The Telegraph
Since 1st March, 1999
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Business Briefs

Tax panel reports on Friday

New Delhi, Oct. 23: Ahead of the budget exercise beginning early next month, the two task forces set up to reform direct and indirect taxes are likely to submit their reports on Friday. Official sources said that the reports, which would contain far-reaching recommendations on simplification of taxes, are also expected to contain measures to do away with most of the exemptions.

CSE scandal

Calcutta, Oct. 23: Calcutta Police today examined K. S. Murthy, vice-president of Stock Holding Corporation of India Ltd in connection with the multi-crore security scam. The police have recovered substantial volume of shares from the depository accounts frozen earlier this week. Market sources put the valuation of these shares at around Rs 19 crore.

Excise duty

New Delhi, Oct. 23: Petroleum minister Ram Naik today met finance minister Jaswant Singh to seek cut in excise duty on petroleum products including domestic cooking gas (LPG) and kerosene to offset any hike in domestic prices necessitated by recent spurt in global crude prices.

BG move

New Delhi, Oct. 23: British oil and gas major BG group wants to exit CB-OS/1 exploration block in the Gulf of Cambay, even as it is determined to become an operator at Panna-Mukta and Tapti oil and gas fields.

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