Sources in the know said the government would initiate talks with businesses, including Tatas, shortly for divesting its stake in the national carrier.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
This move was triggered by a whistleblower complaint sent to Sebi against senior management interference in ensuring good ratings specifically in IL&FS and its subsidiaries.
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
The divestment target remaining unchanged, from the 2019-20 interim Budget, this year means the Centre will now have to depend on non-tax revenue sources like dividends from the RBI, PSBs and PSUs, as there are real concerns of a tax revenue shortfall. The fiscal deficit target of 3.4% of GDP for 2019-20 is likely to be retained as well.
It was 55.3 per cent for the same period last year, and data shows the fiscal deficit for April-May was kept in reasonable check in spite of heavy frontloading of expenditure.
The government is planning to liberalise the terms and conditions for the sale of the national carrier. The Centre is still pursuing the option of selling the airline's subsidiaries before the airline itself, in order to deal with an outstanding debt of around Rs 27,000 crore.
Tuesday's meeting at the PM's residence, attended by all the five secretaries in the finance ministry besides top officials of other economic ministries and NITI Aayog, cleared a five-year vision plan for the government to make India a $5-trillion economy by 2024.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
National artificial intelligence unit stuck for lack of anchor department
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
There is talk of a fresh approach to a new labour code as well as reforming land acquisition laws in such a way as to be politically.
The incoming government will have to encourage private investments, bring down cost of capital
Until June 2018, the ICICI Bank board had given a clean chit to Kochhar with full backing and had said there was no question of favouritism, nepotism or conflict of interest on her part in granting loans to Videocon Industries or any other company. However, the stance changed soon after the regulatory and probe agencies initiated enquiry in the matter.
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