With the week ending on 12^th November, India’s foreign exchange reserve rised by $4.2 million dollars rising to a total of $33.78 billion dollars.

For the first time in 22 weeks, the inflation slightly rose by 0.23% to attain a steady 3.01%, mainly due to rise in prices of fruits, tea & polyester.

The Reserve Bank of India (RBI) announced that a person can receive foreign currency from any person resident outside India & who is on a visit to the country, for services rendered or in settlement of any lawful obligation.

Zee Telefilms has embarked in an effort to become a major player in the satellite telephone business by making a bid for a controlling stake in the loss making satellite telephony company, ICO Global Communications which filed for bankruptcy in the US. Other bidders are the Teledisc.

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Residents of Plahi in the Doaba region have set up the National Institute of Integrated Rural Development and Transfer of Technology with the help of NRIs. Works such as E-mail technology, solar lightings, biogas plants and an 1100 seater community hall are few of them. It’s unique in the form that none of the works were financed by the government.

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Punjab has gone hi-tech in checking out tax-evaders. The method is through cross-checking of all tax bills & receipts at various entry & exit points through a network of computers.

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The latest study by Association Council Confederation of Indian Industry (CII) revels the buoyancy in the economy shows more than 10% growth. Leading was the Automobile sector with 73% growth. The other sectors are power transformer industry, motor stamping, telecom cables & software industry.

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Microsoft is targeting the relatively untapped government sector with the scheduled launch of the Indian language version of its windows operating systems. Mr. Rajiv Nair, president of Microsoft India said, access to local language software will lead to move localised content, which is a key catalyst to proliferate information technology. Microsoft will be launching windows 2000 in Tamil, Marathi, Konkani, Hindi, Urdu & Sanskrit around mid-February.

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IDBI TO GO FOR INTERNATIONAL LISTING

Industrial and Development Bank of India (IDBI) is planning to come out with American depository receipts (ADRs) or global depository receipts (GDR) issue for listing on the international stock exchanges.

IDBI would be the second financial institution to go for international listing. ICICI had floated ADR in October for listing on New York Stock Exchange.

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The Govt. of India has invited the NRIs to invest in its Telecom Sector. The Communication Minister Shri Ram Vilas Paswan said for developing the telecome sector rapidly, private investment play an important role and the NRIs are to play a responsible role in it.

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GOVT. OF PUNJAB INVITES TENDERS FOR ROADWAYS BUSES