Monday, October 12, 1998
Inflation rises to 8.69%
The annual rate of inflation continued its upward march and touched 8.69 per cent for the week-ended September 26 from 8.55 per cent a week ago. Sustained increase in prices of food articles and food products, especially vegetables and edible oils, pushed up the inflation to its second-highest levels in three years during the week under review.
Service tax on professionals from Oct 16
The government has decided to enforce service tax on architects, interior decorators, credit rating agencies, market research security agencies, mechanised slaughter houses, under writers, practicing chartered accountants, cost accountants and company secretaries from October 16.
Adnoc in race to partner IOC in refinery project
The Abu Dhabi National Oil Company (Adnoc) is among the four foreign oil companies in race to partner the state-owned Indian Oil Corporation (IOC) for erecting the nine million tonne southern Indian refinery. Adnoc has shown interest in joining the project which IOC plans to execute in partnership with another state-owned oil company Madras Refineries Ltd (MRL).
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