Government raises food grains output estimate

Government’s latest estimates show, country’s foodgrain output touched an all time high of 257.44 million tones (mt) in 2011-12 season. It is a 5.17 per cent growth higher than the final output of 2.44.78 mt in 2010-11. The earlier projected output for 2011-12 was 252.56 mt.

ADB included Renminbi and the Rupee in its Trade Finance Programme

The Asian Development Bank will provide trade finance support to deals denominated in the Rupee and the Renminbi(China). The bank’s board of directors approved the inclusion of the Rrupee and the Renminbi in its Trade Finance Programme.

The ADB’s Trade Finance Programme fills market gaps for trade finance by providing guarantees and loans to banks to support trade. This programme has been used to cover only transactions denominated in dollar, yen and euro. The programme is active in 16 countries.

Essar Oil to pay Rs 1,000 crore to Gujarat Government

The Supreme Court has ordered Essar Oil to pay Rs 1,000 crore to Gujarat Government by July 30 to avoid the Government’s move to seize the company’s bank accounts. Earlier, the Gujarat Government had decided to seize the company’s bank accounts to recover the sales tax liabilities of around Rs 6,300 crore as well as penalty and interest of Rs 2,000 crore.