Security deposits not liable to ST
Does a supply of cylinders against deposit of cash security constitute a sale of goods for purposes of levy of sales tax under the sales tax laws?

TRAI notifies interconnection charges
NEW DELHI, May 29 — The Telecom Regulatory Authority of India has notified various regulations to govern interconnection charges and revenue sharing between basic and cellular operators.

Need for privatisation of telecom sector THE telecom which is no more a luxury, but a necessity subsequent to economic development especially in a era of economic liberalisation and globalisation of trade financial and labour laws.

Doaba sugar mill faces closure
NAWANSHAHR, May 29 — The Doaba Alco Chemicals Cooperative Sugar Mills Ltd., which was set up in 1993 for manufacturing industrial alcohol is on the brink of closure for want of licence from the Excise and Taxation Commissioner.

Paper World opens at Jalandhar
CHANDIGARH, May 29 — Paper World Inc, an eco-friendly company of New Delhi, today set up its distributor at Jalandhar for the sale of its handmade recycled paper products —gift and stationery items and desk accessories — in Punjab and Chandigarh.

Tata Consultancy turnover up 55 pc
NEW DELHI, May 29 — Tata Consultancy Services has won a prestigious turnkey project of the Malaysian National Railway, KTM Berhad.

Kargil situation not to affect economy: Sinha
Tribune News Service

NEW DELHI, May 29 — India’s military operations in Kargil will not have an adverse impact on the country’s economy as the operations were “limited” in nature and there were no plans to escalate it, the Union Finance Minister and a member of the Cabinet Committee on Security, Mr Yashwant Sinha, said here today.

Addressing the Forum of Financial Writers, an organisation of financial journalists in the capital, Mr Sinha, said the Kargil operations were limited to one sector. “India has been circumspect about the nature of response and the Line of Control will not be violated despite the involvement of the Indian Air Force”, the Finance Minister said.

Since the operations have the sole objective of clearing out armed infiltrators from Indian territory, “an escalation is not warranted by the logic of the situation”, he added. He said the limited operation would not create a situation that would send the economy in a tailspin.

He admitted that the stock markets in both India and Pakistan had suffered after the operation but in the days to come they would factor in the limited scope of the operations and become stable once again. The Indian stock markets have shed about 5 per cent capitalisation and the Karachi stock market about 20 per cent ever since India launched air strike in Kargil.

Mr Sinha said despite the political instability and the Kargil situation, the economy was doing reasonably well as its fundamentals were strong.

He said the stock indices had reflected some concern in industry after the government was defeated in the Lok Sabha but had thereafter picked up. This showed that the economy has gained momentum on its own and it was not very much dependent on the political scenario in the country.

Saying there was a feeling of comfort once again about the state of the economy, Mr Sinha said going by the performance of the various sectors, India would be able to post a growth rate of 7 per cent in this financial year.

Agriculture production, which was the key element for the growth rate in the previous fiscal, was looking up this year too. If monsoon turn out to be normal as per prediction, there should be record production this year too.

In the industry sector, there were signs of revival. Sale of cement, commercial vehicles and passenger cars were showing an increase and this indicated that industry was on the path to recovery. The increase in the sale of passenger cars reflected the growing confidence of the consumer and this holds the key for economic recovery. He said a confident consumer would spend more and this would show on the performance of industry.

He said the tax collections, both direct and indirect, were showing buoyancy and this also indicated that industrial activity was picking up.

Other indicators like the inflation rate, which was below 5 per cent, and the comfortable balance of payment situation also augured well for the economy.

Mr Sinha said the various measures announced in the Budget to bring back the small investor to the stock markets were showing good results. The foreign exchange market was also doing well as it was stable and orderly.

The prophets of doom, who had after India conducted the nuclear tests in May, predicted that the Indian economy would not grow, the inflation rate would touch the double digit mark and there would be a major crisis in the balance of payment situation had been proved wrong.

“I have in fact added to what I inherited” and despite the elections and Kargil development the economy was doing well.

No impact on recovery

NEW DELHI, May 29 (PTI) — The FICCI said today that on-going developments in the Dras and Kargil areas of Jammu and Kashmir would have no impact on fast recovery of economic growth.

In a statement here FICCI President Sudhir Jalan hoped that the capital market would bounce back since both India and Pakistan Governments were taking necessary initiatives to end border skirmishes.

Jalan said the business community was solidly behind the government in its effort to flush out the infiltrators from Kargil and Dras.

“Business community in India is deeply appreciative of the high-level contacts and the hotline that have been established between Prime Minister Atal Behari Vajpayee and Pakistani Premier Nawaz Sharif,” Jalan said.

Jalan said economic relations between India and Pakistan had considerably improved following the Lahore Declaration and setting up of India-Pakistan Chamber of Commerce under the aegis of the FICCI and the Federation of Pakistan Chamber of Commerce and Industry was a high point in this regard.

Security deposits not liable to ST
By A.K. Sachdeva

Does a supply of cylinders against deposit of cash security constitute a sale of goods for purposes of levy of sales tax under the sales tax laws? This precisely was the question that recently came up for consideration before a Division Bench of the Punjab and Haryana High Court in the case of Indian oil Corporation Limited, Jalandhar v. Excise and Taxation officer-cum-Assessing Authority, Jalandhar-I and others, Civil Writ Petition No 7914/1995.

The dispute in this case virtually arose from five orders of assessment passed by the assessing authority holding that the security deposits realised by the Oil Corporation from its customers on account of delivery of cylinders and regulators constituted a sale price and as such attracted sales tax within the meaning of the provisions contained in the Punjab General Sales Tax Act, 1948.

The Corporation namely, Indian Oil Corporation Ltd, Jalandhar used to realise from its customers cash security against delivery of cylinders and regulators which usually are provided to the consumer at the time of installation of new connection. The assessing authority took the view that security deposits accepted by the Corporation were nothing but a sale consideration involving supply of cylinders and regulators and that these transactions were assessable to sales tax.

The claim, on the other hand, made by the Corporation was the property in the goods i.e. cylinders and regulators did never pass on the consumer whenever security deposits came to be realised. Resisting the proposal of the revenue regarding levy of sales tax on delivery of cylinders and regulators, it was also contended by the Corporation before the sales tax authorities that these equipments continued to be its property even if their possession was delivered out to the consumers against deposit of cash security. These arguments did not find favour with the assessing authority and consequently the Corporation was assessed to sales tax on the footing that the transactions fell within the ambit of the definition of term “sale” as provided in Clause (h) of Section 2 of the Punjab General Sales Tax Act, 1948. On appeal, these findings of the assessing authority were upheld upto the level of the Sales Tax Tribunal, Punjab, Chandigarh. This is how the matter involving challenge to the levy of sales tax on security deposits came up for adjudication before the High Court.

It was pleaded that the amount of cash security realised from the customers was even less than the price that the Corporation paid in respect of each of the cylinders to the manufacturer. Illustrating the case, it was explained that during the financial year 1988-89, the Corporation had purchased cylinders @ Rs 510 each while the consumer was required to deposit only Rs 450 by way of security. It was further urged that this amount of security continued till 1993-94 despite the fact that the cost price of cylinders by then had increased to Rs 750. The fact that the cylinders and the regulators at all time constituted the assets of the Corporation was also proved from the point that the claim of depreciation under the provisions of the Income Tax Act, 1961 was permissible and allowable to it, asserted the petitioner.

Thus the Court concluded the matter in favour of the Corporation holding in the following terms “It is common knowledge that when a consumer gets his cylinder, he is entitled to use it only as a container for the gas. He is not entitled to transfer it or to sell it to any other person. In fact, according to the terms of the agreement, the consumer is not expected to even take the cylinder out of the jurisdiction of the particular dealer who has released the connection to him. Taking these facts cumulatively, it cannot be said that the property in the goods viz. the cylinders stands transferred to the consumers by the mere act of acceptance of a deposit by the Corporation. Thus, the act of deposit will not result in a sale so as to render the transaction as eligible to the levy of sales tax under the provisions of the Sales Tax Act.

One calorie cola

MUMBAI, May 29 (PTI) — Pepsico India will launch “Diet Pepsi” in the city tomorrow as part of its World Cup initiatives.

The 330 ml diet Pepsi can, at an introductory price of Rs 15, contains just one calorie, Pepsico India Chairman P.M. Sinha said in a statement here.

Diet Pepsi incorporates a sweetener blend of aspartame and acesulfame potassium (ask) which ensures that the taste does not change, he said, adding that the new sweetner system was introduced globally only last year.

The soft drink, canned at Pepsi’s Roha plant, would use cricket as its advertising platform and would soon be available in pet bottles as well, he added.

TRAI notifies interconnection charges
Tribune News Service

NEW DELHI, May 29 — The Telecom Regulatory Authority of India (TRAI) has notified various regulations to govern interconnection charges and revenue sharing between basic and cellular operators.

The cellular operators would now be required to pay Rs 1.20 for a call made from a cellular phone to a basic network instead of the existing Rs 1.40.

For international calls, the telecom operators will pay Rs 0.66 to Department of Telecommunication (DoT) for every unit call. Currently, the operators have to pay Rs 0.70. The 50 paise per metered call for domestic long distance calls measured at the point of interconnection will now be 48 paise.

The new charges will be applicable retrospectively from May 1 .

The New Telecom Policy 1999, which came into force on May 1, has instituted a ‘calling party pays principle’ in which the MTNL will be billed on the basis of air time used to place a call to a cellular phone number.

According to the NTP, cellular phone service providers cannot charge more than Rs 6 per minute.

Currently, MTNL subscribers do not have to pay money to call a cellular phone subscriber. On the contrary, cellular phone subscribers are billed for both receiving and making calls. From August 1, a cellular phone subscriber will not have pay to receive a phone call.

TRAI said that interconnection charges should be based mainly on incremental costs and should be non-discriminatory.The interconnection provider has to inform the seeker of interconnection within 45 days whether the interconnection sought is available.

The authority has forborne from specifying interconnection charges leaving it to the seekers and providers to negotiate individually. TRAI may intervene only if there is no mutual agreement in three months, the notification has said.

However, the interconnection charges and revenue sharing arrangements have to be reported at least 45 days prior to implementation for making changes and arrangements, the notification has said.

The notified revenue sharing charges are interim in nature since the authority is currently preparing a consultation paper.

Need for privatisation of telecom sector
By K.Garima

THE telecom which is no more a luxury, but a necessity subsequent to economic development especially in a era of economic liberalisation and globalisation of trade financial and labour laws. The government has realised the need for faster and comprehensive development of telecommunication in the country, along with privatisation. However, nothing much has been really been done is thus segment. The objective for privatisation was not only to fulfil the need for faster and comprehensive development of telecommunication but also to make India recognised as a major manufacturing base and exporter of telecom equipment. But the fact is that most companies find it difficult to survive due to the whim and fancies of DoT. Nevertheless many MNC’s which set up shop in India are also repenting their decision. It is a trying period for the telecom industry, which is evident from the fact that the private entrepreneurs have not even started full-fledged operations and are already facing crisis on account of uncertain policies.

Punwire

Punjab Wireless Systems (Punwire) is a key player in the Indian telecommunication sector. The company manufacturers, sells and services a variety of telecommunication equipment including wireless products radio trunking systems microware network equipments pagers and telephones. The company has also branched off in operating trunking and paging networks in the country after coming together with Motorola and Telia. Punwire has a licence to operate paging services in 12 States and to operate radio trucking services a leading supplier of telecom equipment to DoT but now it also suppliers them to private basic cellular and VSAT operators. It is also leading in the two-way radios market and has come together with kenwood of Japan in order to offer the latest and complete range of two-way radios. Nevertheless the company is also a strategic supplier of communication equipment to the Indian defence forces. Overall, the prospects of the company appear encouraging.

MTNL

A leading player in the telecom industry, Mahanagar Telephone Nigam Ltd [MTNL] holds a licence for basic services in Mumbai and Delhi. With the decontrol of the industry and private sector companies expected to venture into telecom soon, the company is planning to restructure its operations. MTNL now plans to lay emphasis on quality and consolidate its leadership position. On the financial front, the company can boast of a impeccable track record. The company is planning to retain customers by offering them extended services like call waiting, call transfer, abbreviated decalling, etc. The new services offered could enable it to combat the private players. Thus, discerning investors are advised to invest for long term gains.

Indian Telephones

Based in Bangalore, Indian Telephone Industries [ITI] is a prominent player in the telecom industry. At one stage the company was a dominant player in the industry. However, fortunes of the company took a nose dive and the company was in the red. Even though the company continue to record losses, the company appears to be back on track as evident form its financial results which depict a fall in its losses. The company started incurring losses ever since the advent of private sector in the industry, after which it lost orders from its single most client, DoT. The company has to combat the sluggish demand and the downward trend in prices.

VSNL

VSNL is the public sector telecom giant of the industry. The company has a monopoly on all calls made in and out of the country till 2004. It has introduced several services like leased lines E-Mail, Internet, video conferencing and frame relay. It was rated among the top 20 providers of leased lines internationally in a user survey in Data Communications in May 1997. On the financial front the company’s performance has been good. The company has planned a series of expansion plans, including the setting up of international gate ways at all four metros, 14 satellite earth stations and there under sea cables. VSNL is planning a direct to hone service platform for Indian satellite channels, has tied-up with Comsat Telstra TMI and USA Sprint.

Doaba sugar mill faces closure
From Our Correspondent

NAWANSHAHR, May 29 — The Doaba Alco Chemicals Cooperative Sugar Mills Ltd., which was set up in 1993 for manufacturing industrial alcohol is on the brink of closure for want of licence from the Excise and Taxation Commissioner.

Though, the permission for manufacturing rectified spirit/ENA was granted by the Chief Minister in September 98, the Department has been adopting delaying tactics in granting the licence says Mr Pargat Singh Sidhu, M.D. of the sugar mill.

He said the industrial alcohol manufactured in this unit was not remunerative on account of its less demand and low realisation as compared to the cost of production.

To avoid heavy losses the production was stopped in September, 1997, and to make this unit viable, a request was made to the State Government for granting licence, said Mr Sidhu.

After the permission was granted by Mr Parkash Singh Badal, the Excise and Taxation Commissioner said no new licence was required and the purpose would be served by making an entry into the existing D-2 licence. The plant started manufacturing rectified spirit and got it tested from the Sriram Institute for Industrial Research, Delhi.

Then department asked the unit to take the consent of the Punjab Pollution and Control Board. Which had already been granted in 1993. Even though, the mill obtained the consent of the Board and referred the case again to the Excise Department for the renewal of the licence the department had still been delaying the matter.

by Praful R.Desai
Leave and licence

Q: Merely because an agreement of sale of same property over which there was a leave and licence agreement, without there being any clause in the agreement, whether the nature of possession would change?

Ans: This question came before the Bombay H.C. in Madhukar Fakirchand Salunke v Suryakant Manik Rant (1999 (i) R.C.J. 241)

In the face of the provisions of S.13(1) of the Bombay Rent Control Act, once the existence of an agreement of leave and licence is not disputed, a written leave and licence agreement is a conclusive proof of the statement made in that agreement. Therefore, the petitioner cannot dispute that he came in possession of the flat as a licencee.

Therefore, the only question that needs to be considered in this revision, said the H.C., is whether the nature of possession of the petitioner changed as result of the agreement of sale.

In the opinion of the H.C., the only thing that can indicate change in the nature of possession would be a Clause in the agreement of sale. Perusal of the agreement of sale dated 4-5-93 shows that there is no clause in the agreement in relation to the possession of the flat.

Therefore, observed the H.C., it is hard to believe that merely because an agreement of sale of the same property was executed between the parties without there being any Clause in the agreement, the nature of possession of the petitioner would change. It appears that the transaction of granting licence of the flat and entering into an agreement for sale if the flat were independent transactions. The petitioner was unnecessarily trying to mix up these two transactions in order to protect the possession of the flat though as per the respondent, the agreement of sale in favour of the petitioner came to an end because of the failure of the petitioner to perform his part of the contract.

The H.C. thus held that there is no error of jurisdiction to be found nor there is any material irregularity in exercise of jurisdiction to be found in the order impugned.

In that way, the H.C. rejected the revision.

by R.N. Lakhotia
Tax & You

Q: I am a Punjab Government employee and my total annual income for the year 1998-99 is Rs 1,84,548.00 and my total savings of the year are Rs 55,139 and I am getting H.R. 446 per month. At the same time I am paying Rs 900 p.m. as the H.R. Please help me in calculating my income tax.

— Baldev Sahay, Hoshiarpur

Ans: On the facts stated by you the maximum amount which would be exempted from the house rent allowance received by you would be minimum of the following three items namely (a) the actual amount of house rent allowance received by you, Rs 5,352 yearly (b) the amount by which the expenditure actually incurred in respect of rent payment exceeds 10 per cent of the salary=monthly rent Rs 900 per month. Hence yearly rent Rs 10,800 - 10 per cent of the salary = Rs 18,454 = balance zero or Nil (c) 40 per cent of the salary as the place is Dhegam = Rs 73,812. Hence, we find no amount in respect of house rent allowance received by you would be exempted. Thus, you will be required to make payment of Income-tax on your total income of 1,84,548 + house rent allowance of Rs 5,352. Thus, on the total income of Rs 1,89,900 the tax payable by you for the Financial Year 1998-99 would be Rs 30,970. Out of this amount you will be eligible for tax rebate @ 20 per cent on Rs 55,139 in respect of the savings made by you which comes to Rs 11,028. Thus, the net tax payable by you would come to Rs 19,942.

Q: I have received revised scale arrear from 1.1.1996 to 1.4.1998 during this year. From this arrear about Rs 80,000 is deposited in my G.P.F. account.

Kindly clarify what maximum rebate I will get in the income tax and under what section of I. Tax clause.

— D.C. Saini, Talwara

Ans: The maximum amount on which you will be eligible to claim deduction u/s 88 inclusive of other investments made would be Rs 60,000 on account of depositing the money in GPF Account.

Q: I have availed a loan of Rs 90,000 from HDFC. Can I get rebate from my employer on (Principal amount + Interest). If yes, then clarify clause against which I can get rebate.

— J.R. Chawla, Patiala

Ans: In respect of the loan taken by you from HDFC, right from your employer you can get a rebate in respect of part repayment of the loan subject to tax rebate @ 20 per cent on Rs 10,000. Likewise, in respect of interest on loan the maximum amount that will be eligible for tax deduction u/s 24 will be Rs 30,000 for the Financial Year 1998-99. Yes, you can directly get this deduction and rebate from your employer itself. The employer is now competent to grant you this rebate. However, to enable you to claim this benefit right from the employer you should submit Form No. 12C to your employer.

Q: Please intimate the names of the Central and State Government securities the interest income of which enjoys additional exemption of Rs 3,000 under Section 80-L.

— A.K. Gupta, Ludhiana.

Ans: For the Financial Year 1999-2000 relevant to Assessment Year 2000-2001, the additional deduction u/s 80L is now enjoyed only in respect of Central and State Government securities. There is no specific printed list of such securities. However, as and when the new instruments are issued by the Central or State Governments please watch out for the mention of the fact that it is a Central and State Government security entitled to additional deduction u/s 80L. However, to get the latest details please visit the Office of the Reserve Bank of India.

UTI schemes

THE Unit of India floats monthly income schemes from time to time. The subscribers to the scheme are generally retired, non-pension receiving people, widows and so on, who need the money every month. Earlier the U.T.I used to send the post-dated dividend warrants for each month in advance for the whole duration of the scheme so that the subscriber could deposit well in time every month. Now I do not know what is the rationale or purpose behind the idea that the dividend warrants are sent for only one year at a time, every year; and that also not in time but generally three months late i.e., in the month of June. Thus the whole purpose of monthly scheme is defeated and it becomes a quarterly income scheme, putting the subscriber to hardship a majority of those who have put in all their life’s savings in these schemes and have only this as regular source of income and livelihood. I hope the authorities will ponder and revert to the old practice of sending the dividend warrants at one time for the whole period of the scheme.

HARISH KHANNA
Panchkula

Paper World opens at Jalandhar
Tribune News Service

CHANDIGARH, May 29 — Paper World Inc, an eco-friendly company of New Delhi, today set up its distributor at Jalandhar for the sale of its handmade recycled paper products —gift and stationery items and desk accessories — in Punjab and Chandigarh.

This is the first outlet of this environmental-friendly company in India. For the past six years, Paper World has been exporting its photo-frames, passport holders, visiting cards and scrap books to the USA and Europe.

Now the local Goodearth Countertrade Limited will distribute its photo albums, paper mache wall hangings, paper-pulp paintings, trays, baskets, jewellery boxes, tags and bags, wrap-sheets, dry-fruit and sweet boxes, table lamps and shades, envelopes and cassette holders in the country for the first time.

Anita Khosla, Arvind Khosla and A. Ahooja, the three promoters of the company, said their stationery range included slippaper trays, note-pads, batik print notebooks with icon and petal designs or metal emboss and specially-designed wedding and greetings cards.

Tata Consultancy turnover up 55 pc
Tribune News Service

NEW DELHI, May 29 — Tata Consultancy Services (TCS) has won a prestigious turnkey project of the Malaysian National Railway, KTM Berhad (KTMB).

The project was awarded to TCS in a competitive bidding process and global major IBM was among the 18 international bidders to the project, CEO of TCS, Mr S. Ramadorai told newspersons here today.

The project involves development and implementation of the ticketing and reservation system and the train operation management system, Mr Ramadorai said. He however, declined to disclose the total value of the project.

The systems for the project would be developed and implemented using client server architecture. With this project TCS has further strengthened its customer base at Malaysia. TCS has already provided IT solutions to organisations like Telekom Malaysia, Malaysia Airline, Remedi Pharmaceuticals, government departments, banks and multi-national companies.

The solution for ticketing and reservation system will address the requirements of issue of travel and reserved tickets, agency booking, multi-currency transaction, parameterised reservation based on direct booking, advance booking etc.

The system will be implemented nationwide in all stations, control rooms, yards and ticketing offices of KTMB. The first phase of the project will be implemented by November, 1999, and non-mission critical requirements will be developed and implemented in the second phase, which is due for completion in June, 2000.

TCS, during the fiscal 1998-99, had posted a 55 per cent growth in turnover and 59 per cent growth in exports, Mr Ramadorai said. Total turnover during 1998-99 stood at Rs 1652.27 crore as compared to Rs 1065.53 crore in the previous year. Total exports of TCS during 1998-99 stood at Rs 1518.50 crore — a growth of 59 per cent — as compared to Rs 955.27 crore in 1997-98.

On future corporate plans, he said the company has already applied for about 15 global patents for an interactive multi-media venture called HOTV. The product, brought out in collaboration with the University of California at San Diego, is an initiative to operate video in a compressed domain.

Onida to pay 65 pc

Onida, has registered a growth of 32 per cent in its turnover from Rs 52,257 lakh in 1997-98 to Rs 68,858 lakh in 1998-99.

The company has shown an increase in its net profit by Rs 700 lakh to Rs 2,702 lakh. The Board of Directors has recommended a dividend of 65 per cent to its shareholders.

The company has high growth plans for this year which includes introduction of new models like, Wallscape-106 cms wide, can be hung on the wall, Pure flat, webcruiser — the internet ready TV, Twister — TV with a motorised Swivel base.

Canara Bank net rises

Canara Bank has posted a net profit of Rs 225 crore, showing an 11 per cent rise over the previous year, bank outgoing Chairman and Managing Director T.R. Sridharan said.

Highlighting the working results for 1998-99 on Friday at New Delhi, Sridharan told newsmen that the bank had procured gross profits of Rs 957 crore.

Canara Bank has targeted to reduce its non-performing assets (NPA) to 6 per cent or below and increase its domestic deposits to Rs 46,000 crore and foreign business turnover to Rs 46,000 crore by March 2000.

The bank’s global deposits reached Rs 41,959 crore and domestic deposits Rs 36,058 crore, he added.

Greaves net slumps

L.M. Thapar group company Greaves Ltd has reported a 5.73 per cent drop in its net profit to Rs 51.19 crore in 1998-99 as compared to Rs 54.3 crore in the previous financial year.

The company has declared a dividend of 25 per cent as against 35 per cent last year, a company statement said.

IPCL to pay 10 pc

The Board of Director of Indian Petrochemical Corporation Limited (IPCL) has recommended dividend of 10 per cent to its shareholders for the year ended on March 31, 1999. The gross turnover was Rs 3,850 crore as against Rs 3,692 crore in the previous year. This is significant considering the general slow down in industrial production all over and low international prices for petrochemicals products.

Bausch & Lomb’s net jumps

Bausch & Lomb (India) reported a massive 154 per cent jump in net profit for the year ended 1998-99 at Rs 13.61 crore as compared to Rs 5.35 crore during the previous year.

Sales turnover for the 12-month period ended March 1999 rose by 35 per cent to Rs 89.71 crore as against Rs 66.34 crore during 1997-98.

The turnover and net profit for the fourth quarter has been Rs 24.39 crore and Rs 4.12 crore respectively as against Rs 20.28 crore and Rs 1.75 crore during 1997-98.