Vodafone is facing tax liability over its $11 billion acquisition of a 67 per cent stake in the mobile-phone business owned by Hutchison Whampoa in 2007.
For his first Budget in July 2014, Jaitley inherited a fiscal deficit target of 4.1 per cent of GDP. From 4.1 per cent, the fiscal deficit came down to 3.4 per cent by 2018-19, with two slippages from the budgeted targets, in 2017-18 and 2018-19, the former due to introduction of the GST, says Arup Roychoudhury.
The RBI governor's assurance should give investors enough confidence to start believing in the NBFC sector again, say bankers.
The revenue department had sent notices to FIIs.
Owing to Finance Minister Nirmala Sitharaman being new to her role, a number of crucial announcements in the Budget bore Garg's imprint, especially the decision to borrow in overseas markets, reduce the fiscal deficit as a percentage of gross domestic product, and resort to off-Budget borrowing to meet that target, says Arup Roychoudury.
'India is not so distant from years of high and entrenched inflationary expectations that it should start trying to play games with the economy the way the West's central bankers think they are entitled to,' argues Mihir S Sharma.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
The best available recourse to keep the defence sector healthy, is to source most of our requirement within the country so that procurement outlays under both the Revenue and Capital heads flow within the country, recommends says Brigadier S K Chatterji (retd).
The central bank is the money manager of the government, and not a guarantor of any debt.
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
'GST had to come close on the heels of demonetisation as part of the same package.'
'Rate cut should reiterate RBI's commitment in providing confidence to consumers and small business.'
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
A memorandum, signed by the chief ministers or finance ministers of Andhra Pradesh, Puducherry, Karnataka, Delhi, West Bengal, Kerala and Punjab, said the terms were disruptive and a cause for concern.
The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
Munich-based Giesecke and Devrient supplies security features to the RBI for currency notes, and machines to bank branches across the country to detect counterfeits.
he government will allow holders of black money abroad to declare their wealth.
Even if a company does not invest, it will improve liquidity of banks.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
Companies in China, South Korea and Indonesia pay 25 per cent tax, while those in Malaysia pay 24 per cent. Only Japan has a higher tax than India at 30.6 per cent. Hong Kong has the lowest corporate tax rate of 16.5 per cent while Singapore has 17 per cent rate and Thailand and Vietnam levy 20 per cent tax on companies.
According to the RBI proposal, companies can now take the ECB route for raising 10-year funds which is capped at five years now.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
'Whatever happens in any part of the world affects us.'
North Block and Mint Road seem likely to now stick to the earlier convention of the RBI governor coming to Delhi and being the only MPC member meeting the finance minister and senior bureaucrats on pre-policy meetings
Thanks to the recapitalisation by the government and measures taken by the central bank, collapse of any large housing finance company won't pose as big a risk as it had six months ago.
Costlier vegetables slowly pushed retail inflation, which had remained well within the Reserve Bank's comfortable level of 4 per cent during most part of 2019, peaked to more than three-year high of 5.54 per cent in November.
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
The country had imported 5.5 million tonnes of pulses last year.
Banks in talks with temple trusts to push gold scheme
The move will to a large extent speed up the monetary transmission process--which is banks passing on the rate cuts that the Reserve Bank announces to their borrowers without much delays--something that has been missing all these while and something that the RBI has been unhappy with.
There is a near consensus that at least a 25 basis points cut, if not 50, can be expected in the June policy.
A cut in rates would have encouraged the banks to lend aggressively on the retail front.
Arun Jaitley addressed a post-Budget press conference.
While its deposits from Iran accounts have come down from a peak of around Rs 25,000 crore to Rs 2,200 crore, it's been offset by the bank receiving almost Rs 24,000 crore in deposits post note ban.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
Several Congress leaders interpreted it as a dig at Prime Minister Modi who is yet to address a single press conference in his 54-month tenure.
Not only were Urjit and Rajan outsiders, they also hired laterally, bypassing the existing talent, especially in the field of economics
For the urban population, recalibration of ATMs has already started and they will start dispensing the new Rs 2,000 currency notes from Monday or Tuesday.
