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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (938)	2/29/2000 7:49:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

Highlights of Budget 2000 by Business Standard Budget allocation for defence increased by Rs 13,000 crore to Rs 58,587 crore, the largest increase ever Divestment proceeds to be used to retire government debt Announces Social security cover in the form of group insurance for poor Sebi to be single point nodal agency for all matters related to venture capital FII investment limit in all sectors enhanced from 30% to 40 % Government stake in public sector banks to be cut to 33% in line with Narasimham committee recommendations Greater operational freedom for Reserve Bank of India in terms of monetary policy No approval needed for venture funds from tax authorities One time tax of 20 per cent when fund distributes income to investors; no other taxes applicable Government stake in non-strategic public sector units (PSUs) to be cut to 26% or less Fiscal deficit placed at 5.6 per cent as against target of 4 per cent Subsidies on food and fertiliser to be cut Single rate VAT at the Centre proposed Convert the three ad-valorem rates of 8, 16, 24 per cent to 16% Central Value added tax (CenVAT) Customs duty on several Information technology items to be cut Basic customs duty on crude cut from 20% to 15% and for petroleum products from 25% to 20%, except for kerosene The one-by-six scheme extended to all cities with a population of more than 2 lakhs Tax concession on export earnings to be scrapped in five years at the rate of 20 per cent per year