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Govt asks firms to defer modvat claims to boost excise earnings
Corporates have been accused of window-dressing accounts. Now it's the turn of the government. The central excise department of the ministry of finance to be precise. In a bid to show bloated figures, the department has issued circulars to leading chambers of commerce asking their members not to claim Modvat benefits on excise outgo till March 31, 1998.
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NBFC deposit mop-up norms to be eased further
The Reserve Bank of India has, in principle, agreed to make further relaxations on the deposit mobilisation provisions of non-banking finance company (NBFC) regulation announced on January 2. In a meeting with NBFC representatives on Friday, the RBI deputy governor S P Talwar assured them about relaxing the present ceiling based on the net owned funds and extending the December 31 deadline for regularising their deposits.
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Ministry, Ficci plan initiatives to tap European markets
The Union commerce ministry plans joint initiatives with the Federation of Indian Chambers of Commerce & Industry (Ficci) to explore opportunities for business and trade with countries in east Europe and central Europe. The two feel that India should use these countries as a platform to gain access to west European markets, who have imposed restrictions on products originating from here.
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Steering committee to discuss urea import issue on Jan 28
The steering committee of secretaries on imports for the fertiliser sector is meeting on January 28 to discuss the issue of urea imports for the next financial year. It is estimated that urea imports would be lower next year, subject to the government announcing the subsidy for DAP and MOP.
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