Mumbai special economic zone puts Raigad project on hold

Reliance Industries-promoted Mumbai special economic zone (SEZ) has put on hold, the implementation of a Rs 40,000crore multi-product SEZ on 10,000 hectare in the coastal Raigad district. Mumbai SEZ, a company pursuing the proposed SEZ, whose petition was dis missed by the Supreme Court when it refused to extend the time for land acquisition, now does not want to proceed further till the Bombay High Court decides the matter. The apex court has asked the Bombay High Court to change the bench and conduct the proceedings.

However, Mumbai SEZ may exercise an alternative option and pursue land acquisition as the permission it has received under the Bombay Tenancy Agricultural Land Act still holds. According to this act, whatever land the company has acquired so far can be transferred on its name.

Mumbai SEZ has so far acquired 1,000 hectare of non-contiguous land and thus it may have to drop the multi-product SEZ.

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McCain, Obama battle over economic prescriptions

Republican presidential nominee John McCain used his final debate with Democrat Barack Obama to attack his rival over taxes,spending and past associations, while Obama countered by stressing his approach to the economic and health- care issues that dominate voters'concerns.

McCain, 72, trailing in most polls, took the offensive almost from the first moments of the debate at Hofstra University in Hempstead, New York, last night.

He portrayed Obama as a tax and-spend Democrat whose policies would damage small businessmen -- including would be Ohio entrepreneur Joe Wurzelbacher. McCain repeatedly invoked him, calling him “Joe the plumber,'' triggering a debate within a debate over which candidate was on Joe's side.

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Advance tax growth slows

The economic slowdown appears to be casting its shadow over corporate profitability expectations. So while direct tax proceeds have almost doubled in the first four months of the fiscal,the advance tax kitty has not risen proportionately.

While corporate collections from direct tax up to end-July increased by 46.95% over the previous fiscal, advance tax collections rose by a mere 18%. Until July 31 this year, the government netted Rs 23,500 crore in advance tax, against Rs 19,900 crore in the same period a year earlier. In 2007, advance tax collections from the first installment increased 35%, against Rs 14,700 crore up to July 31,2006.

"There has been an increase in corporate advance tax collections, but it is lower than what was recorded last fiscal," an official source told FE.

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