This year's projected increase in per capita (in dollar terms) is nearly double the average 13 per cent growth between 2003-04 and 2006-07.
A decision in this regard is likely to be announced on Monday. when Chidambaram meets the chairmen of the 96 regional rural banks.
The minimum sum insured has gone up more than three times.
The deadline for compliance expired in December, 2005. Though new accounts are KYC-compliant, getting the old ones up to date is expected to take two or three years.
The Reserve Bank of India has opposed Finance Minister P Chidambaram's budget proposal to use part of the foreign exchange reserves of over $200 billion to provide "credit wrap," or credit guarantee insurance, for financing infrastructure projects.
The income tax department is planning to withdraw a facility introduced last year for filing tax returns at around 2,000 post offices, owing to incomplete and inaccurate returns. Nearly 350,000 returns were filed through post offices last year.
Finance ministry officials are of the view that current restrictions that prohibit FDI in multi-brand retail cannot be extended to franchise agreements between an Indian company and an overseas partner.
After the Centre, the states have joined the fight against inflation. Later this month, they will discuss a proposal to exempt rice, wheat and pulses from value added tax.
Will have to pay 12% tax besides 3% education cess.
Finance ministry backs chairman, may remove five govt-nominated independent directors
The ministry has sought information on posts for which regular recruitment is made; expected parameters for the said posts; subjects for tests; and training modules.
Social sectors like health and education will get a leg up in the Eleventh Plan (2007-12), even as some other sectors may see a reduction in fund allocation.
India's GDP growth is likely to slow down over the next couple of years as a result of restrictive policies -- manifested as higher interest rates and fiscal tightening -- aimed at curbing inflation, a World Bank report has said.
Besides Deepak Parekh, who heads financial institution HDFC, other committee members include key representatives of major banks and infrastructure finance institutions.
The Indian economy may match the economies of the Association of South East Asian Nations in size by 2015, but in terms of labour productivity it will trail this grouping of 10 nations by a little under 20 per cent
The government has exempted from service tax all services to foreign diplomatic missions and consular posts in India of official use.
In a sign that people are paying additional tax demanded by the government, the income-tax authorities collected Rs 90,500 crore (Rs 905 billion) under this head during 1996-2005.
The government is planning to provide collateral-free loan up to Rs 1.50 lakh to farmers through the Kisan Credit Card scheme.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
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