Big cut in aid needs by 1971
Mr. T.T. Krishnamachari, Union Finance Minister, is reported to have told the American Senators’ delegation, which met him to-day [Dec. 10, New Delhi] that India hoped to effect considerable reduction in its dependence on foreign aid by the end of the Fourth Plan. According to Mr. Krishnamachari, by 1971 India would have got over the “hump”. He, however, pointed out that even after this period some amount of foreign aid might be required by way of non-project assistance for maintenance imports, raw materials, etc. The Finance Minister made these remarks when he was specifically asked by a member of the delegation as to when he thought India’s dependence on foreign aid would be diminished or eliminated. Scope for private foreign investment in India is learnt to have figured prominently during the discussions. Mr. Krishnamachari explained the provisions which allowed repatriation of capital and profits of foreign investors and said that foreign investments commanded better reputation for their shares than Indian companies. The Finance Minister told the Senators that a climate had been created favourably for foreign private investment and all facilities were being given. But, the extent of foreign investment had not been very much. The investments had been mainly through ploughing back of profits in industries already set up by foreigners.
Storm hits Kerala coast
Two persons including a three-year-old child were killed and over 50 country craft, sailing vessels and mechanised fishing boats were either wrecked or missing in the cyclonic storm which lashed the 250-mile long coastal area of Kerala during the last two days. Heavy rains accompanied the storm. Full details of the havoc caused have not been received. Over 500 persons have left their homes seeking places of safety following severe sea erosion reported in coastal areas like Chellanam, Narayanambalam, Edavanakad, Elankunnapuzha villages. Numerous huts have been destroyed at Kannamalai and Chellanam. Coconut trees have been uprooted. The erosion had not yet subsided. Rescue measures are being taken. Sea erosion and Purakkaad and Varakkal, near Alleppey has rendered 19 families homeless; 150 coconut trees were uprooted. Twelve members of a family were to-day [December 10] admitted in hospital at Alwaye for treatment of injuries sustained in a house collapse in a village near Alwaye. The condition of one of them is reported to be serious. In Trichur district, about 1,000 coconut palms were swept away in sea erosion across a three-mile stretch in Valapad Several houses were damaged and hundreds of coconut trees were uprooted in the coastal belt of Nattika. In Edathurithi, a primary school and about 20 houses were damaged. About 100 huts belonging to fishermen have been swept away by the high seas at Paravoor. In the northernmost Cannanore district, one country-craft sank in the sea of Cannanore. Six of the eight members of the crew of the boat swam ashore, the two others are missing. Two other country-boats which were found drifting in the Arabian Sea off Cannanore on December 8, later reached the nearby port of Baliapatam, with the entire crew safe. At least three mechanised fishing boats were sunk and some damaged off the Ambalapuzha coast in the storm that occurred on Wednesday [December 8]. Fearing rough sea, the boats had anchored there for safety, but were hit by violent tides.
IT official sent to break open steel room
An officer of the Income-tax Department flew to Jaipur yesterday [December 9] with special sanctions to break open the massive steel room at Ramgarh belonging to a businessman babbed by the authorities in Bombay a few days ago for tax evasion and concealed income, of over Rs. two crores. The officials who searched his home at his native place of Ramgarh have already seized large quantities of gold, precious stones and currency, from eight safes. But they could not gain entry into the all-steel room. Efforts made during the last two days resulted only in making a dent in the massive steel wall with the help of oxy-acetylene flame. Reports received here [BOMBAY] indicate that the wall is impregnable. The Enforcement Directorate of the Union Finance Ministry seized last night [December 9] some incriminating documents and Indian currency to the tune of Rs. 20,000 following a raid on a room in a city hotel. Official sources said the currency was earmarked for making compensatory payments to persons in India on behalf of parties abroad in violation of the Foreign Exchange Regulation act.
