Bizbits

Import of 148 items freed
NEW DELHI: India today lifted import curbs on 148 items, including uncut ruby, sapphire, emeralds and precious stones besides tape recorders and compact discs. These 148 items, whose imports had been under restricted list of items, can now be brought into the country through special import license SIL, an official release said.

The move is in keeping with India8217;s commitment towards gradual removal of quantitative restrictions QRS on imports. Other precious stones like uncut aquamarine, chrisobaryle and topaz, could be imported now without any ceiling on the quantities, it said. Import of mustard oil, essence of ambrettolide and flavouring essences of all types including those for liquors have also been allowed under SIL. Pocket knives, garage tools in sets, screwdrivers and other knives having fixed blades of a kind classified as consumer goods besides cookers and kitchen stoves have been moved to the special import license list.

Syndicate Bank profit rises inQ1
MUMBAI: Syndicate Bank has posted a net profit of Rs 43.38 crore during the first quarter Q1 of the current financial year, recording an 85 per cent growth over the corresponding period in the previous year. Syndicate Bank held a function at Cuffe Parade to celebrate 50 years of India8217;s Independence. The chief guest at the function was PS Subramanyam, executive director of Industrial Development Bank of India and chairman designate of the Unit Trust of India. It achieved a quantum leap of over Rs 2,360 crore of business during the first quarter and has reached the level of Rs 27,000 crore.