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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
This means taxpayers might continue to enjoy exemption on maturity of their investments
May include 'influencing a company's major policy decisions' in the current meaning.
The biggest problem is that those with Aadhaar numbers aren't coming forward for seeding these with bank accounts.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
Also discuss a proposal to increase the minimum VAT rate to 6% from 5%; no decision taken yet
The move could streamline capital flows and help finance current account deficit
The government would try to minimise layers in FDI ceilings.
Despite a high current account deficit (CAD) and lower interest rates abroad, the Union government will not go for a sovereign bond issue to get more dollars.
Could turn out below last year's budget estimate, with some improvement in revenue and spending
Prime minister's office wants OMCs to bear credit subsidy for remaining 8 subsidised units on reimbursement basis.
April dealers with up to Rs 60-lakh (Rs 6-million) turnover could opt out with 1 per cent levy.
Finance ministry gives bank boards the flexibility to decide whether the stipulated tenure of rural/semi-urban experience should be continuous or in parts.
I-T dept plans a different set of parameters to identify more people not paying dues properly.
Finance, oil ministry tussle over exports.
This time, Finance Minister P Chidambaram, who attended the first such retreat in 2008, would be present.
Looks at sovereign funds and Fortune 500 firms.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
Govt moves to bring in more clarity on definition of 'control'.
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