If June 2010 diesel price is taken as the base, then the increase is a mere 2 per cent. By contrast, petrol prices have gone up by 23 per cent in the same period.
However, the finance ministry is hopeful of keeping its fiscal deficit under control.
Black money is difficult to deal with.
Black money is difficult to deal with.
Officials said Mukherjee had proposed the name of Modi for the post, as an experienced person like him could have helped convince BJP-ruled states to move ahead on the Goods & Services Tax (GST).
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
This may benefit high net-worth individuals who use the services of portfolio managers to sell and buy securities.
The ministry is awaiting some more data in the next few days to arrive at a precise number.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
Reservations expressed by the Reserve Bank of India (RBI) notwithstanding, North Block, the finance ministry headquarters, is going ahead with its plans to set up a full-fledged Debt Management Office (DMO) to manage the government debt.
Finance ministry officials said the issue had been raised several times before, but this time it was serious in the wake of huge differential between the two fuel options.
The turnaround has been possible due to availability of domestic gas on priority.
With the finance ministry facing the risk of missing its tax collection target this year, it has turned down a proposal to reduce duties on petroleum products to reduce the impact of rising crude prices on profitability of oil companies.
Girish Chandra Chaturvedi (57), a 1977 batch Indian Administrative officer from the UP cadre, took charge as the new petroleum secretary on May 3.
With the setting up of the watchdog Competition Commission of India (CCI) and introduction of new legislation like the Direct Taxes Code and the Goods & Services Tax scheduled next year, private companies and consultancies are looking at the government pool of civil servants to meet their requirements.
After getting periodic extensions, the 14-year-old tax-refund scheme is finally coming to an end in June.
The victory of the Congress and its allies in three out of five states may make it easier for the United Progressive Alliance government to move forward on the Goods and Services Tax.
RGPPL has signed a power purchase agreement with the government of Daman and Diu for selling about 98 Mw of power from July.
To better track generation of black money in the system, the finance ministry is planning to streamline third-party information provided on high-value transactions.
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
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