The Financial Express -- News

Wednesday, July 16 1997

Fly in VDIS ointment: what if the taxman raids before giving a clean chit?

The voluntary disclosure of income scheme (VDIS) is being viewed with caution by prospective declarants as they could end up playing hosts to income tax officials instead of getting a clean chit. The government's seventh attempt to unearth black money, says that persons who declare their concealed assets and pay a flat tax of 30 per cent by December 31 this year will not be asked any questions.

Infrastructure Bond Issue

BK Modi's son inducted into Modicorp board

Modicorp chairman BK Modi's 24-year-old son, Dilip Modi, has been inducted into the board of three group companies, marking his entry into businesses promoted by his father. He has been given a key position in the parent company of BK Modi group, Modicorp.

60 new excise commissionerates next month

The Union finance ministry has decided to increase the number of central excise commissionerates with effect from August 1, 1997. At least 60 new commissionerates will come into being, including four in Mumbai alone.

SWC sees 12-month profit at Rs 90 crore

Japanese firms unmoved by Thai baht crisis