This followed an angry outburst of the former Madhya Pradesh chief minister at a party meeting that was being telecast live on television.
His name for the post was proposed by outgoing BJP chief Venkaiah Naidu and seconded by the Leader of Opposition in the Rajya Sabha, Jaswant Singh.
They met to finalise the resolution to be adopted at the conclave and decide on a new team.
Finance Minister Jaswant Singh on Wednesday launched a national Tax Information Network, which will be managed by the National Securities Depositories Ltd as part of efforts to streamline the system and check evasion.
Finance Minister Jaswant Singh on Friday indicated radical changes in auditing norms including disqualification of auditors if they are found to have 'financial relationship' with companies as suggested by the Naresh Chandra panel.
Parliament on Monday approved the Industrial Development Bank of India Repeal Bill to enable its conversion into a universal bank
The government said the sharp rise in capital market in the last 3 months was not just due to inflows from FIIs, but the overall improvement in the economy, anticipated better GDP growth and good corporate earnings.
The empowered group of ministers on Friday deferred a decision on the appointment of a financial consultant for privatisation and modernisation of Delhi and Mumbai airports.
Commerce Minister Arun Jaitley will take up with Finance Minister Jaswant Singh the issue of hardening rupee and its impact on exports to ensure that growth is sustained without exporters having to curtail their profit margins.
The National Confederation of General Insurance Officers' Association urged the Finance Minister Jaswant Singh to explore the possibility of setting up a subsidiary health insurance company to manage the health portfolio.
Shiv Sena Member Eknath Thakur withdrew from the race.
Parliamentary Affairs Minister Ghulam Nabi Azad said Khan emerged as the consensus candidate following talks with the leaders of all parties, including those part of the opposition National Democratic Alliance.
The pre-budget exercise is scheduled to begin after Diwali holidays, from October 29, with Finance Minister Jaswant Singh starting consultations with various government departments.
India should become a regional hub for financial services and constantly engage in new activities to sustain economic growth, Union Finance Minister Jaswant Singh said on Thursday.
The group of ministers on telecom will hold its first meeting on Thursday to resolve the contentious issues in the sector, including the prolonged fight between the cellular and basic operators over WLL mobile services.
BJP leader in Rajya Sabha Jaswant Singh described the Kargil War as a 'glorious chapter in India's military history'.
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