I would like to assure the hon. Members that we have given very careful consideration to all points which have been made with reference to my proposals. I had stated in my budget speech that I propose to make structural changes in our tax system. As the hon. Members are aware, the government have since set up a tax reforms committee to look into the entire tax structure. The committee has been directed to submit an interim report within three months and the final report  by february while I will come before the house with comprehensive proposals after the reports have been received, I seek the indulgence of the hon. Members to put forward proposals for amending some of the provisions in the finance bill, 2001. Taking up the provisions for direct taxes, in line with our objective of giving a thrust to exports, I propose to increase the tax incentive for exporters under section 80 hhc of the income tax act. Profit on sale of exam scrips will be treated as exports profit in the proporition of the export turnover to the total turnover of the business. Hon. Members will recall that I had proposed certain modifications in the scheme of tax concession for tourism industry as contained in section 80 hhd of the income-tax act. Under the existing provisions, this concession is available only to approved hotels, approved tour operators and travel agents actually in recepit of payment from foreign tourist in convertible foreign exchange! The modification proposed in the bill was intended to secure that this tax concession would also be available where payments for providing services to the foreign tourists are received in indian currency from another hotel, tour operators, etc. Out of the funds obtained by conversion of foreign exchange  received from the foreign tourists. Members would recall that I had stated in my budget speech that the credit institutions will have the freedom to pass on the burden of interest tax to the borrowers by adjusting suitably the rate of interest.
