The Financial Express -- News

Thursday, May 8 1997

UTI payouts termed income

Union finance minister P Chidambaram has amended the Unit Trust of India Act which defined all payouts made by the trust as dividend income. Henceforth, payments made by the UTI to its subscribers will be termed as "income" and will be taxed accordingly.

Infrastructure Bond Issue

Trade deficit touches $5.4 bn in 1996-97

A measly export growth of 4.01%, along with a 35% increase in import of crude oil and petroleum products, pushed the trade deficit for 1996-97 to $5.44 billion, according to the provisional trade data released by the Union commerce ministry.

Software industry turnover touches Rs 6,400 crore

The Indian software industry registered a 52.7% growth in 1996-97 to report total income of approximately Rs 6,400 crore or $1.8 billion, according to a survey conducted by the National Association of Software and Service Companies.

Coal ministry estimates at odds over output figures

Thomas de la Rue, 8 others bag currency printing bid