Bidding norms eased for Indians in forex projects

The Reserve Bank of India, on Monday, withdrew prior permission sought to be received by Indian bidders to take up Foreign currency projects in India under International competitive bidding, reports UNI from Mumbai.
In a notification, RBI said as a measure for procedural simplification, it has been decided, in consultation with Government of India, that the prior permission of Administrative Ministry/Authorisation from Central Government may not be necessary for International Competitive Bidding (ICB).

Accordingly, resident Indians were now permitted to incur liability in foreign exchange and to make or receive payments in foreign exchange in respect of global bids for projects to be executed in India without insisting on prior approval of the concerned Administrative Ministry for the International Competitive Bidding. However, these projects should have been authorised by the Central government and the necessary approval received from concerned administrative ministry, RBI said.


Hindustan Unilever Q1 net down 3 pc at Rs 381 crore

Hindustan Unilever, on Monday, announced a net profit of Rs 380.95 crore for the first quarter ended March 31, 2008, a three per cent decline over the corresponding period a year ago, reports PTI from Mumbai.

The company had posted a net profit of Rs 392.89 crore in the year-ago period, it said. However, total income rose to Rs 3,871.24 crore for latest quarter from Rs 3,218.49 crore in the same period a year ago.