Fresh external borrowings cost to rise by 160 basis points
Corporate India will have to fork out at least 160 basis points additional cost on fresh external commercial borrowings (ECBs) on account of withdrawal of withholding tax exemptions. The 1998-99 budget has withdrawn the waiver of withholding tax under section 10(15)(iv) (c,e,f) of the Income-Tax Act.

Heavy offloading by foreign institutions batters bank stocks
Bank stocks took a beating yesterday on the back of heavy FII offloading. Analysts feel that the sudden loss of investors' appetite for bank scrips in the secondary market could be triggered by the string of measures that finance minister Yashwant Sinha has announced directing banks to offer finer rates on farm loans and write off bad debts.

PAN to put depository on even keel with physical segment
The finance minister's decision to demand the disclosure of the permanent account number for transactions above Rs 50,000 has put the depository on an even keel with the physical market.

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