NEW DELHI, July 11: The government has decided to impose service tax on clearing and forwarding agents and rent-a-cab scheme operators with effect from July 16.

According to an official press release issued here on Friday, the service tax would be charged at the rate of five per cent and computed on the gross amount charged from customers. The service tax was been imposed with an object to broad base the revenue sources. This is the first time these services are being taxed.

Gold recovers

MUMBAI: Gold and silver prices today staged a remarkable rally and flared up on the bullion market here due to shortage of stocks in the wake of poor arrivals as against heavy demand from stockists.

Standard gold opened higher at Rs 4420 and shot up further to close at Rs 4470, showing a gain of Rs 85 from the previous close of Rs 4390 per 10 grams. Demand had picked up for the ensuing festivities while arrivals had reduced on account higher price trends in the international markets.

22-carat gold ended with a gain of Rs 75 and was nominally quoted at Rs 4135 from Rs 4060 previously. Ten-tola gold bar of .999 purity shot up by Rs 1000 to Rs 52,300 from its last close of Rs 51,300 on account of poor arrivals.

Raw silver .916 fineness and tenderable silver gained by a similar margin of Rs 105 and closed at Rs 6270 and Rs 6375 from the previous close of Rs 6165 and Rs 6270.

Arvind Doshi

MUMBAI: Arvind R Doshi, president and managing director of Premier Automobiles Ltd, has been unanimously elected the president of the Employers' Federation of India at the annual general meeting (AGM) of the Federation. Doshi succeeds Keshub Mahindra as the president.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.