Duty-free imports of rubber against advance licence allowed
New Delhi: Rubber importers now can heave a sigh of relief. The Indian government has allowed its duty-free imports against advance licence. The move follows the Supreme Court dismissal of the special leave petition against the Bombay High Court decision to quash and set aside advance licence circulars including the circular dated 3 September 2001. "All licensing authorities are advised to decide the admissibility of import in the light of the high court decision and Exim provisions and procedures," a policy circular issued by the directorate-general of foreign trade said. The circular adds that licensing authorities are advised not to issue any duty-free licence, including the advance licence for deemed exports, which is an annual licence of import of natural rubber.
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Rajasthan offers more subsidies as part of its investment policy
Jaipur: Rajasthan's Ashok Gehlot government has offered a range of concessions in the new investment policy, mainly for the luxury-oriented class. Interest subsidy of around 5 per cent has been packaged in the policy with an additional 1 per cent concession for entrepreneurs belonging to the scheduled tribe and schedule castes from the state. Wage and employment subsidy of around 25 per cent for workers who have regular employment applicable for as long as seven years has also been announced. But the subsidy will be available to only those units that provide employment for at least to 10 workers. The total interest and wage employment subsidy will be subject to a maximum ceiling of 50 per cent of the sales tax, purchase tax and value-added tax, reports say. Apart from this, the government also envisages that those entrepreneurs, not opting for the interest subsidy, will be allowed a wage subsidy of 30 per cent. This is subject to a maximum ceiling of 50 per cent of the sales tax. It will be applicable only for units providing employment to, again, at least 10 workers. The new policy has also proposed an allocation of Rs 100 crore every year in the state budget till the year 2007 for the purpose of promoting investment-related activities in the state, including giving special incentives to the entrepreneurs and concessions to new units.
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