The rural co-operative credit sector in the country is set to get a boost with $1 billion loan from the Asian Development Bank to the centre.
The minister would be accompanied by Finance Secretary Arvind Mayaram and other finance ministry officials.
He was last month appointed as Secretary in Department of Economic Affairs in place of his batchmate Arvind Mayaram, who was first shifted to Tourism and then to Minority Affairs Ministry.
Arvind Mayaram, economic affairs secretary at the finance ministry, also said that a fall in bulk diesel demand this fiscal year will save the government about $1 billion.
India says it gives equal treatment to foreign companies on tax matters, not special consideration.
Arvind Mayaram, who was shunted from Finance Ministry to Tourism only a fortnight ago, has now been transferred as secretary in minority affairs ministry even before he took charge of his new post.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
In a first, Prime Minister Narendra Modi on Wednesday met the secretaries of all the government departments collectively and asked them to directly get in touch with him to resolve issues and expedite decision-making.
The FIPB, headed by Finance Secretary Arvind Mayaram, at its meeting on Tuesday considered 35 proposals.
.jpg)
The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
Tesco proposal entailing investment of $110 million has been cleared, sources said after the FIPB meeting held in New Delhi.
The facility will be open till November 30.
In yet another secretary-level change, government appointed Hasmukh Adhia, a 1981 Gujarat cadre IAS officer, as the new Financial Services Secretary replacing G S Sandhu.
In early trade on Monday, the rupee fell to 63.33 to a dollar, its weakest since September 18.
Chidambaram said NSEL was not a registered or recognised association under the FMC but got exemption even before it started its business.
Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
The high-level meeting comes against the backdrop of the rupee touching a record low of 58.98 to a dollar on Tuesday.
The govt is expected to achieve the revenue target of Rs 40,000 crore from spectrum sale this fiscal, Telecom Secretary M F Farooqui said.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
.jpg)
As per the FIPB agenda, the proposal will be taken up on October 18.
Opposing a government-panel proposal to hike FDI limit in multi-brand retail, the Confederation of All India Traders (CAIT) on Wednesday said such a move will hurt interest of small traders and mostly benefit large corporates.
Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, attended a news conference in New Delhi at which his appointment was announced.
The Budget 2015-16 will include many of the schemes announced by Prime Minister Narendra Modi such as smart cities and high speed trains, Finance Secretary Arvind Mayaram said.
To check rising current account deficit, the government has raised import duties and the Reserve Bank of India had imposed curbs on import of the yellow metal and also laid down various pre-conditions for inward shipments of the precious metal.
The capital markets watchdog had set up an expert panel in March to suggest new measures to regulate insider trading.
The Finance Ministry on Wednesday described the sharp fall in the value of the rupee as a reflection of "irrational sentiment" and said there is no need for panic.
In order to contain current account deficit, the Reserve Bank last month imposed restrictions on gold imports by banks and other authorised agencies.
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
On the back of strong foreign investor flows, the stock market barometer BSE Sensex today jumped more than 1 per cent to log new lifetime high, while the rupee appreciated 24 paise to trade at 60.65 against the US dollar.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
Country's fiscal deficit touched Rs 516,390 crore or 95.2 per cent of the annual target during April-December, the Controller General of Accounts said.
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
'The most important thing is that the psychological signal it is giving to the markets and international markets,' says former finance secretary Arvind Mayaram.
The long-pending Jet-Etihad deal envisaging foreign investment of Rs 2,058 crore will come up before Foreign Investment Promotion Board (FIPB) for approval on July 29.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
No reason was cited for rescheduling of the meeting.
The G20 in 2013 had unanimously agreed to a 15 point action plan to check BEPS
The Finance Ministry on Thursday expressed hope that domestic diesel prices will soon become market linked in the backdrop of softening global crude oil rates.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances