Tuesday, June 23, 1998
Resurgent bond float hastened to up reserves
The Union finance ministry is speeding up the process of floatation of the Resurgent India Bond (RIB) to prop up the country's forex reserves. According to sources, the State Bank of India (SBI) is likely to kick off the roadshows for the bond over the next few days once it receives the green signal from the ministry.
Sanctions not to deter US from being "fully engaged with India, Pakistan
Karl Inderfurth, assistant secretary of state for South Asian affairs of the United States, has said that the sanctions on India and Pakistan was primarily intended as a deterrent by the authorities, and that the US wants to "remain fully engaged with both countries" while the sanctions are in place.
Government to earn more from excise duty this fiscal
Union finance minister Yashwant Sinha expects to earn more central excise duty than the previous year. This year his Budget estimates project a net earning of Rs 44,907.49 crore from basic excise duty against previous fiscal's revised estimate of Rs 43,490.54 crore. Last year's revised estimate was brought down from the Budget projection of Rs 45,133.46 crore.
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