The Hindu Business Line : Petro-product duty cuts to be announced today

THE Finance Minister, Mr P. Chidambaram, will announce the excise and customs duty reductions on petro products to mitigate the impact of soaring global crude prices on the domestic consumers and public sector oil companies in Parliament on Wednesday.

This was stated by the Parliamentary Affairs Minister, Mr Ghulam Nabi Azad, following a meeting of the Union Cabinet held on Tuesday.

The Cabinet also gave its approval for introduction of six new Bills in the current session of Parliament. These include the enactment of the Government Securities Act to replace the existing Public Debt Act, 1944 and the repeal of the Indian Securities Act, 1920; the Credit Information Companies (Regulation) Bill, 2004; and the Seeds Act, 2004, in place of the existing Seeds Act, 1966 and Seed Control Order, 1983.

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