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Custodian ready to sell Rs 1,000 cr of Harshad Mehta group shares
The custodian appointed under the Special Court Act, 1992, is believed to be gearing up to sell attached shares of the Harshad Mehta group worth Rs 1,000 crore, subject to Supreme Court orders. However, since the value of the saleable shares are insufficient to meet the dues of the revenue department, thus ensuring that banks and financial institutions will be left high and dry even after the disposal of the entire quantity of clear title shares.
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"Brand" rates extended to exporters to offset duty loss
The government has decided to extend the "brand" rates of drawback to exporters to compensate for the incidence of customs and central excise duties borne by them under the Duty Entitlement Passbook (DEPB) scheme. A notification to this effect had been issued by the revenue department.
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New duty drawback rates for textiles soon
The Duty Drawback Directorate in the finance ministry will notify a new drawback schedule for textile and other export items soon. The existing rates expire today. The new rates are expected to remain valid till the presentation of the 1998-89 budget.
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Taxmen see Rs 1,000 cr in VDIS collections in TN
As its end draws close, experts and taxmen are unanimous that the Voluntary Disclosure of Income Scheme (VDIS) will be the country's most succesful disclosure scheme. The Income-Tax (I-T) department is confident that collections under the VDIS would touch the Rs 10,000-crore mark.
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