ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
The accounting system of the central and state governments may change considerably, with a high-level committee suggesting sweeping changes in how expenditure is classified in Budget documents.
However, the finance ministry is hopeful of keeping its fiscal deficit under control.
In a move that will give the better and cleaner environment agenda a boost, the reach of Euro-IV fuel (diesel and petrol) will be expanded to seven more cities in the current financial year. This less polluting fuel was launched about a year ago in 13 cities.
The decision was taken at a meeting last month chaired by additional secretary Sudhir Bhargava and attended by representatives of GAIL and the three OMCs - Indian Oil, Bharat Petroleum and Hindustan Petroleum.
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).
The company has begun discussions with foreign players besides Petronet LNG Ltd for jointly developing the Rs 4,500-crore (Rs 45-billion) terminal.
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.
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.
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.
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.
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