NRIs investment constitutes 6% of FDI
NRIs have invested Rs 9,650.64 cr from August 1991 to December 2005, constituting 6.30% of the total FDI inflow.india Updated: Feb 21, 2006 18:26 IST
NRIs have invested Rs 9,650.64 crore from August 1991 to December 2005, constituting 6.30 per cent of the total Foreign Direct Investment inflow, Rajya Sabha was informed on Tuesday.
Besides general facilities on par with other foreign investors, NRIs are allowed to invest up to 100 per cent in domestic airlines, buy stake beyond 24 per cent in small scale industries, provided they do not have stake in any other industrial undertaking and take 100 per cent equity in sick units, Minister of state for Finance P K Bansal told the house in a written reply.
Biscuits: the government has imposed excise duty on biscuits since major raw material for manufacturing them are non-perishable, while ketchup, sauces, jams, juices, cheese and butter are exempted from the levy as they use perishable fruits, Minister of state for Finance SS Planimanickam said.
He said the request for exempting biscuits from excise duty was examined and it was felt that apart from revenue loss, general exemption from whole of excise duty would remove the advantage available to the unorganised sector.
Since imported biscuits are charged CVD, equal to that of excise duty, a general exemption from whole of excise duty would reduce the protection level to domestic industry, he said.
Tax evasion: No person has been found guilty of tax evasion till date on the basis of information received through annual information returns filed by banks pertaining to 2004-05, Palanimanickam said.
First Published: Feb 21, 2006 18:26 IST