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BRIEFS
Delhi simplifies customs rules
NEW DELHI. June 24 : The Indian government has announced a aeries of measures simplifying ustoms I
Including "self-assessment" of duties by Importers, a Commerce Ministry statement said, reports Reuter.
The new measures introduce a green channel" for imported cargo, liberalise baggage rules for tourists and Indians living abroad, and give greater flexibility to import goods through global couriers.
For certain categories of Imports, traders will now be allowed to self-assess the value of goods being brought in, determine the duty liability and pay It. khe Commerce Ministry said A small percentage of the goods will be randomly cheeked by customs officers to ensure Importers arc honest.
Bombay brokers continue boycott
NEW DELHI. June 24 : Nervous brokers continued Monday a trading boycott of the Bombay Stock Exchange (BSE), the country's largest, awaiting resolution of the uncertainties created by India's billion-dollar bond scam, reports AFP.
The exchange was officially open for trading but brokers stood by awaiting a ruling on the transferability of shares standing tn the names of those accused in the scam, the Press Trust of India (PH) said.
The assets of 31 people, including alleged scam mastermind Harshad "Big Bull" Mehta, have been attached by a government-appointed custodian.
US court declines to review liability case
WASHINGTON. June 24 : The US Supreme Court, in a case of major Importance for the international banking system, declined to review whether US banks can be held liable for deposits in their foreign branches when the foreign government freezes the assets, reports Reuter.
With potentially billions of dollars at stake, the High Court denied an appeal by Citicorp's (CCI.N) Citibank unit arguing that It should not be held liable.
According to Citibank's appeal, the case has wide significance. US banks now have more than 800 foreign branches in 71 nations with deposits of 300 billion US dollar
Dollar falls, gold mixed in Europe
LONDON. June 24: The US dollar fell against other major currencies Wednesday in early European trading. Gold prices were mixed, reports AP.
In Tokyo, the dollar closed at 127.03 yen, up 0.07 yen from Tuesday's close. Later in London, the dollar was quoted at 127.04 yen.
Other dollar rates at midmorning compared with late Tuesday :
— 1.5613 German mark, down from 1.5650
— 1.4128 Swiss franc, down from 1 4150
— 5.2590 French franc, down from 5.2710
— 1.7585 Dutch guilder, down from 1.7635
— 1.181.50 Italian lire, down from 1,184.00
— 1.1970 Canadian dollar, up from 1.1965
London's major bullion dealers fixed a recommended gold price of 344.00 dollar per ounce at midmornfng, down from 344.35 dollar bld per ounce late Tuesday.
HK govt buys stake at electronic company
HONG KONG. June 24 : The Hong Kong government has agreed to take a minimum 30 per cent stake In an electronic communications system owned by some of the colony's most Influential companies, a report said Tuesday, according to AFI’.
The Tradclink System, whose I 1 shareholders include the Hong Kong Bank. Swire Pacific and Hong Kong Telecom, will allow businesses to communicate with the government electronically through an Electronic Data Interchange (EDI) gateway, the English-language South China Morning Post newspaper said.
EDI Is the computer-lo-computer exchange of business Information In a standard format.
Drug gang members arrested in US
NEW HAVEN (Conn), June 24: Federal agents and local police arrested 10 people believed to be members of a violent drug gang In a series of early-morning raids Monday, reports AP.
More than 80 officers began breaking down the doors of the suspects' homes shortly after 6 am. after a federal in-dlctment was unsealed.