New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

MCX to start brass futures trading next week

Ccommodity exchange  MCX on Thursday said it will start brass futures trading next week and provide a benchmark reference price for hedgers.

Three contracts ending in April, May and June 2018, will be available for trading. The lot size of the contract will be one tonne, the exchange said in a statement.

MCX said the brass futures is the first non-ferrous contract with the compulsory delivery option.

The price to be quoted at ex-warehouse Jamnagar (basis centre) inclusive of taxes and duties, excluding GST. The ingots and billets would be of IS-319 grade.

BCCI clears Shami of corruption charge, gives central contract

The BCCI on Thursday cleared India speedster Mohammed Shami’s central contract after its anti-corruption unit (ACU) exonerated him of corruption charges levelled by his wife Hasin Jahan. Shami has been given a Grade ‘B’ annual contract, which will make him richer by Rs 3 crore. He will also be free to play in the Indian Premier League for his franchise Delhi Daredevils, starting April 7.

RAJYA SABHA ELECTIONS: 87% crorepatis in the fray

Eighty-seven per cent of the candidates contesting the Rajya Sabha elections are crorepatis with JD(U)’s Mahendra Prasad having  the highest assets worth Rs 4,078 crore, says election watchdog Association of Democratic Reforms (ADR).

NCLT cracks down on DSK Developers

The ministry of corporate affairs has initiated strong action against Pune-based DS Kulkarni Developers and individuals for illegal fund diversions in the garb of “related party transactions”.

On a petition moved by the ministry, the National Company Law Tribunal (NCLT) has barred the company as well as various individuals, including key managerial personnel, from mortgaging their properties besides freezing of securities, among other directions.

BBB not to be scrapped

There is no move to wind up Banks Board Bureau (BBB), a senior government official said on Thursday and added it will be reconstituted after its term expires on March 31, 2018. The reco­nstitution would be ann­o­u­nced once the cabinet co­m­mittee on appointments cl­e­­ars new members’ names.

The term of BBB chairman Vinod Rai, who was ta­s­k­ed to advise the governm­ent on enforcing “a code of conduct and ethics for managerial personnel” in banks, will end at the end of March.

Gas price to be hiked, power, urea output cost to rise

The government may raise domestic natural gas price next week to its highest level in two years, a move that will translate into higher CNG price and increase cost of power and urea production.

Price paid to most of natural gas produced from domestic fields is likely to be hiked to $3.06 per million British thermal unit from Ap­ril 1, from current $2.89, sources privy to the development said.

RBI to pay Rs 10,000cr dividend

The Reserve Bank of India (RBI) will pay Rs 10,000 crore dividend to the government. According to official sour­ces, the government receive d the RBI decision on interim dividend payment. The dividend would be paid this mo­nth, sources said on Thursday.

The amount has been ca­lculated for 6 mon­ths thr­o­u­gh December 31. RBI’s fina­ncial year runs from July to June.

RBI had earlier declined requests from the government for an additional payment after the dividend payout dropp­ed to a 5-year low.

PNB staggered payment plea hangs in balance

State-owned Punjab National Bank (PNB) has sought the Reserve Bank India’s (RBI) permission to stagger the over Rs 12,000 crore payment to other len­d­ers over four quarters in the next financial year, according to official sources on Thursday.