SUGAR-Short-Lived Recovery

There is a scheme under which five per cent of the public issue is earmarked for the employees of the company and banks are to provide requisite finance to employees to purchase these shares. Another proposal seeks to introduce a new scheme of foreign currency denominated bonds/deposit certificates to attract NRI funds on a non-repatriable basis. These bonds/deposits will be free from income tax, wealth tax and gift tart. Untapped rural savings are to be mobilised through a new instrument called Kisan Vikas Patra In order to provide some protection to individual projects from exchange rate fluctuations, financial institutions are to introduce a new scheme enabling promoters to have their foreign currency loans designated in rupees. All these measures are intended to help boost investment in new industries.