MEMBER NATIONS TO DECIDE WORLD BANK AID TO INDIA
Article Abstract:
Member countries on the board of the World Bank will decide on the approval of World Bank loans for Indian infrastructure projects. Loan proposals worth $1 billion in the power and highway sectors will be scrutinised by the board. There are 50 loan proposals worth $2 billion from states like Andhra Pradesh and Uttar Pradesh. The loan proposals will be approved if 50 percent of the member countries approve. The US has a vote share of 15.29 percent while Japan has a vote share of 10.29 percent on the board. Other countries which have a vote share are Germany (6.92 percent share), France (4.18 percent), UK (5 percent), Afghanistan (0.13 percent share), Italy (2.74 percent) and China (2.02 percent). India has vote share of 3.14 percent. According to World Bank officials, $8.1 billion loans for projects are likely to be approved. (vv)
Comment:
India: Member countries on board of World Bank will decide on approval of World Bank loans for Indian infrastructure projects
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TAX HOLIDAY TRADING COs GET 4% STICK
Article Abstract:
The Government of India has levied a 4 percent additional customs duty on trading companies set up in zones where there is a sales tax holiday. The duty is applicable on goods imported for subsequent trading. Earlier, these companies were not charged as goods imported for trade were not covered by this levy. This duty is also applicable on traders conducting sales on the high seas. The duty is aimed at stopping revenue leakage and to stop setting up of trading companies in sales tax holiday zones just for avoiding customs duty. (ag)
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India: Government levies 4% additional customs duty on trading companies set up in zones where there is sales tax holiday
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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INDIA LIKELY TO RECEIVE $3 BN FROM WORLD BANK
Article Abstract:
The World Bank and the International Development Agency are likely to provide loans worth $3 billion to India in 1998-99 against $2.1 billion in 1997-98. The loans will cover four projects whose loan approval had been postponed due to sanctions imposed by the US after the nuclear tests conducted by India. A power grid project is to be given $500 million, two non- conventional energy projects $130 million and two road projects in Haryana and Gujarat. The country will also negotiate two basic human need loans of $300 million in October 1998. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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