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Gold import duly halved, taxes on capital gains reduced

India simplifies trade licensing, revises taxes
NEW DELHI. May 3: The simplified procedure* for both export* and import*. reports Xinhua
According to the new handbook of procedure* for exports and import* (EXIM). notified by the gcwernment on Friday In line with the new EXIM policy, It prescribe* a single appiica tton form each for Import* and export* against the several act of application forms earlier
As per the new handbook of procedures most of the exports and Imports have been made free from licensing.
While airlines, airport au thorttie* and air-taxi operators are allowed to import aircraft and helicopters without licence, recognised hotels, travel agents and tour operator* have been permitted to import motor vehicles within the entitlement of licence granted to them.
On import*, the handbook said import licences and custom* clearance permit* will be
valid for 12 months but capital good. licence* and custom* clearance permit* will be valid for 24 month*.
Neuter adds: India's Finance Minister Manmohan Stngh cut gold import duties by half as part of tax concessions he said would cost the government a total 6.02 billion rupees a year In lost revenue a year
Singh told parliament the import duty on gold would be cut to 220 rupees per 10 grammes from 450 rupees announced in February, to help curb smuggling.
Last February, Stngh lifted a ban on gold imports and said Indians who had lived abroad for over six months could bring back up to five kg of gold, subject to a tax of 450 rupees per 10 grammes
Singh said the concessions announced tn February and to day. part of moves to liberalise the economy, will cost the federal government 3.31 billion rupees and state govern menu 2.71 billion.
Responding to complaint* from the public and from polit leal panic, Stngh said he was restoring tax exemption* on Investment* in certain flnan cial asset* and equity linked saving* schemes to protect low Income household investor*
Singh said tn a debate on the finance bill he was cutting taxes on capital gains for firm* and associations to 30 per cent from the 40 per cent announced in February
Singh also said a conces atonal rale of 20 per cent tax on capital gains would be im posed for venture capital com panics.
Among other measures to reduce indirect taxation, he also cut import duties on a range of products related to the leather, pharmaceutical and building industries
But Singh raised the Import duty on computers and computer peripherals to 1 10 per cent from 75 per cent announced previously, to protect
the domestic computer Indu*
GAIT committee oom mends Indian economic reforms
AFP from Geneva reports: The Geneva Agreement on Tariff* and Trade Committee on balance of payment* re •friction* has commended India'* launching of a comprehensive economic reform programme, a GATT spokes man said Friday
The committee noted that India, despite Its exceedingly weak balance of payment* situ atton, had already started to reduce trade restriction* and reform trade policies by with drawing cash compensatory support to exports and reduc Ing very high tariffs, he added
The statement by India out lining further deregulation and liberalisation provision* In the 1992 1993 budget pro poaal. including the replace menl of eximscrip by a dual exchange rate system had
been welcomed, said the
The committee encouraged Indian authorities to undertake further liberalisation and to continue progressively to phase out the restrictions maintained for balance -of-payments purposes.
The committee agreed that a more favourable external environment. In particular in the textiles sector, would contribute to assisting Indias trade and economic reform programmes
India blasts US decision to suspend duty-free access of good s
Another despatch adds: The Indian government attacked as "unwarranted and unjustified" a US derision to suspend duty free access for various cate gonrs of Indian goods
Commerce Minister Palan lappan Chidambaram said In parliament that "I feel the action is unjustified and unwarranted." adding that New
Delhi would not yield to any "^ambaram promised MPs that India had taken "a firm, fair and consistent post tlon" In the negotiations with the US adding that New Delhi had yet to receive a copy of Washington's notification.
The criticism of the an nouncement by the Office of the United States Trade Representative cut across party affiliations with a few MPs from the ruling Congress (I) party joining forces with the opposition to protest Washington's decision
India and Russia are to sign a long term bilateral trade agreement here next week, an Indian government spokesman said Saturday.
The five-year agreement will be signed during a three day visit here by Russian State Secretary Gennady Burbulis beginning Sunday, the Mints try of External Affairs spokes num said