National Economic Events in May 2000

Tax on ESOP shares as perquisites off, only capital gains tax to be levied.

Foreign exchange controls on travel quota, gift remittances and donations relaxed.

Information Technology Bill according legal recognition to e-commerce and providing for stringent punishment for cyber-crimes, passed by Lok Sabha.

Forex control for second current account transactions relaxed.

Biodiversity Bill providing for measures to conserve biological diversity and sustainable use and creation of a National Biodiversity Authority introduced in parliament.

Union Government decides to allow disinvestment of 60 per cent of Air India, 40 per cent for strategic partner, including 26 per cent for foreign entity, 10 per cent for domestic FIs and investors.

RBI imposes interest rate surcharge of 50 per cent on import finance to check the slide in Re value.

SVS Raghavan Committee on Competition Law suggests a new law to replace the MRTP Act and transfer of Unfair Trade Practices cases to consumer courts.