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Debt to be pruned further

New Delhi, Sept 17: The government today said it has decided to prepay $1.4 billion in debt owed to multilateral institutions such as IMF and World Bank, among others. Earlier the government had said it would prepay $1.5 billion in bilateral debt and is within a budgeted $3-billion-dollar pre-payment programme. The pre-payment programme has been taken up on the back of cheap domestic interest rates. The government plans to replace high-cost foreign borrowing with low-cost domestic debt.

LIC tie-up

Mumbai, Sept. 17: Life Insurance Corporation of India and SBI Capital Markets Ltd have forged a strategic alliance to collaborate in areas like project appraisal, placement of fixed-income securities, research and advice on investment management of funds in excess of Rs 70,000 crore.

Marlboro plan

New Delhi, Sept. 17: Popular American cigarette brand Marlboro will be soon imported and sold in the country by Anchor group company Nivedit Tobacco Co.

Excise returns

New Delhi, Sept. 17: The government has further simplified tax procedures by reducing the number of returns filed by manufacturers for excise duties to a unified one-page return from October, 2003.

IDBI bonds

New Delhi, Sept. 17: The finance ministry has cleared Industrial Development Bank of India’s proposal to raise Rs 3,000 crore through tax-savings infrastructure bonds starting from end of October.


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