Liquor makers urge Bengal govt not to implement proposed excise policy

Manufacturers of alcoholic

beverages have written to Chief Minister Mamata Banerjee, urging her not to go ahead with the proposed new excise policy as it will hurt the liquor industry.

In a joint representation to the chief minister, two major liquor makers’ associations — Confederation of Indian Alcoholic Beverage Companies (CIABC) and International Spirits and Wines Association of India (ISWAI) — said consumer prices of the fast-moving brands will go up by 40-90 per cent under the new policy.

The increase of sales tax on liquor by 30 per cent in April this year has led to a drastic fall in sales, which resulted in lower collections for state exchequer, the liquor makers said.

“Excise policy proposed by the Excise Department on August 19, 2020 has created great concern amongst companies. The industry fears that this policy will create undue disruptions and even possible job losses just before the peak puja time,” CIABC director-general Vinod Giri said.

The proposed policy also uses a “deeply flawed concept of inter-state price comparisons” because the operating conditions vary across states, he said.

“Under the

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DHFL posts Q1 pre-tax profit of Rs 92.81 cr; total income at Rs 2,328 cr

Dewan Housing Finance Corporation (DHFL) has reported a pre-tax profit of Rs 92.81 crore in the quarter ended June 2020 (Q1FY21), against a loss of Rs 198.85 crore in the year-ago period.

Its net for the period came in at Rs 70 crore, against a loss of Rs 206 crore.Its total income for the period stood at Rs 2,328.86 crore, compared to Rs 2,399.87 crore in the corresponding period last financial year.

It has said that almost 28 per cent of its book is under moratorium as of June 30.

The firm, being managed by the administrator — R Subramaniakumar has said the recovery will further improve in moratorium accounts during the current quarter (Q2 FY21). Further, the extent to which the Covid-19 pandemic will impact the company’s financial performance is dependent on future developments, which are uncertain.

The auditors of the company have said the company has accumulated losses exceeding the share capital and reserves and its net worth has been fully eroded; and it is now under Corporate Insolvency Resolution Process (CIRP).

“These conditions indicate the existence of a material uncertainty that may cast significant

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Tens Of Thousands In Lithuania Form Human Chain For Belarus

Tens of thousands of Lithuanians linked arms on Sunday in solidarity with the people of neighbouring Belarus who have been holding mass protests against authoritarian leader Alexander Lukashenko since a disputed presidential election two weeks ago.

The participants formed a human chain stretching 30 kilometres (19 miles) from the Baltic EU state’s capital Vilnius to the border with Belarus, with many holding the Belarus opposition’s red-and-white flag as well as the Lithuanian national tricolour.

Solidarity rallies were also held in other European countries, inspired by the historic Baltic Way demonstration on August 23, 1989 when more than one million Lithuanians, Latvians and Estonians linked hands to reject Soviet rule.

“We are with you, free Belarus, and we extend our hand to you,” Lithuania’s President Gitanas Nauseda said after linking hands at the border checkpoint.

“The nations who had lost their freedom cherish it the most. That is why Lithuania did not hesitate to declare its full support to the Belarusian people who seek to shed the shackles of captivity,” he added.

Organisers estimated that up to 50,000 people attended the rally in Lithuania, with most demonstrators dressed in white and wearing face masks to prevent the spread of the coronavirus.

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