Govt puts new definition on CBUs
New Delhi--The government has issued a notification for defining completely built up units, CBUS, in an attempt to plug the flood of imports from China.
According to a new notification issued by the government on June 8, 2001, a CBU is a fully built-up unit with an engine and gearbox. The earlier classification said a fully built-up unit minus tyres and battery would not constitute a CBU.
With fears of Chinese two-wheelers bringing in complete units minus tyres at lower rates of duty, the government has now changed the classification and the fears plugged.
Now if a body has an engine and gearbox inside it, then irrespective of what else is there in it, it will be considered as a CBU and charged at the specific duty rates.
This new notification will apply both to cars and two-wheelers. With this provision, the loophole has been plugged and this provides more protection to the industry.
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Private FM broadcast in Bangalore from June 29
New Delhi—The first private FM broadcast, Music Broadcast Private, will launch its operations in Bangalore on June 29.
The FM channel, which is a Star-Mittal combined effort plans to extend the operations to other five cities where it had won licenses to operate, which include Delhi, Mumbai, Lucknow, Patna and Nagpur.
However, the main glitch is that broadcasting rules require licensees, wanting desiring to start operations in metros, to set up a broadcasting tower jointly with their partners. This stipulation is applicable only to metros where licenses have been issued to industry consortia.
Since it takes time to set up own towers, licensees have approached the ministry with a request to set up a tower on the top of any high building as an interim arrangement, but no final decision has been taken yet, according to the minister.
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Boost credit boost to three sectors says government
New Delhi--In a an effort to counter the economic slowdown, the government wants banks and financial institutions (FIs) to increase credit flow in housing, pharmaceuticals and the small scale industry sector, where there is a demand for funds.
According to National Housing Bank data, credit flow to the housing sector increased 28 per cent to Rs 12,626 crore last fiscal and a further rise of 25 per cent is projected for the current year.
The Small Industries Development Bank of India has already reported an increase of 8.5 per cent credit to the small scale sector. Though data for the pharma sector was unavailable, banks and FIs told ministry officials that there is a demand for funds from the sector.
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