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Corporate Economy Expressions Markets Leisure 03 February 1998   Tribunal allows builders deduction of extortion money from income The Income-Tax Appellate Tribunal (ITAT) has ruled protection money paid by a builder as an allowable expenditure. Delivering the order in a case between Pranav Construction Co and the assistant commissioner of income-tax (investigation), the tribunal allowed a deduction of Rs 43.2 lakh to the assessee.   Delay in evacuation facilities may penalise SEBs The country's leading financial institutions (FIs) have cautioned the government on penalties which may be imposed on state electricity boards (SEBs) as a result of delays in setting up evacuation facilities for major private sector power projects. Most of the counter guarantee projects are stuck following government's inability to resolve the issue of deemed generation payment in the event of non-completion of evacuation facilities in time. PSU banks face heavy withdrawals as foreign banks lure depositors The public sector banks have made a strong plea to the Reserve Bank that they be allowed to levy penalty on premature withdrawals following attractive short-term deposits interest rate offer by several foreign banks. CBDT asks commissioners to issue VDIS certificates The Central Board of Direct Taxes (CBDT) has directed chief commissioners to issue all voluntary disclosure of income scheme (VDIS) 1997 certificates in all cases, whether "usual" or "unusual", with immediate effect. Besides, CBDT has also directed to conduct Investigation proceedings at the assessment stage.   FIEO expects Re to settle at 40 to a dollar The Federation of Indian Export Organisations (FIEO) is betting on the Indian rupee to settle down at Rs 40 or Rs 42 to a dollar by March this year. The projection is based on a Reserve Bank of India deputy governor's survey that mentioned that the rupee was overvalued by 14% to 15% as against the dollar. Rid development fund from ministry ambit: FIEO Federation of Indian Export Organisations (FIEO) has opposed the setting up of a market development fund (MDF) wholly controlled by the ministry of commerce. The exporters mistrust in in government agencies to reimburse claims in time has been attribuited as one of the major reasons for the opposition.     Computerisation of duty drawback body   Soros says Russia reforms under threat   China seeks to stay safe haven in Asian storm   Moody's downgrade underscores gloom over Malaysian banks   Two Cong members join Samajwadi Party   Traders call for scrapping of limits on wheat stocks   UF splits in state, Khan to be Janata Dal candidate from north-west Mumbai   World Bank plan   Bangladesh devalues taka by 1.87%   Congress asks UF to hand over all secret papers to Jain comm   Cong's Maadhyam takes on BJP's task-force   JB Patnaik's wife to contest from Berhampur   Karnataka hots up for triangular contest   `Sonia's entry will improve tally everywhere'   Poll Briefing