Rupee trend is reversing 8212; Kumar

MUMBAI, AUG 29: The present level of the Indian rupee is satisfactory and the depreciating trend is reversing, Union Minister of State for Finance V Dhananjaya Kumar said here today.

The Indian rupee, however, has been stable with other foreign currencies such as the pound sterling, he added. Referring to the tax collections in the first quarter of the fiscal 2000-01, he said, direct tax collections have gone up by 73 per cent while indirect tax has seen a rise of 12 per cent, compared to the corresponding period of the last year.

Exports in Q1, have grown by 27 per cent, he said and added that the tax collections and exports were showing an upward trend.

Commenting on the industry8217;s concern on taxes, he said, 8220;in case of excise duties, while some goods moved from eight per cent to the 16 per cent bracket, many have also come down from 24 per cent to 16 per cent and from 16 per cent to eight per cent.8221;