Cabinet approves 3 bills
New Delhi: The cabinet has cleared the Companies Amendment Bill, 1999, amendments to the Essential Commodities Act, 1995 and the Semiconductor Integrated Circuits Layout-design Bill 1999. These bills will now be introduced in the current session of the Parliament. While the Companies Amendment Bill will offer additional provisions for speedy implementation as the full bill, which is with the Rajya Sabha now, will take time for final approval, amendments to the Essential Commodities Act provide for stringent punishment to hoarders.

The government is also introducing the Information Technology Bill on 16 December, aimed at framing cyber laws to enable Internet-based trading activities.
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MTNL plans to enter long distance telephony
New Delhi: The Mahanagar Telephone Nigam Ltd is entering the long distance telephone service sector. It has earmarked Rs 1,000 crore for investment in the first phase of a project, which will cover seven cities, including the four metros. Long distance telephony sector is expected to be opened up for private participation from 1 January 2000 as per the new telecom policy. MTNL will, as part of the project, set up a modern transmission network.
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ICICI Bank, Satyam set up JV
Mumbai: ICICI Bank and Satyam Infoway are setting up a joint venture company to offer banking products online. The two entities have signed a memorandum of understanding to work jointly to exploit the e-commerce market in the country and make optimum use of their individual strengths and capabilities. For this purpose a portal, icicisify.com, has been set up, which will offer savings accounts, current accounts, fixed deposits and bill payment facilities. In addition, Satyam Infoway’s buyer-to-seller website, SeekandSource.com, will work in unison with ICICI Bank’s internet-based business-to-business payment module for purchasers and sellers to effect payments online. In other words, customers can purchase or sell products online and receive or make payments also online.

ICICI’s chairman and managing director K.V. Kamath said the new company will function parallel to ICICI Bank’s "Infinity" services. There will be improvement in the customer services and lower distribution costs, he added.

R. Ramaraj, managing director of Satyam Infoway, said the new company will help offer trade facilitation and payments over the Internet using ICICI Bank’s products.
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Task force suggests closure of 3 banks
New Delhi: The task force on non-performing assets of commercial banks set up by the Confederation of Indian Industry has suggested that the three weak public sector banks, Uco Bank, Indian Bank and United Bank of India, should be closed down in a phased manner. The task force, headed by ICICI"s chairman and managing director K.V. Kamath, has submitted its report to the finance ministry. The other members of the task force are Rahul Bajaj, Arun Bharat Ram, Jamshed Irani, Nimesh Kampani and Lalita Gupte.

The task force has also recommended that the government should reduce its holdings in banks and financial institutions as it will be difficult for them to control non-performing assets as long as they remained under government control. The task force also recommended that, at a later stage, Bank of Baroda, Corporation bank, Oriental Bank of Commerce, State Bank of India, and Industrial Development Bank of India, Industrial Finance Corporation of India, Small Industries Development Bank of India and Exim Bank. should be privatised.
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