27 oct 2001

service tax for all, if vat enforced
bangalore: not only professionals but even dhobis and barbers, will have to pay service tax from april 2002, if the centre agrees to one of the unanimous demands by states once the value added tax (vat) comes into effect from april 1, 2002.

the service tax from these segments is expected to fetch a whopping rs 63,675 crore and states are insistent on it in order to offset the revenue shortfall after switch over to vat. though not widely known, service taxation is taxation of any service rendered as against taxes on goods. it is done by every country which has adopted vat.

24 oct 2001

govt funds to revitalize co-op banks
new delhi: cooperative banks are likely to get rs 8,000 crore fund infusion from the central and state governments to tide over financial crisis.

"the committee appointed to look into the recaptalisation issue has arrived at rs 8,000 crore to be pumped into cooperative banks for reinvigoration of the sector," official sources said on tuesday.

the sources said the original demand was for rs 10,000 crore but cooperatives were unable to shell out their share of rs 2,000 crore.

22 oct 2001

india's forex reserves boosted by foreign funds
mumbai: india's foreign exchange reserves rose for the third straight week on october 12, according to data released by the reserve bank of india.

analysts say that a combination of foreign fund dollar supplies and valuation adjustments in other currencies may have provided the gains.

the forex reserves at $45.128 billion on october 12 marked an increase of $149 million over a week ago.
foreign funds, which have been a major influencing factor in indian stock markets, bought a net $68 million in indian debt and equities during the week ended october 12.
they have pumped in $2.7 billion in the year to date, against $1.56 billion in calendar 2000.

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