(dated March 29, 1963)
Super Profits Tax
The representatives of stock exchanges in the country met Mr. Morarji Desai, Union Finance Minister, and pleaded that the Super Profits Tax should be modified if the stock exchanges were to function normally. They urged him to raise the exemption limit in the Super Profits Tax from six per cent to 10 per cent and reduce the incidence of the tax from the proposed 50 per cent and 60 per cent to 20 per cent and 25 per cent. During the 25-minute meeting with the Finance Minister, the deputationists expressed apprehension that the proposed levy in its present form would have a detrimental effect on capital formation and investments. They pleaded that new companies and the banking companies should be exempted from the purview of the tax. The representatives told the Finance Minister that if the Super Profits Tax was retained in the present form, it would affect economic growth. It would also affect the declaration of dividends by companies. Muslim law in India
The Muslim Law in India may undergo a change, it is learnt. The Union Government, it is understood, are thinking of appointing a committee to go into the existing Muslim Law with a view to modifying it in the light of alterations made by other Muslim countries in the world. For sometime past, there has been a demand in India that while the Hindu Law had been codified and improved, nothing had been down in regard to Muslim Law which has remained unaltered for generations. The committee that will be appointed by the Government will tour some of the Muslim countries in the world to study how they have modified the old laws, before they start the work of modifying the Muslim Law in this country.
Sri Jayachamaraja Wadiyar, the Governor of Mysore, is not drawing his salary as Governor since his appointment. This was disclosed in the Mysore Assembly by Mr. B.D. Jatti, Finance Minister, while replying to the debate on demands for his Ministry. The Minister said the Governor was not taking his salary and was not utilising any Government building for official use.