Thursday, June 11, 1998
Rs 4,108-cr loss from anomalies in customs assessment: CAG
The Comptroller and Auditor General (CAG) has detected under-assessment of tax and loss of revenue amounting to Rs 4108.32 crore in case of customs and Rs 3,392 crore towards direct taxes during 1996-97. The CAG report also pointed irregularities in assessments of customs in various cases resulting in loss of revenue to the exchequer.
NRI deposits touch $20.39 billion in 1997-98
The Non-Resident Indians (NRI) deposits continued to grow for the sixth consecutive year with the outstanding NRI deposits for the financial year 1997-98 touching $20.39 billion, the Reserve Bank of India said. The RBI further indicated that in 1997-98 the foreign investment inflows went up to $4.8 billion. The growth in NRI deposits is significant as the government of India has once again pinned its faith on the NRI investment.
Cabinet defers decision on uplinking
The union cabinet has held back clearance to Union information and broadcasting ministry's proposal to allow uplinking by Indian private companies following objections from the ministry of law. The move follows the recent Supreme Court judgment which stated that private broadcasting in the country cannot be allowed without setting up a public body to regulate the sector.
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