Negotiable Instruments Act to be amended soon
Mumbai: The government is shortly expected to amend the Negotiable Instruments Act in the forthcoming budget session of the parliament to hasten prosecution of issuers of cheques that bounce. As per the proposed amendment, aggrieved creditors can proceed against defaulters without detailed witness examination. There will be short-cut method, under which merely a certificate from the bank confirming that the cheque has been dishonoured for want of funds coupled with an affidavit will be enough to proceed against defaulters.

The Banking Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988 (66 of 1988) had inserted Chapter XVII (comprising sections 138 to 142) with effect from April 1, 1989. This step was taken by the government to enhance the acceptability of cheques as a mode of secured payment by making the drawer liable for the offence, in case of dishonour of the cheque.

The amendments will also provide for higher penalties. Besides imprisonment, defaulters at present are liable for 100 per cent of the default amount if the cheque bounces.
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Government considering 100 percent FDI in pharma R&D
New Delhi: The government was considering increasing the foreign direct investment (FDI) limit for conducting research and development activities in pharmaceuticals to 100 per cent through the automatic route. The government will make a formal announcement to this effect along with new drug policy.

The government currently allows 74 per cent foreign direct investment in pharmaceuticals R&D, without the Foreign Investment Promotion Board's (FIPB) approval.
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Crisil to launch e-commerce rating and evaluation service
Mumbai: Credit Rating Information Services of India Ltd.'s (Crisil) have announced the launch of e-commerce rating and evaluation services for members of `www.YarnsandFibers.com'. The service is aimed at addressing participant authentication and business credential verification requirements on YarnsandFibers.com.

Crisil' will be capitalising on its expertise and leadership in the rating business to offer e-commerce ratings and evaluation services and for clients, especially, the small and medium sized participants on the b2b.exchange. Over a period, the Crisil services will create an eco-system of known and profile e-participants on the yarns and fibers.

Crisil's services will be made available on request to all registered participants of the exchange, who would like to assess the business and trade credentials of prospective business partners.

Yarnsand-Fibers is a leading brand in the yarn B2B exchanges.
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Hindustan Lever to weed out low-end tea brands
Kolkata: Hindustan Lever Ltd (HLL) will soon review the viability of its tea brands in the lower segment, as part of its rationalising exercise. The company has 10 tea brands, mostly in the lower price segment. The move is planned to help the company focus on the premium brands, where margins were higher.

Some of the brands at the lower end include, A1 leaf, A1 dust and Tiger, which were priced at around Rs 100 a kg. Another brand, Ruby dust, was priced slightly higher but differed on a state-to-state basis. The popular-priced brands of most tea majors were facing stiff competition from cheap loose tea. HLL's popular-priced tea brands has grown by around 5 per cent, while the premium brands have grown by around 15 per cent. In effect, the low-ended brands have been under-performing.
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