Bizbits

The rupee gained to close at 39.44/48, up 3/7 paise over yesterday8217;s close of 39.51/53, but not before touching a low of 39.60 on buying by the State Bank of India SBI.

Dealers said, as the rupee touched 39.60, the SBI came and sold dollars. Other banks took cue and sold their dollar positions which saw the rupee gaining considerably to touch 39.44/48.

Meanwhile, the forward rupee gained on Tuesday in line with the gain posted by the spot rupee vis-a-vis the dollar. The rupee had fallen below the psychological level of 39.50 as the inter-bank forex market turned nervous on Monday.

File returns with penalty: I-T deptMUMBAI: The Income Tax Department has said filing of returns under the new provisions will be accepted till March 31, 1998 for the financial year1996-97 with penal interest and other consequences due to late filing.

The department has also issued letters to a large number of eligible persons requesting them to file return under the provision. The department has asked all eligible persons to file their return by end of March 8212; if they have not already done so 8212; and others to furnish the information as requested.