Saturday, September 5, 1998
Panel clears SPV to speed up PSU sale
The core group of secretaries has endorsed the proposal of the finance ministry for setting up a special purpose vehicle (SPV) to put the process of privatisation of the public sector undertakings on a fast track.
Cegat waives penalty on ITC
The Central Excise and Gold (Control) Appellate Tribunal on Friday upheld the excise evasion charges against ITC Ltd but spelt out a new formula to calculate the exact amount of duty evasion which the excise department had put at Rs 681 crore. Cegat, however, dropped the levy of Rs 66 crore penalty on the company along with Rs 118 crore duty evasion charges against seven contract manufacturers of ITC.
RBI for quick remedies to halt slowdown
With the dark clouds of the general slowdown and the South-east Asian crisis looming large over the economic horizon, the Reserve Bank of India (RBI) has listed four areas -- downturn in industrial output, rising inflation, widening fiscal deficit and slowdown in export growth -- that need to be addressed quickly by "forward-looking monetary and fiscal policies.''
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