Union Budget 2002-03 Highlights

Posted: Thursday, Feb 28, 2002 at 0000 hrs IST
Updated: Thursday, Feb 28, 2002 at 0000 hrs IST

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: Highlights of the Budget:

• Two per cent earthquake tax abolished
• False PAN number to be punished with Rs 10,000 fine
• NHB bonds exempt from capital gains tax
• Multiplex theatres in non-metro cities to get tax relief
• Corporate tax for foreign companies down to 40 pc from 48 pc
• IT capital goods import duties reduced by 15 pc
• No change in personal, corporate income tax rates
• Cell phone, handphones to be cheaper
• Custom duties on pulses (daal) goes up
• Custom duty on cement reduced by 5 pc
• Cenvat on liqour reduced
• Transfer of residence made easier with tax relief
• Cess on crude oil to double
• Customs on hardware imports down
• Service tax net increased, to cover cable operators, health clubs
• Excise duty on garment down to 12 pc
• Custom peak rate down to 30 per cent from 35 per cent
• Excise on tea reduced by half
• Cotton yarn expemted from excise duty
• Duties on textile sector to be rationalised
• Textile industry to be opened up for competition
• Outlay for power increased by 22 pc
• Banking sector reforms bill to be introduced
• Plan outlay for roads and highways up by 39 per cent
• Widening of tax base proposed
• Postal rates increased
• Central assistance to states will be reform-linked
• Govt's spending on health up
• Information ministry allocation up by Rs 415 cr
• Sebi Act to be modified to strengthen investor protection
• Non-plan expenditure lower by Rs 10,000 cr than budget amount for current year
• Non plan expenditure at Rs 2.96 lakh cr
• Government manpower to be cut by 42,000; 12,200 posts to be abolished
• Overseas JV investment limit up to 50 pc of net worth
• 70 lakh more new lines proposed from MTNL and BSNL
• New insurance scheme for underprivileged
• Allocation for science and tech by 40 pc
• Defence spending up by 4.8 per cent to Rs 65,000 crore
• NRIs will be free to repatriate in foreign currency
• Plan outlay for women and children increased by 33 pc to Rs 2,200 cr
• Foreign banks to be allowed fully-owned branches in India
• Oil pool account to be dissolved from April 1
• Central assistance to state plans hiked by 20 per cent
• Jayaprakash Rozgar Guarantee Yojna scheme launched for needy
• Telecom allocated Rs 19,463 cr
• Government proposes 75,000 km fibre optic network
• Rs 866 cr allocated for tribal affairs
• Central assistance to state plans hiked by 20 per cent
• Jayaprakash Rozgar Guarantee Yojna scheme...

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