Govt: Earthquake, tsunami cover mandatory for ports

The government wants bridges, channels and land, which are owned by major port trusts, to be insured mandatory

After the colossal earthquake and a following tsunami in Japan, the Indian government is working on rules that will make it mandatory for at least 13 major ports to have insurance.

The government wants all ports in India to reduce the possibility of financial losses by insuring their properties against earthquake and tsunami. The ministry of shipping has started internal discussions on how to frame an enabling policy to this effect.

At present, the government has established provisions under the public private partnership model, being used for developing cargo terminals that require the private firms to insure the properties created by them at major ports. The common use assets at major ports like bridges, channels and land-owned by major port trusts-are not insured. The government wants such properties to be insured mandatory.

According to the experts, such insurance cover would increase the total cost of operation for major ports and subsequently this may increase the pressure on ports to demand higher tariff for cargo handling services.

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Kotak Mahindra Mutual Fund floats 370 days fixed maturity plan

Kotak Mahindra Mutual Fund new issue closes on 2nd May

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 45 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

The new issue closes on 2nd May. The minimum investment amount is Rs5,000.

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Govt releases 19.63 lakh tonnes of sugar for sale in May

“This quantity of 19.63 lakh tonnes is sufficient to meet the internal demand of sugar for the month of May,” a food ministry statement said, adding that mills need to sell the entire quantity by 31st May

New Delhi: The government today allocated 19.63 lakh tonnes of sugar for sale in the open market as well as via ration shops for the month of May, marginally higher than the current month, reports PTI.

The food ministry “has decided to make available 19.63 lakh tonnes of sugar (levy sugar—2.13 lakh tonnes and non-levy sugar—17.50 lakh tonnes) for the month of May,” an official statement said.

Levy sugar is meant for ration shops while non-levy sugar is sold in the open market. The ministry had allocated 19.07 lakh tonnes of sugar for the current month.

“This quantity of 19.63 lakh tonnes is sufficient to meet the internal demand of sugar for the month of May,” the statement said, adding that mills need to sell the entire quantity by 31st May.

The food ministry also extended the deadline for sale of April quota till 15th May.

Out of 17.50 lakh tonnes of non-levy sugar, the food ministry said that 15.45 lakh tonnes would be normal quota, while 0.05 lakh tonnes would be refined sugar processed from imported raw sugar and 2 lakh tonnes as carryover from last month.

India’s sugar production is estimated to rise to 24.5 million tonnes in 2010-11 (October-September) as against 18.8 million tonnes in the previous year. The domestic demand is pegged at 22 million tonnes.

With projection of higher output, the government recently allowed export of five lakh tonnes of sugar under Open General License (OGL).

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