INDIAN FINANCE.
THE YEAR'S BUDGET. BIG TAXATION REDUCTION. (Received 10.30 a.m.) DELHI, March 1. Sir Basil Brackett, Finance Member of the Government of India, in presenting the Budget, announced the entire abolition of the cotton excise duty, involving a loss in revenue of 175 lakhs of rupees (about £075,000). No newtaxation was proposed. A reduction of one and a half crores (about £825,000) in military expenditure will also be effected.
Sir Basil Brackett announced a new rupee loan of twenty-two crores (220 million rupees, or about £12,000,000 sterling), of which twenty crores would be devoted to renewals of bonds maturing next September.
The surplus for the coming year was estimated at 305 lakhs of rupees (about £IJOO,OOO sterling).—(Router.)
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Bibliographic details
Auckland Star, Volume LVII, Issue 51, 2 March 1926, Page 7
Word Count
118INDIAN FINANCE. Auckland Star, Volume LVII, Issue 51, 2 March 1926, Page 7
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