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India inspires Pakistani budget moves
Publish Date : 6/8/2005 10:44:00 AM   Source : Business News Expressnewline.com

India has proved to be the inspiration on several counts in Pakistan's budget for fiscal 2005-06 -- like the move to levy a 0.1 percent tax on large cash withdrawals from the bank.

The Pakistan budget presented Monday has introduced the levy on cash withdrawals of Rs.25,000 and above to help track and check money laundering activities, very much on the lines of similar moves announced by India.

Among the other key similarities in the budget is the lowering of duties on compressed natural gas kits for buses to encourage a switch to the green fuel by the public transport sector.

The lowering of import duties to encourage the dairy sector and help farmers raise their income is also on the lines of Indian moves. This will not only help Pakistan's rural economy but also promote the export of cattle from across Indian borders.

It is not just on economic issues, but also on parliament proceedings that Pakistan taken a leaf out of the Indian book.

Another key issue for which Pakistan drew inspiration from India was the quelling of opposition protest at President Pervez Musharraf not personally addressing the parliament at the start of the budget session.

Defending Musharraf, who returned Monday evening after official visits to the United Arab Emirates (UAE) and Qatar, Minister for Parliamentary Affairs Sher Afgan stated it was not necessary for the president to personally address the joint session of parliament.

He said the precedent for this lay in India where in 1965 the then governor of West Bengal had only sent copies of his address to the assembly after some members tried to disrupt the proceedings.

The articles of the constitution of Pakistan and India dealing with the presidential and governor's addresses are similar, Afgan pointed out.





Indo-Australia committed to resolve agri-trade issues         Publish Date : 3/3/2007 7:21:00 AM  
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.

RBI to absorb more liquidity to contain inflation         Publish Date : 3/3/2007 7:11:00 AM  
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.

Gold and Silver prices turn distinctly weak         Publish Date : 3/3/2007 7:03:00 AM  
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.

Further fall in gold and silver prices         Publish Date : 3/2/2007 7:06:00 AM  
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.

Rupee ends marginally up at 44.26/27 a dollar         Publish Date : 3/2/2007 7:03:00 AM  
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.

Hyundai domestic sales up 74 pc in Feb         Publish Date : 3/2/2007 7:01:00 AM  
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.

Hutchison Telecom files caveat fearing legal move by Essar         Publish Date : 3/2/2007 6:59:00 AM  
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.

Skoda slashes car prices up to Rs 24,000         Publish Date : 3/2/2007 6:56:00 AM  
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.

Bond prices continue to decline         Publish Date : 3/1/2007 8:30:00 AM  
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.

India should be more conscious of global developments: RBI         Publish Date : 3/1/2007 8:19:00 AM  
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.

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