India introduced a 4 percent excise duty on silver manufactured from smelting zinc or lead.
India's Finance minister P. Chidambaram however didn't raise import duty non gold in his budget presentation in the country’s parliament early Thursday.
Chidambaram however introduced a 0.01 percent Commodities Transactions Tax (CTT) for commodity futures in a limited way from next fiscal year.He exempted agri commodities from the CTT.
The Finance Minister also introduced a string of reforms,opening India to wider foreign investment and cutting deficit-ballooning spending and subsidies to avert a damaging credit rating downgrade and boost corporate spending.
India's share market regulator SEBI will simplify procedures for entry of foreign portfolio investors to invest in India.
All public sector banks to have ATM's by the end of this year. A new women's bank to be set up for lending to women's entrepreuners, and allots rs 1000 crores in the budget. The bank is also to have a majority of women employees
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