The government has set up an inter-ministerial group to monitor a possible surge in imports from countries like China, Vietnam and Thailand, fearing a surge in inbound shipments following the imposition of high reciprocal tariffs by the US on these countries, sources said. The product categories that may see an upsurge in diversion of imports from the US to India include consumer goods, electronics, chemicals and steel.
A Delhi court has refused to take cognisance of a chargesheet against Adhunik Corporation Limited and its two directors in a coal scam case lodged by the Enforcement Directorate (ED), saying an attempt to acquire proceeds of crime or anticipating undue benefits cannot be termed money laundering.
Leaders of the JD-U, which has two ministers in the Union government, insist that the resolution also spoke of "special package and other types of help" and that Bihar could still get a lot from Narendra Modi government.
The ban on export of onion will continue till its previously announced deadline of March 31 as the government is keen to keep prices under check and ensure domestic availability, a top official said on Tuesday. On December 8, 2023, the government had banned export of onion till March 31. "Ban on onion exports has not been lifted. It is in force and there is no change in the status," consumer affairs secretary Rohit Kumar Singh told PTI.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
They noted that the exercise had begun in 2011 and an Inter-Ministerial Group submitted its recommendations in 2012 after meeting for 10 times.
The Centre is unlikely to announce an agreement over payment mechanism with Russia until a ceasefire is declared in the Ukraine war, said people in the know. An inter-ministerial group headed by the finance ministry has been meeting regularly for over a month to analyse and discuss payment mechanisms that can work under the current circumstances and ensure the trade between India and Russia is not disrupted. The US had recently said that there would be consequences for countries actively attempting to "circumvent or backfill" American sanctions against Russia.
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
The Centre is considering relaxing some norms that led to the failure in attracting bids for assets of Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) as they look to restart the auction for their non-core assets. The Department of Investment and Public Asset Management (DIPAM) had listed six properties of BSNL and MTNL for sale through its new e-bidding portal, developed by state-run MSTC, but the auction failed to garner an adequate interest. DIPAM had asked government-appointed property consultants to identify issues in the bidding criteria for resolution.
The airports were refurbished at the cost of Rs 2,325 cr and Rs 2,015 cr respectively but there have been various complaints.
The department of investment and public asset management is racing against time to launch the LIC IPO, which could become the largest-ever listing on the Indian bourses. This would lead to some delay in the strategic divestment of IDBI Bank.
Several states and UTs including Delhi, Maharashtra, Karnataka and Telangana have decided to opt for global tenders for procurement of anti-coronavirus shots with the domestic supply falling short to meet the rising demand.
Unfazed by the olanning commission disapproving his demand to grant special category status to Bihar, Chief Minister Nitish Kumar today made a strong pitch for it, alleging that the Centre's Inter-Ministerial Group did not consider the issue with seriousness.
Continuing scrutiny of coal blocks which failed to meet development timelines, the Inter-Ministerial Group on Thursday recommended de-allocation of two more mines, raising to 13 the number of blocks against which such recommendation has been made.
The government's high-level panel looking into the controversial coal block allocations for captive mining has decided against cancelling three blocks, given to Nagpur-based Shree Veerangana Steels.
"Some more coal blocks would be de-allocated," Coal Minister Sriprakash Jaiswal told reporters after attending a meeting on infrastructure projects convened by Finance Minister P Chidambaram.
Govt deallocates four blocks, more cancellations likely today.
The Congress-led United Progressive Alliance government at the Centre has accepted the recommendations made by the Inter-Ministerial Group on coal to de-allocate four coal blocks
Beware! Use of words such as 'attack', 'bomb', 'blast' or 'kill' in tweets, status updates, emails or blogs may bring you under surveillance of security agencies as the government will soon launch 'Netra', an internet spy system capable of detecting malafide messages.
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
The panel, under the supervision of the Planning Commission, also turned down the demand for area-based fiscal concessions for Bihar on the grounds that it was not consistent with the proposed reform measures under the Direct Taxes Code and Goods and Services Tax.
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
The government on Monday decided to deallocate one more mine - Gourangdih ABC-- jointly given to JSW Steel and Himachal Emerging Markets Trade Association besides deduction of bank guarantees of two allottees for failing to develop mines within time.
A direction is this regard was given on Wednesday after Finance Minister P Chidambaram and Coal Minister Sriprakash Jaiswal met in the presence of the secretaries of the Department of Economic Affairs and Coal Ministry
The panel undertook the review of the blocks from September 6-8.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
Letters for deallocation of 13 private coal blocks to their owners are likely to be sent soon after the law ministry gives its go-ahead, Coal Minister Sriprakash Jaiswal said on Friday.
The Inter-Ministerial Group on coal blocks on Saturday decided to recommend cancellation of two mines awarded to Bhushan Steel and SKS Ispat & Power, and forfeiture of bank guarantees for two other blocks.
Amid a raging row over coal block allocations, the Inter-Ministerial Group is set to recommend de-allocation of some coal blocks awarded to private firms out of 29 cases under review and other punitive action will be taken against several others.
Prime Minister Manmohan Singh has asked Coal Minister Sriprakash Jaiswal to ensure that the report of the Inter Ministerial Group -- which is reviewing the allotments of coal blocks -- is on his table on September 16.
Amidst the storm over CAG report on coal block allocation, the Prime Minister's Office has expressed displeasure over inaction by the Coal Ministry in cancelling blocks where mining has not taken place and asked it to expedite the matter by September 6.
As many as 43 Indians are under the captivity of Somalian pirates, the government said on Monday.
Govt gave 36,000 seats per week more than inter-ministerial group's recommendations.
Amid the raging row over coal block allocation, as many as 90 mines face the threat of de-allocation as these are under scanner for non-production. Of these, 58 coal blocks are in the immediate focus with an Inter-Ministerial Group set to decide their fate on Monday.
A prime minister-appointed panel on inflation has pitched for opening FDI in multibrand retail in a 'properly regulated fashion', cautioning that the global corporations can also become monopolistic and hike prices.
Measures announced in the past such as an export ban on onions, pulses, edible oil and non-basmati rice will continue. Restriction on the export of more commodities would be imposed, if required.
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
The Bharatiya Janata Party on Monday created an uproar in the Lok Sabha over the government's 'failure' to provide long-term solutions to the recurring problems of droughts and floods in various parts of the country. "I assure the House that the inter-ministerial group and central teams will carefully look into the reports of floods and droughts and take a view sympathetically and compassionately," Home Minister P Chidambaram said.
The government by mid-January will appoint merchant bankers for the mega Rs 13,500 crore (Rs 135 billion) public offering of Oil and Natural Gas Corp (ONGC), which is targeted to hit the market in March.
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