The Government today modified the schemes for gold and silver import for incoming passengers by granting them the option to take delivery of gold and silver in India. The imported item can be collected from the customs bonded warehouses to be operated by the State Bank of India (SBI) and the Minerals and Metals Trading Corporation (MMTC). The scheme comes into effect from November 1, 1994. The modification has been announced in view of the security hazards involving physical carriage of the precious metals, especially for those passengers arriving through late night flights, says an official press release.
Dabur subsidiary in Pak
The Dabur group plans to set up a wholly owned subsidiary in Pakistan to manufacture and market its beauty and health care products. The group Chairman, Mr. A. C. Burman, said the outfit would be promoted by either the group’s company in London or by the new investment company in the tax haven of British Virgin Island.
Punto muscles Fiat turn around
Italian industrial giant Fiat SpA bounced back from record losses last year to register a pre-tax profit in the first half of 1994, with prospects for the next six months also strong, the company said. Fiat made a consolidated gross profit of 72 7 billion lire ($467 millions) in the six months to June 30, against a loss of 982 billion lire ($631 millions) in the same period last year. The company’s journey along the road to recovery has been speeded by the huge success of its new small Punto car, launched at the end of last year. So far orders for some 585,000 of the distinctive, snub-nosed car, have been placed.
Source: Hindu business line
Source:Bullion Bulletin