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Journalism of Courage
Tax revenue misses target
NEW DELHI: Badly hit by the economic slowdown, indirect tax revenue collections fell short of target by a whopping 13.9 per cent in the first six months of the current financial year. A senior finance ministry official told PTI here today that while excise collections were short by 15.9 per cent, customs collections fell by 11.7 per cent.
He said excise collections from April to September this year were Rs 21,957 crore as against Rs 20,512 crore in the corresponding period last year while customs collections were Rs 19,503 crore as against Rs 19,102 crore in the same preiod in 1997-98. Though the collections were far below the target, the indirect tax collections registered a 4.7 growth in the first six months as they were Rs 41,460 crore as against Rs 39,614 crore from April to September 1997.
CALCUTTA: Philips India Ltd today notified the Calcutta Stock Exchange that it has sold its colour television unit at Salt Lake nearCalcutta to a unit of Videocon International Ltd, concluding the deal announced on August 31. The consumer electronics major had announced the sale of the CTV unit after repeated denials of any such intention. Chairman DN Ghosh had stressed at the last annual general meeting that the unit will not be sold to any competitor.
Philips8217; notice to the stock exchange stated that the Salt Lake CTV unit has been sold to Kitchen Appliances India, a nominee of Videocon International, as a going concern.
Bank of England cuts interest rates
LONDON: The Bank of England today cut interest rates for the first time in almost two and a half years, reducing its base rate by 0.25 percentage points to 7.25 per cent in the face of a world economic slowdown. The current global economic crisis and a fall in domestic business confidence were the root cause of the cut, the bank said.
Okara Agro case
NEW DELHI: The Company Law Board CLB has sought the suggestions and views from the depositors of thedefaulting Okara Agro Industries on the repayment scheme submitted by the company to the board. Board member Dr A K Doshi in yesterday8217;s hearing has asked the depositors to give their views to CLB by October 16. CLB also directed the company to raise the interest rate from 10 per cent to 10.5 per cent on the delayed payment. In the last hearing, CLB had directed Okara to revise its repayment scheme. The company has been booked by clb under section 58-a of the companies act, under which the board can take action against the company.
