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Sunday, May 3, 1998
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MoF to monitor takeover of NBFCs by institutions
The Union finance ministry plans to scrutinise mergers and takeovers of non-banking finance companies by financial institutions. According to official sources the ministry would seek complete financial details about such NBFCs. The finance ministry is also likely to favour a due diligence by an independent assessor.
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Badla rates decline to 22 pc on BSE
The carry-forward rates (Badla) on the Bombay Stock Exchange (BSE) witnessed a major correction to close at a competitive level of 22% annualised, over their previous week's record high of 27-40%. However, the total outstanding carry-forward positions continued to register a rise of 14.02% at Rs 1,141.32 crore, over their previous week's level of Rs 1,327 crore recorded on April 25. The carry-forward purchase position stood at Rs 1,087.66 crore, while the carry-forward sale position was estimated at a record low of Rs 209.17 crore.
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MoF bid to ease tax norms
To cope with the projected 25 per cent annual growth of tax payers during the next three years, the Union Finance Ministry has chalked out a detailed plan of action to further simplify the collection procedures and simultaneously discourage the tax evaders to a great extent, Central Board of Direct Taxes (CBDT) chairman Ravi Kant said.
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Gujarat plan to revive economy
The Gujarat Chief Minister Keshubhai Patel has announced a 15-point action plan to revive the state's economy. As per the plan, the state government would interact with banks to accelerate the credit flow to various economic sectors in a bid to stimulate investment and move economy to a path of high growth.
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