Briefly Business

The finance ministry has is looking at ways to regulate chit fund and other related businesses but also wanted the states to strengthen their oversight.

Written by Press Trust Of India | Published: May 1, 2013 1:27:52 am

‘States should also improve oversight of chit funds’

Mumbai: The finance ministry has is looking at ways to regulate chit fund and other related businesses but also wanted the states to strengthen their oversight. “There is a need for regulating chit funds in some manner. How that will be done is not something that I can say now because there is no decision on it,” economic affairs secretary Arvind Mayaram said.

ONGC finds gas in KG basin block

New Delhi: ONGC has struck natural gas in a block that sits next to Reliance Industries’ KG-D6 area. ONGC found gas in an appraisal well drilled on the block KG-DWN-98/2 where the company had previously made nine gas discoveries.

CCEA may consider IKEA proposal today

New Delhi: IKEA’s Rs 10,500-crore proposal to set up single brand retail stores in the country is expected to be taken up by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday.

SBI,Reliance witness decline in premium

New Delhi: The life insurance industry witnessed a drop of 6 per cent in premium collection during 2012-13. Among the seven large private insurers,SBI Life’s premium income fell by 20 per cent to Rs 5,184 crore during April-March,2012-13.

Anand Sharma may meet FM today

New Delhi: Commerce and industry minister Anand Sharma is expected to discuss hiking of FDI cap in the defence sector as well as other issues related to FDI with finance minister P Chidambaram on Wednesday.

Govt bans gold trading in SEZs

New Delhi: Seeking to check misuse of tax benefits by the Special Economic Zones,the government has banned trading of gold by units in SEZs. SEZs are allowed duty-free imports as opposed to a cap of 6% charged on imports by other entities.

US offers flexibility in WTO on food security

washington: The US has given some ground on the issue of food security in world trade talks. “The United States agrees with India and other proponents that enhancing food security in developing countries is indeed an important issue for this body to address,” the US Trade Representative said in a statement.

Royal Enfield to unveil Continental-GT

Chennai: Motorcycle manufacturer Royal Enfield will introduce a new variant Continental-GT equipped with a 525 cc engine by year end,a top company official said on Tuesday.

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