Disinvestment target at Rs 20,000 crore
New Delhi: The government has set a target of Rs 20,000 to Rs 25,000 crore to be raised through disinvestment in the public sector units. Finance minister Yashwant Sinha said he is, however, against the proceeds being used for revenue needs.

Addressing the "Presidential summit: national conference of leaders of commerce and associations", organised by the Federation of Indian Chambers of Commerce and Industry, Mr Sinha said the purpose of disinvestment and privatisation should be to create new assets and retire high-cost debt. He said to gainfully make use of the proceeds, the mobilisation should be at a level of Rs 20,000 to Rs 25,000 crore.
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FDI approvals to be automatic
New Delhi: The government intends to make foreign direct investment approvals automatic in almost all sectors, and plans to set up an implementation autority for speeding up such projects.

Finance minister Yashwant Sinha said "we will soon formulate a transparent FDI framework. We want to have an automatic route for FDI in most of the sectors, and approvals should be only for projects that are outside this framework.
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Uniform sales tax for petro products
Mumbai: There can be a uniform sales tax on petroleum products across the country, if the government plan in this regard is implemented. Petroleum minister Ram Naik said the government will consult various state governments before a final decision in the matter. Sales tax is a state subject.

The difference in taxes on various petroleum products in different states is leading to a lot of confusion and paperwork which can be avoided by a uniform tax policy, Mr Naik said.
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Warburg stake in HDFC at 6.6 per cent
Mumbai: Warburg Pincus Equity Fund has bought 6.6 per cent of the equity of Housing Development Finance Corporation from the secondary market. Investments in HDFC by foreign institutional investors is currently at 30 per cent.

Warburg will have to get clearance from the Foreign Investments Promotion Board for declaring its investment as non-portfolio investment.
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CBDT not to extend TDS scope
Panaji: The Central Board of Direct Taxes will not let the tax deduction at source to cover more areas. It feels that currently, the rules are not as simple as to be understood by the common taxpayer.
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United India too to invest in 'Infotech'
Chennai: United India Insurance Company wants to sustain a 15 per cent business growth during the financial year 1999-2000. It will also set aside a sum to invest in information technology.

The company will be investing Rs.100 crore in computerising its 1,100 branches by April 2001. It has set up a restructuring committee comprising former Union finance secretary, K P Geethakrishnan, former GIC chairman, Ashok Goenka, C N Ramachandran, a chartered accountant and former general manager, United India, T G Menon.
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Sotheby's next Indian auction in June 2000
Mumbai: Sotheby's will hold its next auction of contemporary Indian paintings in London in June 2000. Some 200 select Indian paintings will go under the hammer then. Sotheby's feels interest in Indian paintings in the international market is rising.

In the last Sotheby's auction in June 1999, several Indian works were sold at record prices. The auction had generated 446,200.
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