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India removes 2 pc interest tax on banks, FIs

NEW DELHI: India proposes to abolish a two-percent tax payable by banks and financial institutions on their interest income, Finance Minister Yashwant Sinha said on Tuesday.

Presenting the 2000/01 (April-March) budget in parliament, Sinha said: "Currently banks and financial institutions pay an interest tax of two percent, which adds to their costs. To remove this impediment to financial transactions, I propose to abolish this tax."-Reuters

India says 1999/00 fiscal deficit 5.6 pc of GDP

NEW DELHI: Finance Minister Yashwant

Sinha said on Tuesday India's 1999/2000 (April-March) fiscal

deficit was estimated at 5.6 percent of gross domestic product

(GDP).-Reuters

India says not to close state-run banks

NEW DELHI: India said on Tuesday the

government would not close any state-run banks but some weak

banks would be restructured.-Reuters