reports on Dr Khan Baseless, Says Pak Mission in US (Go To Top) WASHINGTON: The embassy of Pakistan has described the recent media reports on nuclear scientist Dr AQ Khan as absolutely false, baseless and motivated. An embassy spokesman has been quoted by the News as saying that such reports were part of a malicious campaign against Pakistan's consistent and established record of safeguarding its sensitive nuclear technology and ensuring without doubt that this technology has not been given by any organization or individual, or to any other country. Dr Khan, he added, is a distinguished scientist and a national icon, whose contribution to Pakistan's security has earned him the respect and appreciation of the people of the nation. Pat Rafter Retires from Professional Tennis (Go To Top) SYDNEY: After much speculations about his professional future, the word is finally out. Patrick Rafter, two-time US Open champion and one of Australia's favourite tennis sons, announced his retirement from the sport on Friday.(Details) Unprecedented Security Umbrella for Olympics in Athens (Go To Top) SYDNEY: The 2004 summer Olympics in Athens will be the most protected in the Games history, thanks to unprecedented security arrangements costing two billion dollars. In order to make the Games as safe and secure as possible, Greek officials have been consulting anti-terrorism and other multi-national teams of experts to gauge the likelihood of attacks at or near any of the 60 sporting and non-sporting venues.(Details) Tata Group's First Movie on the Floors(Go To Top) MUMBAI: Tata Infomedia's first film Aitbaar is finally rolling. And the much awaited entry of the corporate world into the film industry is here and seems like it is definitely going to stay. According to Amitabh Bachchan, the new trend is definitely going to organize the industry by increasing the accountability that goes into making a film . Thanks to corporate giant Tata Group's foray into film production, the Amitabh Bachchan-starrer Aitbaar got rolling again after an untimely halt. US Not to Extradite Abdullah Shah (Go To Top) ISLAMABAD: The US Justice Department has refused to hand over former chief minister of Sindh, Syed Abdullah Shah, to Pakistani authorities who sought his extradition to try him at home for his alleged misuse of public office and involvement in other serious cases, the Nation says. "The Justice Department has declined to entertain Pakistan's plea for Abdullah's extradition," sources in the Foreign Office revealed. The Justice Department has asked for substantial evidence against the former chief minister who flew to America after the dissolution of his Government in 1997. But officials at home have failed to do so. The former CM was convicted by the accountability courts in Karachi in six different references that said Shah caused loss to the public exchequer of more than Rs 370 million. Pak's UN Representative May Be Recalled (Go To Top) ISLAMABAD: Pakistan is likely to recall Munir Khan, its permanent Representative to the United Nations, following charges of domestic violence against him that have been reported in the US media. A decision in this regard is expected soon, according to Dawn. It quoted a senior official as saying that "even if it was largely a weak case, Pakistan Government will not let an individual, no matter how competent, hamper Pakistan's presence at the United Nations. This is likely to be, even if tragic, an open-and-shut case." It also reported that in the opinion of a former diplomat, "anything potentially embarrassing for the Government will be nipped in the bud." Senior officials too reckoned the gravity of the matter. NSCN (I-M) Has Talks with Advani (Go To Top) NEW DELHI: The NSCN(I-M) began talks with Deputy Prime Minister Lal Krishna Advani here on Friday raising hopes for an end to the country's longest-running separatist revolt. The details of the meeting are not known. Isak Chisi Swu and Thuingaleng Muivah, the two leaders of Nationalist Socialist Council of Nagaland, had described as "sincere" the talks they had with Prime Minister Atal Behari Vajpayee on Thursday. Officials have said the rebel group is no longer insistent on the demand for an independent tribal homeland, but it was unclear to what extent they relented. Last November, the Central Government lifted a 12-year ban on the rebel movement, the largest of the 50-odd rebel armies operating in the north-east, to pave the way for its leaders to return to India for negotiations. -ANI |