Excise norms: Govt. open to suggestions

The Government is willing to consider the suggestion of the industry to postpone the date of implementation of the new excise procedure based on invoice value from April 1 to June 1 in the new financial year if it was hurting the industry. The Revenue Secretary, Mr. M. R. Sivaraman, who announced this while addressing a luncheon meeting of the Indo-U.S, Chamber of Commerce today, assured the industry that the Government was open to suggestions and willing to correct anomalies, if any, in the tax laws.

Stiff norms keep co.s away

Corporates have not yet approached financial institutions to prepay loans under the Exchange Risk Administration Scheme (ERAS). This is despite the Union Finance Ministry agreeing in principle to bear the interest loss of FIs. A top IDBI official said the Government has laid down some conditions which will reduce the burden on it though it is not to the liking of corporates. One of the condition is that the ERAS loans should be paid back in dollars with the second being that a corporate should pay back at one stroke, low and high interest loans, taken under ERAS.

Bengal critical of new mineral policy

The Centre’s recent decision to allow private sector firms to commercially exploit 13 minerals and to permit foreign equity participation up to 50 per cent, as a policy dictated by the exigencies of the current economic situation and detrimental to long-term national interest. The economic review of West Bengal for 1993-94, which was presented on Thursday by the State Finance Minister, Dr. Asim Dasgupta, to the State Assembly, observed that most of the non-renewable minerals now open for private sector exploitation were of strategic importance.

Related Topics
comment COMMENT NOW