New Delhi: Finance Minister Jaswant Singh will soon convene a meeting of state Chief Ministers to work out details for implementation of the much-delayed Value Added Tax (VAT) in the country.

"Finance Minister will hold a meeting of state Chief Ministers," the Minister of State for Revenue, Shripad Naik said adding it would be held ahead of the meeting of the Empowered Committee of state Finance Ministers in January, which is expected to fix a new date for introduction of VAT.

Government would also shortly formulate rules for checking benami (pseudo-name) transactions, which resulted in leakage of revenue. "Benami transactions Act has already been passed by Parliament and rules which are now being framed are almost ready," he told reporters.

Naik, who replaced Gingee Ramachandran, who resigned in May 2003 after the transfer scam in the Income-Tax department, said a new transfer policy would be adopted from the next financial year.

As per the five-point new transfer policy, all transfers and postings of Group A workers in Central Board of Direct Taxes would be effected by a placement committee or on its recommendations, Naik said.

It would also incorporate a posting policy for officers for different levels, he said, adding all stations have been categorised into three classes, and tenure of stay in different classes of city and towns would be prescribed.

PTI