The Telegraph
Since 1st March, 1999
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Business Briefs

Vote on account okayed

New Delhi, March 13: The vote-on-account of over Rs 1,47,700 crore was approved by Parliament today with the Rajya Sabha returning the relevant Appropriation Bills, thereby completing the first of the three-staged budgetary exercise. The Upper House returned the relevant Appropriation Bill along with two other Bills relating to supplementary demands for grants for 2002-03 and excess demand for grants for 2000-01. The Lok Sabha had passed these Bills on March 11. A detailed discussion on the demands for grants of the budget will be taken up during the Parliamentary recess in the departmental standing committees of Parliament.

HPCL stake

New Delhi, March 13: Saudi Arabia’s Aramco will bid for acquiring the government’s 34.01 per cent stake in Hindustan Petroleum Corporation.

RBI options

Mumbai, March 13: RBI proposes to allow authorised foreign exchange dealers to offer foreign currency-rupee options contracts to hedge currency exposures and develop derivatives market in India.

Parekh petition

Calcutta, March 13: Stock broker Ketan Parekh, arrested in connection with the Rs 120-crore scam at the Calcutta Stock Exchange, has filed a special leave petition with the Supreme Court for bail.

Aftek Infosys

Mumbai, March 13: Aftek Infosys has acquired a 49 per cent stake in Germany-based Arexera Information Technologies GmbH for euro 8.86 million (about Rs 49.17 crore).

Income tax

New Delhi, March 13: The Reserve Bank has appealed to the taxpayers to utilise branches of public sector banks to deposit their income tax dues well in advance of the last date instead of queuing up at the apex bank’s counters.

Budget blues

Calcutta, March 13: The West Bengal Garment Manufacturers and Dealers Association is up in arms against the Union budget’s proposal to withdraw SSI exemption available to readymade garments. President of the association B. L. Somani has said that the withdrawal of the exemption coupled with the imposition of excise duty will wipe out the readymade garment manufacturers in Bengal.

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