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Finance ministry urged to set up panel to redraft Income-Tax
The All-India Federation of Tax Practitioners (AIFTP) has urged the Union finance ministry to constitute a committee of professionals for rewriting the Income-Tax Act of 1961. The committee will comprise of representatives from various voluntary organisations including AIFTP, Bombay Chartered Accountant Society and the Chamber of Income-Tax Consultants.
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Jalan lends the falling rupee a helping hand
It was a year of turmoil in the foreign exchange market, which saw a 10.6% depreciation in the value of the rupee vis-a-vis the dollar to 39.50 on March 30, 1998, from 35.68 on April 1, 1997. The rupee touched a historic low of 40.45 on January 16.
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Two agreements signed with Canada
India and Canada signed two agreements on 30th March, 1998, envisaging funds inflow of $12 million over four years, funnelled through the Canadian International Development Agency (CIDA).The telecommunications framework project agreement ($4.5million) is designed to assist India in creating an environment conducive to increased private sector involvement in communications sector.
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Forex stability is top priority for RBI in slack-season monetary policy
Stability on the external front will be the main plank of the Reserve Bank of India's monetary policy for the first half of 1998-99. This is in conformity with the new government's commitment to maintain the stability of the Indian currency against the greenback.
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