The Financial Express -- Economy

Friday, December 19 1997

Advance license sale premium tax may hit exports

Exporters fear a fall in exports from West Bengal following the state government's recent decision to tax the premium on earnings from the sale of advance licenses within the state. Advance licenses, like special import license and duty entitlement pass book schemes, are transferable and exporters are free to sell them, which they do against a premium.

Zooming calls may prompt banks to rush for refinance

The shooting up of overnight call rates will force borrowers to avail of the general refinance limits since they have exhausted their export refinance limits. Treasury chiefs said the Reserve Bank is unlikely to hike the bank rate -- currently pegged at 9% -- as it will pave the way for call rates to soar to a very high level. Both export refinance and general refinance are pegged to the bank rate at present. With call rates crossing the 9% barrier on Wednesday, many borrowers have exhausted their export refinance limits.

Bankers rule out hike in prime lending rates

Banks have ruled out the possibility of an immediate hike in their prime lending rates (PLR) despite the current volatility prevailing in the call market. Senior bankers have said the flaring up of call rates on Thursday are just an aberration and the market is expected to stabilise over the next few days.

Bloodbath in overnight market as panic jacks call rates to 50%

Banks told to review arrangements for tax-amnesty scheme receipts

Apex court verdict frees CBI to probe PSU, bank officials sans centre okay

Zooming calls may prompt banks to rush for refinance

Bankers rule out hike in prime lending rates

Ficci outlines reform agenda for inclusion in poll promise-list

European Union to lift ban on fish imports; notification soon

RBI agrees to set up depreciation-fluctuation reserve

Ramaiah forced to put off export strategy plan

Maran bid for pre-investigation board spiked

Gilt-backed advances not to be clubbed under bad loans

Congress will sweep Lok Sabha polls, says Kesri