Sugar panel sets 2-year time-frame for decontrol
The BB Mahajan panel has set a two-year time-frame for total decontol of sugar prices. The panel, however, opined that the government controls over sugar supplies should continue to contain market volatility and ensure adequate supplies at affordable prices.
Bombay Chamber of Commerce calls for a new telegraph Act
The Bombay Chamber of Commerce and Industry (BCCI) has asked for scrapping of the Indian Telegraph Act of 1885 and replace it with a new one. The chamber stated that this move was essential as the telecommunications business today is not what it used to be 10 years ago.
DEPB rates for 277 new export items notified
The Directorate-General of Foreign Trade (DGFT) on Wednesday notified the duty entitlement passbook (DEPB) rates for 277 new export items (that is over 300 items several of which have been clubbed). These will take effect retrospectively from April 1, 1997.
Government allows IDFC to tap pension, insurance funds from reserved category
The Centre has allowed Infrastructure Development Finance Company (IDFC) to tap funds from reserved category resources such as pension and insurance funds through a special notification in the gazette. The special notification permits IDFC to tap these funds without any amendment to section 4A of the Companies Act.
Assocham suggests creation of road fund for highways
The Associated Chambers of Commerce and Industry (Assocham) has suggested creation of highway road fund (HRF) to be used exclusively for construction and maintenance of national and state highways. Assocham said that the inflow into the HRF could be by way of a levy of additional cess on diesel and petrol at 10% of the basic price.
Tarapore rules out Re freefall
Chairman of the capital account convertibility panel and former RBI deputy governor, SS Tarapore, has ruled out the possibility of a freefall of the rupee. Tarapore said that since the country's long-term inflation rate is low and the present inflation rate on a year-on-year basis is a little less than 5%, there cannot be a freefall of the exchange rate of the rupee.
