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Business Briefs

Kelkar to head tax panel

New Delhi, Sept. 4: The government today set up a task force for indirect taxes, headed by Vijay Kelkar, to suggest ways for simplifying procedures and bringing transparency in tax administration. The task force, which will have representation from industry chambers like CII, Ficci, Assocham, PHDCCI, FASSI, Nasscom and ESC, will submit a ‘Draft Consultative Paper’ to the government in 45 days, an official release said. Eminent economist Ashok Lahiri and Prof Jayanta Roy from IIM Calcutta along with joint secretary Gautam Ray and CBEC director S. M. Bhatnagar will also be part of the task force set up by the finance minister Jaswant Singh. The terms of reference of the task force on indirect taxes include review of customs and central excise laws and procedures and suggesting ways of simplification, reduction in costs of compliance and facilitating voluntary compliance.

Alembic move

Mumbai, Sept. 4: Pharmaceutical company Alembic Ltd will reorganise its operations under five strategic business units and forge a marketing alliance with other companies to optimise working of field force of over 1,200 persons.

Bank rate

New Delhi, Sept. 4: With hardly two months left for the busy season credit policy, the Reserve Bank of India seems to have adopted a “wait and watch” policy on the bank rate even as liquidity situation continues to be “good” in the country.

Tenth Plan

New Delhi, Sept. 4: The Planning Commission will meet under the chairmanship of the Prime Minister Atal Bihari Vajpayee on October 5 to approve the draft Tenth Five Year Plan document.

ABB division

Zurich, Sept. 4: The Swedish-Swiss engineering group ABB today said it was selling its business finance division to GE Commercial Finance for $ 2.3 billion.

Sebi directive

Mumbai, Sept. 4: Securities and Exchange Board of India (Sebi) has asked the stock exchanges to set up sub-panel of its governing board to monitor the implementation of suggestions made in Sebi’s inspection reports. The sub-group should comprise two public representatives, one regulator’s nominee, one broker representative and executive/managing director of the bourse, Sebi said in a notification today.


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