The Hindu Business Line : Sinha hints at further rollback

THE Finance Minister, Mr Yashwant Sinha, has indicated that the demand for a rollback of the hike in postal rates and certain tax measures could be considered during the passage of the Finance Bill.

Winding up the discussion on the Budget shortly before the vote on account for 2002-03 obtained Parliamentary approval with the Rajya Sabha returning it on Friday, Mr Sinha said he would take up postal and other tax issues when the Finance Bill was discussed in the House.

The Government is set to review the proposed reduction in the tax rebate available on contributions made to designated small savings instruments. The Budget had proposed pruning the tax rebate from the existing 20 per cent to 10 per cent for persons with taxable income between Rs 1.5 lakh snf Rs 5 lakh.

Referring to the difficult fiscal situation, the Finance Minister said in such a scenario, unpopular measures would have to be taken. "Harsh decisions have to be taken to make both ends meet," he said. The vote-on-account for the first two months of fiscal 2002-03 is over Rs 1,34,848 crore. The Rajya Sabha also returned the supplementary demands for grants for 2000-02 and excess demands for grants for 1998-99 and the relevant appropriation Bills.

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