Europe set the stage for the birth a new single currency on Thursday, sweeping away monetary borders between 11 nations and forging a new economic superpower to rival the United States. The European Union's executive body formally proposed the rates at which 11 national currencies will be forever locked against the euro, one of the last key decisions before the currency's launch at midnight (2300 GMT). The rates were derived from the market value of the European currency unit, the precursor of the euro. The launch set the 11 participating nations on the road to become the world's pre-eminent trading power, boasting a $6.5-trillion economy with 291 million consumers.

Samadhan scheme extended by Ordinance

The last date for filing declarations under the Kar Vivad Samadhan Scheme for disputed tax arrears has finally been extended to January 31, 1999, after considerable confusion in this regard over the past two days. The President, Mr. K.R. Narayanan, promulgated an Ordinance to this effect. The Ordinance also stipulates that the designated authorities should pass orders determining the sum payable within 30 days only, as against 60 days available at present, in respect of declarations to be filed in the extended period. This is to ensure that the revenues are realised within the current fiscal year.

2-tier set-up proposed for plantation schemes

THE Dave Committee on collective investment schemes (CIS) has recommended a two-tier structure for management of these schemes. The committee has recommended that collective investment schemes can be floated only by companies incorporated under the Companies Act. Under the proposed two-tier structure, companies floating such schemes will have to register a collective investment management company (CIMC) with SEBI. The CIMC will be required to have a minimum networth of Rs. 10 crores.

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