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Journalism of Courage
OCT 4: The government has decided to extent fiscal concessions including customs duty waiver on import of equipment and income tax holiday for 10 years to nuclear power projects in line with those given for other mega projects for power generation.
The Cabinet Committee on Economic Affairs (CCEA), which met here under the chairmanship of Prime Minister Atal Behari Vajpayee, approved of customs duty waiver on import of equipment for nuclear power projects, Parliamentary Affairs Minister Pramod Mahajan told reporters after the meeting.
Nuclear power projects would also get the benefit of income tax holidays for 10 years in any block within the first 15 years and would be conferred deemed export status for indigenous supplies implying customs duty, sales tax and other levies will not be levied.
The projects would also be guaranteed power off-take by the Power Trading Corporation while Power Grid Corporation will set up necessary transmission network to evacuate power form such projects, Mahajan said.
Today’s decision would benefit Nuclear Power Corporation of India’s upcoming units at Tarapur Atomic Power Project and the proposed Kudankulam (Tamil Nadu) Atomic Power Project.
Satyam Computer’s $310 mn ADS plan cleared:
CCEA also cleared the proposal of Hyderabad-based Satyam Computer Services to issue American Depository Shares for 310 million dollar.
CCEA also approved Satyam’s proposal to issue ADS-linked stock option for 25 million dollar, besides issuing ADS to its customers and strategic partners for another 50 million dollar, Parliamentary Affairs Minister Pramhod Mahajan told reporters here.
The total size of the ADS to its customers and strategic partners could be 50 million dollar or five per cent of the paid up capital of the company, whichever is higher. Satyam Computer services is a leading software development firm and the fifth largest software services exporter from India.
5.34% rise in SMP of sugarcane:
CCEA has approved a 5.34 per cent increase in the Statutory Minimum Price (SMP) of sugarcane by sugar factories at Rs 59.50 per quintal for 2000-01 against Rs 56.10 in the previous year.
Mahajan said the SMP of Rs 59.50 per quintal was linked to a basic recovery of 8.5 per cent. He said a premium of Rs 0.70 for every 0.1 per cent increase in recovery above 8.5 per cent would also be payable.
CCEA also decided that 100 per cent foodgrains and sugar and 20 per cent urea would be packed in jute material for the year 2000-01. However, packaging of small consumer packs of five kg or below in respect of sugar and foodgrains would not be covered under this order, Mahajan said.
At present, 90 per cent of foodgrains and sugar and 15per cent of urea have to be compulsorily packed in jute material.
