Cut in duty on steel proposed

In the context of the Budget for 1995-96, the Steel Ministry has recommended to the Finance Ministry a five percentage point reduction in excise duty to 10 per cent for all categories of steel items and billet, which currently attract 15 per cent. In the Steel Ministry’s view, a lower excise element will help bring down prices, boost demand and, therefore, capacity utilisation and finally check excise evasion. For pig iron and HBI, however, the Ministry has not asked for a scaling down of the excise duty.

Public sector banks face penalty

Public sector banks which default in meeting the priority sector targets are likely to be directed to deposit the amount of their shortfall with the Nabard, according to a scheme being worked out by the RBI in consultation with the Government. According to officials of the banking division of the Finance Ministry, as a penal measure, the amount deposited is likely to attract a concessional rate of interest of around 10 per cent. “We are being very particular that the targets set for priority sector lending for the banks are achieved by them within the stipulated time...,” says an official of the banking division.

Efforts on to cap well

The ONGC crisis management team is persisting with plastic explosives to remove the damaged blow-out preventer (BOP) and speed up fire-fighting operations, even as Mr. S. K. Manglik, the ONGC Chairman, arrived at the site on Wednesday to review the final phase of operations. Mr. Manglik told newspersons that the team would continue its efforts to blast off the BOP as soon as possible and cap the well.

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