Sunday, June 7, 1998
No power to SEBs on credit
Central government-owned, power companies would stop selling electricity to all the State Electricity Boards (SEBs) on credit from July onwards to ensure that there are no liabilities in the future, according to Union Power Minister P R Kumaramangalam. The end of credit facility would mean that SEBs will have to pay and take power from central utilities.
Samadhan scheme: VDIS in new form
After assuring the Supreme Court last year that VDIS '97 was the last amnesty scheme, the government has come out with a `Kar Vivad Samadhan Scheme (KVSS)' in the Finance Bill last week. Much in the spirit of VDIS, it allows a settlement of cases, ostensibly to clear the morass of litigation in revenue cases.
Mfg cos to float trading firms to avoid duty
The Finance Minister Yashwant Sinha's maiden budget has encouraged a number of manufacturing companies to set up their own trading companies in backward areas so as to circumvent the new duty's -- i.e. the hike in customs duty by 8% -- impact on production cost and make a profit by importing raw materials at lower duties through these entities. Leading firms engaged in high import intensity industries like automobiles, electronics, chemical and pharmaceutical are likely to follow this route.
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