The excise concessions given to diesel-driven vehicles may not hold good any longer, say auto industry watchers. Last year’s Budget had an unpleasant surprise for makers of 10-seater diesel vehicles. The concessional excise duty of 15 per cent was deemed withdrawn for vehicles weighing less than 2,700 kg. The initial reaction was one of disbelief as some manufacturers thought that the weight clause was a move to ensure that their vehicles would no longer be able to enjoy the duty concession. Mahindra & Mahindra was, especially, concerned since its key Commander and Armada range would cost more. Other vehicles which were hit included Tempo Trax, H. M. Trekker and Tata 207.
Fed chief plays down bankruptcy impact
The Federal Reserve Chairman, Mr. Alan Greenspan, on Wednesday called the US economic recovery ‘solid’ and saw few signs it was weakening, but warned of the dangers of allowing the good times to fuel higher inflation. In Congressional testimony that hinted at the possibility of further interest rate increases by the central bank, Mr. Greenspan painted a picture of an unexpectedly strong economy that was putting upward pressure on prices. “The impressive performance of the American economy continues,” he told Congress Joint Economic Committee. “This is a very solid recovery with few signs of underlying deterioration as yet.”
New York to ban smoking outdoors
New York City took a big step toward enacting one of the country’s toughest smoking bans on Wednesday, over protests by the tobacco industry and restaurant owners. The City Council’s health committee voted unanimously to approve the ban.
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