Manmohan grants duty reliefs on inputs

The Finance Minister, Dr. Manmohan Singh, today announced a host of concessions in the customs and excise duties on raw materials and intermediates while extending full duty exemption for the import of 31 more life-saving drugs and certain items of medical equipment. Dr. Singh also proposed to liberalise the criteria for availing of the five-year tax holiday by developers of transport infrastructure. He reduced the rate of tax deduction at source (TDS) on professional and technical services fees from 10 per cent to five per cent provided the payments during the year exceed Rs. 20,000 crores.

Abex Corporation pulls out of Sundaram-Abex

Abex Corporation, USA, has divested its stake in the Madras-based brake lining manufacturer Sundaram-Abex Ltd. The 17 per cent stake of the American company has been bought over by some private companies belonging to the original promoters, the TVS group. With this, the stake of the TVS group and its member companies will go up to 50 per cent from 30 per cent in Sundaram- Abex Ltd. Consequent to the buy-out of Abex Corporation’s stake, the company will be changing its name to Sundaram Brake Linings Ltd. It has called for an extraordinary general meeting of shareholders on June 12 to secure permission for the change.

Steel wage pact signed

More than two lakh steel workers will benefit from the wage agreement signed on Thursday between the workers and the management of the steel industry. The agreement, signed after prolonged discussions in the National Joint Committee for the Steel Industry (NJCSI), will be effective from January 1, 1992.

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