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Business & Economy
Omnibus scheme to
boost exports soon
What is India News Service,
Monday, 28 March 2005, 1500 hrs IST
The Commerce Ministry is keen on launching an
omnibus export promotion scheme in the forthcoming modifications to the new
Foreign Trade Policy to be unveiled on April 7, even as the continuation of the
Duty Entitlement Pass Book (DEPB) scheme hangs in the balance.
Sources in the Government said that though the DEPB scheme was designed to
neutralise the incidence of duty on the inputs used in the export product, it
was termed WTO-incompatible since it gave credit to deemed imports too in export
production.
The Government has obtained the requisite inputs from the National Council of
Applied Economic Research and Rajiv Gandhi Foundation/Economic Law Practice
joint study on replacing the DEPB with a new scheme.
The sources said a draft export promotion scheme, to reimburse unrebated
taxes and levies such as sales tax, octroi, fuel or power tariffs to exporters,
to replace the DEPB scheme is on the anvil.
Many
top Indian BPOs under threat, says analysts: As many as 70 per cent of the
top 15 Indian business process outsourcing (BPO) start-ups will cease to exist
in the coming months, analyst firm Gartner has said.
Telecom
venture in Nepal worries India: India Sunday expressed concern over the fate
of a telecom tie-up with Nepal in the light of that country\92s communication
curbs under its new regime. The Indian embassy here has issued a statement
warning that the impasse could erode foreign investors\92 confidence and
undermine India-Nepal economic ties.
SC
stays proceedings in Reliance Infocomm case:The Supreme Court Monday
stayed proceedings before the Delhi High Court on a petition filed by Reliance
Infocomm challenging BSNL`s decision to impose a penalty of Rs 182.7 crores for
alleged rerouting of international calls as local ones.
Air
Force pilots opting for civil aviation sector: Very soon, if you take a
flight from India, you may find that an ace Indian Air Force fighter pilot is in
command of your airplane. The recent boom in the aviation sector has opened up
new employment opportunities and a number of Air Force pilots.
Post-VAT,
household expenses in South may come down: If you are living in the South of
the country, your household expenses may just get reduced post-April 1, thanks
to the new VAT regime coming into force across 21 States. But in the North you
may not be so lucky.
Mouse
fails to click in postal department: The
mammoth state-owned Indian Postal Department is facing a bleak future as it has
failed to modernise services with the changing times \97 delay in
computerisation of its branches spread across the country and failure to
reinvent its role.
New
OBC branches in region soon: The Oriental Bank of Commerce (OBC), which will
be entering the capital market for the second time by April end, will be opening
two new branches and eight ATMs in the Chandigarh region, which comprises of
Chandigarh, Himachal Pradesh, Ropar and Nawanshahr, by April 15.
Postal
Dept mulls inter-state money transfer scheme:
Keeping with the changing times, the
Department of Post, which is currently celebrating its 150 years of operation,
is examining the feasibility of starting inter-state money transfer scheme
within the country, on the lines of International Money Transfer Scheme.
More credit
for agro sector sought: The Associated Chambers of Commerce and Industry of
India (Assocham) has called upon the Reserve Bank of India (RBI) to issue
directions under its forthcoming credit policy to the commercial banks to
increase credit to the agriculture sector.
MFs'
IPOs flourishing with funds: By the time you read this on Monday morning,
the news that Reliance Equity Opportunity Fund has collected nearly Rs 1,800
crore will be stale.
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