TVs from Thailand to be allowed import free

New Delhi, Aug 11 (UNI) The import of Colour Television (CTV) sets from Thailand, will carry zero basic import duty from September one, Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply today.

The Minister said this was in accordance with the Framework Agreement for Establishing Free Trade between India and Thailand.

Mr Palanimanickam said a Permanent Account Number (PAN) has not been quoted by the AIR filers in respect of a large number of transactions relating to the financial year 2004-05.

Out of 17,52,653 transactions reported in the AIR for the financial year 2004-05, in respect of 10,70,392 transactions, PAN has not been quoted by the AIR filers.

There are three reasons for this -- FY05, being the first year for which transactions were reported under AIR scheme, banks had a legacy data relating to bank accounts, credit cards and the like, where PAN of the respective parties may not have been captured; in respect of certain transactions under AIR, quoting of PAN was made obligatory only in December, 2004; and any person who does not have a PAN can enter into the specified transactions after making a declaration in Form 60/61 giving the particulars of such transactions.

Minister of State for Finance Pawan Kumar Bansal said the Industrial Investment Bank of India has accumulated losses which have eroded the capital and resources of the company.

Mr Bansal said RBI has advised that the only option for IIBI appears to be winding up. As a result, it was not possible for IIBI to continue its operations, which may necessitate eventual closure of IIBI.

Mr Bansal said all employees of IIBI are to be offerred an option -- to be absorbed in nationalised banks with full protection of their pay. In the alternative, the employees would have the option for retirement under Voluntary Retirement Scheme.

UNI GS RA SSC1533