Budget through as LS passes Finance Bill

The Lok Sabha today passed the Finance Bill 1997 after the Finance Minister, Mr. P. Chidambaram, put up a spirited defence of the deep cuts proposed in the 1997-98 Budget in income-tax and customs as also the voluntary disclosure scheme giving immunity to tax evaders “if they come clean and come on board”. Mr. Chidambaram said that none of the political parties which met him raised any serious objections, except one party which said that the peak rate of duty should remain 40 per cent and that it should not be reduced.

National Iranian Oil to be allotted shares in MRL

National Iranian Oil Company (NIOC), one of the original joint venture partners of Madras Refineries Ltd., is to be allotted shares in the oil PSU in order to restore the Iranian company’s holding to the original level. MOC’s stake had come down from 13 per cent to a little less than 10 per cent when it did not subscribe to MRL’s rights issue of 1994. The MRL Chairman and Managing Director, Mr. S.N. Mathur said that, following NIOC’s willingness to restore its stake to the original level, an agreement was being processed to allot shares to the Iranian oil major. The agreement would be signed soon, probably by the end of this month, he said.

Industrial growth slowdown temporary: FICCI study

The slowdown in industrial growth will bottom out only by the end of the current fiscal year and in the first quarter of 1998-99 and industry will grow at a rate between 10.5 and 11.5 per cent, a survey conducted by the Federation of Indian Chambers of Commerce and Industry has said. The survey, covering 175 large, medium and small corporates, has indicated that the present slowdown is a temporary phenomenon.

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