Economic Affairs Secretary Ashok Chawla has been appointed as Finance Secretary in the ministry of finance with effect from Tuesday. The post of Finance Secretary fell vacant following retirement of Arun Ramanathan, who was also Secretary of Financial Services.
An IAS officer of 1973 batch of the Gujarat cadre, Chawla also hold additional charge of the Department of Economic Affairs and the Department of Financial Services.
The move comes after CBI gets sanction to prosecute him in Aircel-Maxis case
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
The first indication that the United Progressive Government may opt to hold the General Election before schedule came on Tuesday, when Prime Minister Manmohan Singh appointed Ashok Chawla s secretary, economic affairs instead of picking up a full-fledged finance secretary.
The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
As many as 230 persons, including ex-Finance Secretary Ashok Chawla, former Corporate Affairs Secretary R Bandyopadhyay and other senior bureaucrats and eminent economists have lined up for the two high profile jobs at the country's anti-monopoly watchdog, Competition Commission of India (CCI).
The Finance Ministry on Monday initiated an e-Office programme directed towards a paperless office by enabling access to internal information for its employees through any computer.
R Gopalan has been appointed as Secretary Economic Affairs. He will hold this position, in addition to his current charge as Secretary Financial Services.
The government has cleared 19 foreign direct investment projects worth Rs 4,340 crore, including that of Tata Steel and Future Ventures.
Ashok Chawla outlined the key thrust areas of Budget 2011.
The committee on allocation of natural resources said in its draft report said, "In the ideal scenario, a gas pooling arrangement, with a view to mitigate price volatility is not recommended".
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
Securities Exchange Board of India chairman C B Bhave, and Insurance Regulatory Authority of India chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
The manufacturing output, which constitutes around 80 per cent of the index of industrial production, grew 12.3 per cent in May against 1.8 per cent in same month last year, official data released on Monday said.
The wholesale price inflation rose to 8.62 per cent in September from 8.51 per cent in the previous month.
India and China on Thursday held high- level comprehensive dialogue on a host of financial issues to identify areas of convergence to step up their cooperation in the international and bilateral economic spheres.
With barely a month to go for Budget 2011-12, the government on Thursday appointed Sushma Nath as the new Finance Secretary and gave her an extension for two months till May 31 this year.
It is believed that the commission in its report has suggested higher allocation to the states during five years starting from next fiscal.
Food inflation has touched a 10-year-high of 19.95 per cent and the inflation rate based on the Wholesale Price Index, which was estimated at 4.78 per cent, is expected to cross 6 per cent by the end of the month.
Just five days after mandating all listed companies to have a minimum 25 per cent public float, the government said on Wednesday indicated it was open to a review of the new rules. "If there is need for any modification, correction, amendment, or may be amplification, it will be done," Finance Secretary Ashok Chawla told reporters on the sidelines of a function by the Confederation of Indian Industry.
The reserve price is Rs 1,750 crore for a pan-India BWA spectrum licence.
Capital inflows have reached record levels as investors borrow cheap from advanced countries and invest in high-yielding assets in developing countries.
Ahead of the monetary policy review, RBI governor D Subbarao is expected to meet Prime Minister Manmohan Singh and finance minister Pranab Mukherjee on October 23.
Concerned over the ongoing public spat between the two regulators, the government on Wednesday asked Sebi and Irda to move court immediately on the contentious issue of who will regulate unit-linked insurance products.
A high level search panel, headed by Cabinet Secretary K M Chandrasekhar, has been constituted by the government for the purpose, though it is said that Bhave himself could apply for the fresh term after his three-year stint ends in February 2011.
Amid reports that it may not want market regulator SEBI Chairman C B Bhave to continue beyond February next, government has kicked off a search process for the next incumbent.
He said the new short-term treasury bills will be part of the government's same borrowing programme. To meet its burgeoning expenditure, necessitated by the slowing down economy, the government has pegged its market borrowing at over Rs 4.5 lakh crore (Rs 4.5 trillion) for the current fiscal, bulk of which is being raised in the first half.
The steep hike in onion prices set alarm bells ringing in the government, which has imposed a ban on onion exports till January 15, 2011, to increase availability in the domestic market.
The government will retain 51 per cent stake in all public sector units, finance secretary Ashok Chawla said. The government has proposed to mop up Rs 1,100 crore (Rs 11 billion) this fiscal from divestment of stake in PSUs.
The government said on Monday food inflation has started easing and will fall to an acceptable level of 5-6 per cent in due course, even as the Bharatiya Janata Party-led National Democratic Alliance and Left Parties went ahead with a nationwide strike to protest against rising prices.
The Union finance ministry is in favour of increasing non-promoter shareholding in listed companies to 25 per cent of the equity base in a phased manner, so that the number of shares available for trading increases, said Finance Secretary Ashok Chawla.
The Finance Ministry on Wednesday hinted that stimulus packages given to the industry may be rolled back, saying too much stimulus could be injurious when the economy is on a revival mode.
RBI lends and borrows money from banks against government securities under this facility.
The Centre has indicated that it would consider giving direct cash subsidy to state-owned oil marketing companies this year, instead of bonds, to compensate them for selling cooking fuel at lower than market price.
Finance Minister Pranab Mukherjee had said additional money from 3G spectrum auction will provide him a little elbow room to manage the government finances.
A day before taking charge, Finance Minister Pranab Mukherjee on Sunday met senior officials of the ministry to discuss issues related to the economy.
The government had in June deregulated the prices of petrol but did not take a decision on diesel, which is used by various industries and the transport sector.
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