Kargil tax coming
New Delhi: The government is proposing to impose a one-time tax on individual and corporate incomes to meet the unforeseen expenditure arising out of the Kargil operations.

It is learnt that the government will finalise the modalities for levying the tax in a few days. The additional expenditure on the Kargil operations has been put at about Rs 1,500 crore.
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Second-hand machinery import allowed
New Delhi: The government has decided to allow import of second hand,  up to five-year-old capital goods into the country under the special import licence route. It had earlier taken a decision to restrict imports of this category of goods.

For capital goods over five years, the process of imports will be the same as before. The government's decision to restrict import of second hand machinery had been criticised by domestic industry as it felt this would lead to higher project costs.
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It is not a shift in licence date
New Delhi: The department of telecommunications has clarified that the six-month reprieve in licence fee payments given to private telecom operators is not a shift in their licence dates. It says it's only that the dues for the period have been credited to the operators.

The operators will be given four months' time to furnish the required bank guarantees, DoT said. 
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Canbank Factors to buy back shares
Pune: Canbank Factors is planning to buy back the 30 per cent stake held by Sidbi and Andhra Bank to make it a wholly-owned subsidiary of Canara Bank.

Canara Bank holds 70 per cent stake in Canbank Factors. The bank is said to have received in-principle agreement from Sidbi and is awaiting a decision from Andhra Bank.

Canbank Factors has a paid-up capital of Rs 20 crore and a net worth of Rs 35.47. It had a turnover of Rs 581.22 crore in 1998-99, making it the largest factoring service provider.
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