Sunday, October 11, 1998
Centre proposes 20% tax on automobiles to fund road projects
The Union surface transport minister, M Thambi Durai, on Saturday proposed levy of a 10 per cent to 20 per cent tax on all automobiles, the proceeds of which will be utilised for development of roads. The minister suggested that additional funds could be generated by accepting deposits from the public on high interest rates.
Bank credit offtake posts Rs 4,000 cr rise in first half of current fiscal
Triggered by a Rs 4,312 crore growth in the last fortnight of September, bank credit has grown by 1.3 per cent (Rs 4,053 crore) in the first half (April-September) of the current fiscal. This is against a growth of 0.5 per cent (Rs 1,333 crore) during the corresponding period in the previous year. The sudden jump in credit offtake is attributed to the window dressing resorted to by banks in order to shore up the asset side of their balance sheets.
Gujarat Adani Port's Mundra terminal goes on stream
Gujarat Adani Port Ltd has completed its first phase of port development with the commissioning of the multi-purpose terminal at Mundra off Gulf of Kutch in north western Gujarat. The first phase of the Rs 350 crore project's multi-purpose terminal is capable of berthing four vessels with a berthing capacity up to 60,000 dead weight tonnage (dwt). This jetty has 300 acres of back-up area and an approach road.
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