Swamped by growing infrastructural bottlenecks, industrial performance has registered a marked deterioration during 1996-97, with overall growth estimated at a mere 6.7 per cent. The deceleration also reverses the earlier observed post-reforms fend, which pointed towards a sustained increase in industrial growth rates from 0.6 per cent in 1991-92 to 2.3 per cent in 1992-93, 6 per cent in 1993-94, 9.4 per cent in 1994-95 and 11.6 per cent in 1995-96. The decline in industrial growth for 1996- 97 has been recorded for all the three major sectors constituting the general Index of Industrial Production.

RBI directive on CRB group

The RBI has advised all commercial banks to take necessary action as indicated in the Delhi High Court order passed on June 23, 1997, on the CRB Capital Markets and its sister concerns. The HC has passed an order that all banks and all other financial institutions having any amount lying in the account of CRB Capital Markets and 40 sister concerns/companies of the group, excepting Daewoo Finance (India), shall remain frozen to the extent of their liabilities, dues, shares and investments in those companies by CRB Capital Markets till further orders.

Service tax on mandap keepers

The Government has decided to bring into effect a service tax on mandap keepers and air travel agents from July 1, 1997. Mandap keepers have been defined as persons who allow temporary occupation of a mandap for a consideration for organising any official, social or business function. Mandap includes all immovable properties let out for organising social, official or business functions. This include kalyan mandapams, marriage halls, etc.

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