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Onus of US-64 revamp package on UTI board: Sinha

Our Bureau

NEW DELHI, July 13

THE Finance Minister, Mr Yashwant Sinha, today said that the onus of finalising the package for the US 64 investors was on the UTI board.

The UTI board will have to take the decision and hopefully, it would be done by this week, he told newspersons today.

Mr Sinha said that the Government would have to work hard to achieve the budgeted tax collection of Rs 1,41,000 crore. Although the Government was aware of the fact that customs collection would be lower at a time when imports are showing a declining tre nd, the Minister said that he was hopeful that indirect taxes would be on course to meet the target of Rs 81,720 crore for excise and Rs 4,822 crore for customs.

The Finance Ministry was also in talks with the Commerce Ministry to streamline operations and to achieve higher customs collections.

Earlier at a function organised by the Department of Revenue Intelligence to present awards to officers of the Central Excise and Customs departments, Mr Sinha said that the Customs and Central Excise department to be on their guard to tackle economic cr imes, given the increasingly sophisticated nature of such crimes.