Report on Capital account convertibility in July

Bangalore, Apr 6: Union Finance Minister P Chidambaram today said that the Tarapore committee looking into the issue of capital account convertibility would submit its report in July.

Talking to newsmen, he said that the question of allowing rupee trade in the South Asian region was not in the agenda of the government.

Replying to another question on utilising foreign exchagne reserves for infrastructure purposes, he said that currently there was no constraint on any imports including capital goods.

On reduction of customs duty he said that the duty which was as high as over 100 per cent a few years ago had now been brought down to 12.5 per cent. Referring to his remarks at a international conference of World Customs Organisation on Information and Communiciation Technology he said that he had not stated that the revenue from customs would become zero. It would not be a significant contributor to the exchequer in future, he added.

UNI