The Telegraph
Since 1st March, 1999
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Business Briefs

Gold hits new high

Mumbai, Jan. 22: Gold prices broke previous records on the bullion market here today and closed at an all-time high of Rs 5,800 due to heavy speculative buying in view of a sharp rally in global prices. Standard gold opened higher at Rs 5,800 and continued to hold that level till the end on good support, showing a sharp rally of Rs 50 over Tuesday’s close of Rs 5,750. Ten-tola gold bar (.999 purity), after a firm start at Rs 68,000, eased marginally as there were few takers at that level and closed at Rs 67,900, still showing a rally of Rs 400 over the previous close of Rs 67,500.

DEPB rates

New Delhi, Jan. 22: The government today announced the restoration of exemption from special additional duty (SAD) while calculating DEPB rates. It is also considering merging the duty drawback with the DEPB scheme as part of efforts to simplify trade procedures and make it World Trade Organisation compatible. The exemption will become effective from April 1, 2003.

Core sectors

New Delhi, Jan. 22: Six key infrastructure industries posted a lower growth rate of 4.2 per cent in December 2002 as opposed to 5.1 per cent in the corresponding previous period.

Nasscom plea

New Delhi, Jan. 22: Nasscom today demanded that the tax incentives under Section 10 (a) and 10 (b) of the Income Tax Act should continue till 2010, as committed by the government earlier. The software association, as part of its pre-budget recommendations, said that the government should honour the commitment of full exemption from taxes on exports profits till the specified period.

Selloff meet

Mumbai, Jan. 22: The forthcoming meeting of the Cabinet Committee on Disinvestment would discuss the fate of HPCL’s and BPCL’s refinery projects in Punjab and Madhya Pradesh, respectively, petroleum minister Ram Naik said.

Reliance plan

Mumbai, Jan. 22: As part of ‘shareholders day’ celebrations tomorrow, Reliance Industries has decided to institute a scholarship scheme for 1,000 of the most deserving children of Reliance shareholders, who will be recognised as Dhirubhai Ambani scholars.

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