Exim Bank Gets Cabinet Nod To Expand Capital

An official spokesman said this has been done to provide the bank adequate capital so that it can support its future business growth and raise external resources at competitive rates.

The cabinet, at its meeting on Thursday evening, also approved creation of 77 new posts in the grade of commissioners of income tax in the scale of Rs 5900-6700 per month.

The IT department has been hit by shortage of senior level officers to deal with the increasing number of appeal cases.

The Union cabinet approved a proposal to restructure Andrew Yule & Company Ltd by spinning off its engineering and belting divisions. These units will be converted into separate joint ventures with the status of fully-owned subsidiaries of Andrew Yule, so that they can have access to capital, technology and marketing technology from any viable joint venture partners.

 

A proposal to rename Ahmedabad airport after Sardar Vallabhbhai Patel was also cleared by the cabinet.

Besides, it cleared a proposal for signing of the Bilateral Investment Promotion & Protection Agreement with Czechoslovakia and South Africa.

India has signed similar agreements with Russia, Germany, the UK, Malaysia, Turkmenistan, the Netherlands, Israel, South Korea and Tajikistan. It has finalised such agreements with France, Switzerland, Argentina, the Ukraine, Thailand and Belgium.