ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Australia- Offensive by Vested Interests

has been increased from 6:1 to 10:1. On September 18, the regulations pertaining to the acceptance of deposits by companies were liberalised, the half-hearted recommendations of the James Raj Committee notwithstanding. Most recently has come the Reserve Bank directive to banks asking them to extend more teem, loans and setting a ceiling of 15 per cent on the interest; charged on such loans' According to the Union Minister for Industry and Civil Supplies, the Central government is also thinking of a development rebate and other fiscal incentives to encourage the modernisation of essential industries. The proceeds of the development rebate earHer in operation, though they were meant ' for replacement of machines, etc, have been distributed away as'dividends after the statutory eight- year limitt But no matter; to quote the Minister, "I have asked my colleagues to .consider whether it will be neces' sAvf to insist on modernisation of the industry, it' respect of essential com' modities, and also give such fiscal concessions as are necessary for such modernisation;'.

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