The Financial Express -- Economy

Thursday, May 15 1997

RBI Act may be amended to make way for reserve norms

The Reserve Bank of India Act 1934 is likely to be amended to pave the way for clamping reserve requirements on the liabilities of financial institutions. The Reserve Bank last week allowed FIs to raise short-term one-year deposits and abolished the existing instrument wise limits for the institutions' resource mobilisation.

Infrastructure Bond Issue

Cost audit mandatory to curb tax evasion

The proposal of the draft Companies Bill to make cost audit voluntary could lead to evasion of excise duty and income tax, besides making cartelisation and predatory pricing by companies easy. Financial jugglery to manipulate valuation of inventories would be easy in absence of a cost audit report.

Quantitative restrictions on readymade garments may go

The textiles ministry and the commerce ministry is working out a new scheme for the readymade garment sector to enable it to import fabrics for export without any quantitative restrictions. It is expected to be announced within a week. The move has been prompted by the scrapping of the two special value-based advance licence schemes meant for the garment exporters.

Sonia move puts Bofors scandal in the limelight again

No crisis in coins supply: Reserve Bank

Assocham calls for early scrapping of Fera

Allotment period may be cut to a fortnight

NHB's home loan scheme offers "free" withdrawals

Broadcast bill to be moved on Friday

MTNL cable project by December

Centre spells out stand on fuel allotment

Govt backs jute cos in war with cement ind

Get the right cash before you take off

BRIEFS -- Thermax net down to Rs 43 cr

US government bonds marginally up in dull trades