Staff Reporter

‘Methods other than waiving of debts should have been adopted’

Importance of compliance of tax laws emphasised

Amendments to the provisions relating to reverse mortgage appreciated

KOCHI: An institutional framework for meeting disasters or crunch situations was missing in the Union Budget 2008, said Federal Bank Executive Director K.S. Harshan here on Monday.

Inaugurating a discussion on the budget organised by FISAT Business School here, Mr. Harshan said the Finance Minister had opted to write off debts instead of looking at other ways of meeting the crisis-like situation faced by farmers. He felt that the Finance Minister should have helped bring in a revolution in education too.

Venugopal C. Govind said that the budget had ignored the sectors of commerce and industry that were facing big problems owing to the appreciation of the rupee.

P.M. Mathew, Director, Institute of Small Industries and Development; T.S. Anantharaman, president, Thrissur Chamber of Commerce; and V.K. Vijayakumar, industry expert from Sree Krishna College, Guruvayur, were among those who made the presentations.

ICAI seminar

Earlier in the day, the Institute of Chartered Accountants of India (ICAI) organised a day-long seminar on the Union Budget. Justice C.N. Ramachandran Nair of Kerala High Court, who inaugurated the programme, emphasised the importance of compliance of tax laws and appreciated the clarity brought about by the amendments to the provisions relating to reverse mortgage.

Venugopal C. Govind analysed the various economic policy measures in the Union Budget and stressed the need for thrust on infrastructure growth. The amendments to indirect tax were dealt with by Sunil Gabawalla and the amendment to direct taxes by Pradip N. Kapasi. P.G. Sajeev, chairman, Ernakulam branch of ICAI, welcomed the gathering.