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Fiscal Budget

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Budget 1998-99
Budget 1997-98
Budget 1996-97


Live Update

Budget Speech

Speech lasted approximately 2 hours [1250 hrs[
FM quotes PM's poetry to commend the budget to the house [1250 hrs]
Postal tariff for registered/competition postcards, inland letters and parcels raised [1248 hrs]
Across the board surcharge of 10% on income tax [1245 hrs]
Mediclaim for senior citizens raised to 5 lakhs [1243 hrs]
Expenditure of solving Y2K problem to be treated as revenue expenditure [1240 hrs]
Tax exemption for 15 years for units in infrastructure & core sectors [1239 hrs]
Provisions of bad debts made tax deductible [1236 hrs]
Income of housing finance companies would be taxed on actual basis and not on accrual basis [1235 hrs]
Minimum ceiling on self occupied property raised to 75,000 [1234 hrs]
Buyback of shares not to be subjected to dividend tax [1233 hrs]
Venture capital made simpler [1231 hrs]
Long term capital gains tax capped at 10% for all [1230 hrs]
Restructuring of direct tax tructure announced [1227 hrs]
IT Sector given special status. Significant reduction in duties of critical inputs [1223 hrs]
Special Custom Duty of 2% and further raised by 3% abolished wef from tommorrow [1220 hrs]
Fiscal Deficit at 89,713 crores after taking into account Rs. 10,000 crores through disinvestment [1219 hrs]
Central plan assistance to states and UTs up about 10% [1218 hrs]
Cap on Modvat claims restored to 100% [1216 hrs]
Rs. 1/litre on imported/domestic HSD [1215 hrs]
Additional revenue to be garnered by addtional duty on HSD [1214 hrs]
Two slabs of surcharge 6% and 18% announced [1212 hrs]
11 major Ad Valorem rates reduced to Central Excise of 16% Merit Rate of 8% and Demerit Rate of 24% [1210 hrs]
Tax structure to be rationalised further towards a central rate,merit rate and demerit rate [1207 hrs]
Adjusted fiscal deficit to be 5.9% [1201 hrs]
Fiscal deficit up at 6.5% against target of 5.6% [1200 hrs]
MARKET FLASH : Bombay Stock Exchange index up 85 points
Expenditure Restructuring Commission to be set up [1158 hrs]
US-64 to be restructured as per recommendations of the Deepak Parekh Committee [1156 hrs]
FM hints at downsizing the government. Surrenders his secretary wef tommorrow [1154 hrs]
SEBI-Department of Company Affaires to take stringent action against unscruplous market operators [1153 hrs]
Stamp duty on tranfer of debt instruments abolished [1151 hrs]
NRI allowed to set up trading terminals abroad [1150 hrs]
Banks to issue bonds against gold lying with charitable and religious organisations. Interest on these bonds exempt from wealth tax and income tax. [1149 hrs]
Automatic FDI approval for the services sector. FIPB to give decision within 30 days [1145 hrs]
VRS Scheme for employees of PSES. PSES to fund these through loan from banks against government guarantees [1142 hrs]
Composite Loan Scheme for SSI sector loan limit raised to Rs. 5 lakhs [1140 hrs]
Setu Samundar project announced. Funds to go into the technical feasibility of the project set aside [1138 hrs]
Textile Technology Upgradation Fund approved by the government [1132 hrs]
74 % FDI is Pharma Sector permitted [1132 hrs]
TAX Free status for bonds targeted at housing development activities [1130 hrs]
Scheduled commercial banks would be asked to invest 3% in housing activities [1127 hrs]
Government to provide poor shelter to all shelterless by the end of 10th plan [1125 hrs]
Education guarantee scheme at the national level [1121 hrs]
Targeted PDS to be finetuned further to include senior citizens [1120 hrs]
FM announces National Human Development Initiative [1118 hrs]
FM announces plan for rural industrialisation [1117 hrs]
Centre to provide financial assistance to states undertaking land management [1115 hrs]
Agriculture lending by public sector banks to be treated as priority sector lending [1113 hrs]
Rural Infrtastructure Dev. Fund corpus to be raised to 35 billion [1112 hrs]
Centre to provide assistance to states to rationalise water management costs [1110 hrs]
GDP Growth up to 5.8% from 5% [1109 hrs]
Budget to have six fold objectives [1107 hrs]
Yashwant Sinha starts of his budget speech by talking about the economic turmoil in SE Asia [1105 hrs]
Yashwant Sinha claims he would be presenting the nest three budgets as well [1101 hrs]
FM briefing his cabinet colleagues abt the provisions before presenting them before the house [1055 hrs]
Bombay Senitive Index up 73 pts [1053 hrs]


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