December 27, 1985, was a day of significant developments across India, spanning finance, internal security, and political history. The central government took steps to engage its global diaspora, even as tensions simmered in a northern state and a grand political celebration was set to begin.
Finance Minister VP Singh Engages NRIs, Announces Key Reforms
In a landmark move to boost foreign investment, Finance Minister Vishwanath Pratap Singh held the first open house session with approximately 250 non-resident Indians (NRIs) in New Delhi. Flanked by top officials from his ministry, Singh listened to firsthand accounts of the challenges NRIs faced with Indian regulations and bureaucratic red tape.
While conceding to several of their demands, Singh stated that the issue of a 5 per cent ceiling on NRI investment in Indian companies required further discussion before a final decision. In a concrete step to ease processes, he announced the government would introduce a special Non-Resident Exchange (NRE) cheque system. This system was designed specifically to speed up the allotment and purchase of shares by NRIs in Indian companies, marking a proactive effort to streamline investment channels.
Curfew and Tension Grip Punjab
Meanwhile, the state of Punjab remained on edge. Suspected terrorist activity claimed one life in the 24 hours leading up to December 27. In Gurdaspur, a curfew imposed after a deadly clash between members of two communities two days earlier showed no signs of being lifted.
Reports indicated heightened tension in several urban areas following a state-wide bandh (shutdown). This protest call was given jointly by the Shiv Sena and the Punjab Brahmin Sabha to condemn the Gurdaspur incident, underscoring the volatile law and order situation in the state.
Bombay Dresses Up for Historic Congress Centenary
In stark contrast, the metropolis of Bombay (now Mumbai) was buzzing with anticipation and excitement. The city was fully prepared to host the historic centenary celebrations of the Indian National Congress, an event it had awaited for a full year.
The entire city had adopted a festive appearance, with activities at the main venues for the grand show reaching a frenetic pace. The celebration marked 100 years since the party's founding, a milestone in India's political journey.
International Brief: Lebanon's Warring Factions Reach Agreement
On the international front, there was a glimmer of hope for peace in West Asia. Beirut Radio, the state-run broadcaster, reported that Lebanon's three most powerful militia groups had reached an agreement on a Syrian-sponsored pact to end the nation's devastating 10-year-long civil war.
The report stated that negotiators from the Druze, Shia Muslim, and Christian militias had resolved the final point of contention during talks held at the office of Syrian Vice-President Abdul Halim Khaddam in Damascus. The accord was expected to be signed before the end of the year 1985.
