SBI's gold fetish The State Bank of India ( SBI ) initiated its gold trading operations by importing nearly 500 kg of the yellow metal under open general licence.
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KAVERI MITRABITUMENTowards better roadsRecently the government, as part of ts liberalisation of the oil industry, permitted imports of bitumen under the open general licence ( OGL ) and allowed import price parity to domestic refiners.
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Beginning with finance minister V . P . Singh's long-term fiscal policy, the government reduced income and corporate tax; cut import duties on raw materials, components and project imports; broad-banded excise duties; delicensed some industries and liberalised entry in others; raised MRTP limits; introduced minimum economic capacities; put more imports under open general licence; encouraged exports through tax exemptions; and introduced far-reaching new policy guidelines for textiles, drugs, and electronics.