New Delhi, Feb. 28, 'A reduction in the silver duty from five to two annas an ounce was announced by Sir James Grige, Finance Member pf the Government of India, when he presented the Budget for the coming year in the Legislative Assembly to-day.
The im of the reduction, which would take effect immediately "by notification, was to prevent smuggling Sir James pointed out that. the action would not affect the yield from the tax.
A. surplus of Rs, 150,00,000 for the coming year is shown in the Budget, The Finance Member announced that hho proposed to abolish, as from April 1 next, the export duty on raw skin, which would cast the Govern ment Rs, 800,000.
The reduction of taxes on income, added, would use a further Rs, 136,00,000' of the surplus, leaving a purely nominal surplus of Rs, 6:00,000.
The additional import duty on salt would be continued for another yea, unless the Assembly voted for its immediate removal. The Finance Member stated that he was prepared to accept this vote, eir James Grigg declared that the surpluses for last year and the current year would enable the provision Rs, 21000000 for the Bihar earthquake, Rs, 10000.000 for a non-recurring grant the provinces. for" the economic de> Velopment of rural areas, Res. 4000900 for the development of roods, particularly in' Assam, Rs, 25,0000 for the construction of roads inthe tribal area of the North= West Frontier, Rs, 2.90000 for broadcasting, and is, 12300000 for civil aviation and the Institute of Agriculture The balance of Rs, 75,00,000, Sir James informed the Assembly, would tho an additional "allotment for the reduction of debt.
The borrowing programme of the Government for the coming year estimated by the Finance Member at Rs, 25,00,00,000—Reuter.,
Text read from the printed page and cleaned; old type leaves the occasional error.