: The income-tax department has identified over 30 lakh potential assessees in Mumbai. The information gathered by the investigation wing of the department covers persons satisfying any one of the six criteria laid down under section 139 (1) of the Income-tax Act, 1961. So far, information relating to 19.50 lakh persons has been sent to concerned commissioners of income tax.

`PSU stocks caused US-64 depreciation':

UTI chairman PS Subramanyam has, in a letter to finance minister Yashwant Sinha, said that "a major part" of the trust's US-64 portfolio depreciation was caused by investments in PSU stocks like ONGC, IOC, SBI, Bharat Earth Movers, Shipping Corporation, IDBI and SAIL.

State planning board meet:

The Maharashtra state planning board called an emergency meet on Wednesday to discuss the financial position of the state in the next fiscal. The state government's estimated revenue income during 1997-98 ispegged at Rs 23,000 crore while the expenditure is estimated at Rs 28,000 crore, thereby leaving a deficit of Rs 5,000 crore.

Clinton keeps options open on sanctions:

US president Bill Clinton has expressed inability to lift economic sanctions on India and Pakistan until more progress is achieved in its talks with the two south Asian countries, the president's press secretary Mike Mccurry said. He, however, said the president would keep his options open on lifting the sanctions but the military export controls will remain in place.

Japan awaits India initiative on sanctions:

Japan is eagerly awaiting India's initiative in opening a dialogue between the two nations to discuss lifting of economic sanctions imposed after the nuclear tests. The Japanese embassy's political counseller in India, Yoshifumi Okamura, on Thursday said he regretted the fact that the government has shown no interest so far to discuss the issue with Japan.

`Clinton visit will materialise soon':

The USpresident Bill Clinton has only postponed his visit to India and it will materialise soon, first secretary of US embassy Paul Mailhot said on Thursday. ``Mutual discussions are continuing and the hurdles (in the visit) will be removed,'' Mailhot told newspersons.

Corporate Monitor

Electrolux, Voltas form JV:

Electrolux and Voltas, the 74:26 joint venture between AB Electrolux and Voltas, came into effect on Thursday with the transfer of Voltas brand, along with its refrigerator, washing machine and compressor facilities, to the new company. The company's management team will be appointed by Electrolux, according to a press release. However, the entire work force of Voltas' plants will be absorbed by the new company.

Atul '97-98 sales slip to Rs 381 cr:

Atul Ltd's sales fell by 1 per cent to Rs 381 crore in 1997-98 while profit before non-recurring income improved from a loss of Rs 5 crore to a profit of Rs 5 crore, the company said on Thursday. According to managing directorSunil S Lalbhai, one of the reasons for the company's lacklustre performance was mounting overdues which were forcing it to curtail sales.

Rallis kicks off farm management services:

Rallis India, a Tata group company, has set up Rallis Farm Management Services to provide expertise in corporate farming in a bid to capitalise on the liberalisation of the agriculture sector. Rallis India managing director Vijay Rai said the services were kicked off recently and the division is providing services to small companies and medium-to-large-sized farm owners involved in farming and farm-related agri-activities.

Hindustan Antibiotics to lease unit:

The ailing public-sector Hindustan Antibiotics is looking out for a lease arrangement for its gentamycin facilities. The company is on the lookout for an arrangement similar to its proposed tie-up with Searle, the RPG group company, to whom it is expected to lease out its fermenters for vitamin B12 and vitamin B2 production.

SWC beer sales up50%:

Shaw Wallace and Company has reported a growth of 50 per cent in its beer business while the Indian made foreign liquor segment has registered a 17 per cent increase in sales for the year ended June 30, 1998. Individually, all the leading beer brands of SWC recorded growth in sales ranging from 10 per cent to 137 per cent, a company statement said on Thursday.

Banking Finance

RBI collects Rs 61,122 cr from dated gilts:

The RBI has raised Rs 61,122 crore through dated securities in the first half of the current fiscal compared with Rs 36,686 crore in the corresponding period last year. The government security issuances have been markedly higher this year to compensate for the lower amounts raised through 364-day treasury bills, according to Morgan Guaranty Trust Company.

BoB to take over Uco London branch assets:

Bank of Baroda will take over the assets of Uco Bank's London branch by December. "We will not take over the branch with all its assets and liabilities. Wewill take over only the assets of the branch. The employees of the branch will be offered redundancy allowance in accordance with the local labour law," BoB chairman-cum-managing director K Kannan said on Thursday.

Politics & Policy

Vajpayee on Bihar:

Prime minister Atal Behari Vajpayee on Thursday left open the option of sending back to president KR Narayanan the union cabinet's decision recommending that the Bihar assembly be kept in suspended animation, saying he can make no commitment on this till he consulted his colleagues and other leaders.

Business & Economy

Tea import moves worry NGO:

The centre should drop the proposal to import tea from Sri Lanka as it would adversely affect a large number of plantation workers and the industry, a non-governmental organisation here has said. In an appeal to the prime minister the rural development organisation said about 10 lakh workers, majority of whom women, in the country would be affected if tea wasimported.

Soyabean import:

The government has dropped its move to allow import of split soyabean seeds under advance import license, a top food ministry official has said. "We have told the commerce ministry that allowing split soyabean seed imports under advance (import) license is no longer applicable as government has decided to allow import of oilseeds under OGL (open general license)," food ministry, sugar and edible oil, secretary, Ravi Prakash Sinha said.

World Corporate

Schroeder government takes shape:

Fresh clues to the shape of German chancellor-elect Gerhard Schroeder's new government emerged on Thursday as newspapers reported that his campaign adviser, Bodo Hombach, would be named chancellery minister. Hombach, a close aide to Schroeder, will leave his post as economics minister in North Rhine-Westphalia state to take the powerful position next to Schroeder, newspapers reported.

More Thai ministers quit:

A deputy minister quit the Thai coalitiongovernment on Thursday after being hit by a scandal over the agriculture ministry's purchases of vegetable seed for distribution to poor farmers. Education minister Chumphol Silpa-archa, who recently fell ill and was hospitalised, also said he would resign due to ill health and give up his parliamentary seat. Thai opposition and industry groups have accused some farm ministry officials of profiteering by using government funds to buy overpriced seeds from certain companies.