Seeking to dispel the impression of policy inaction, the government is likely to give a push to pension sector reform by approving changes in the proposed PFRDA Bill so that it can be taken up by Parliament for the passage in the Monsoon session next month.
The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.
But, govt plans to bring some provisions that can't wait.
Crucial financial sector reforms are again stuck, despite Finance Minister Pranab Mukherjee's appealing to political parties to help pass the legislations in this regard.
The government is also planning to set up specialised Benches for competition law to reduce the burden of the appellate tribunal, which is referred to on all matters from company law and IBC to competition law and the national financial reporting authority.
A Parliamentary committee scrutinising the Direct Taxes Code (DTC) Bill will recommend raising of the annual income tax exemption limit to Rs 3 lakh.
As chairman of the parliamentary standing committee on finance, former finance minister, Yashwant Sinha, says he is committed to expediting the legislative work associated with important Bills, including the direct taxes code (DTC) and Goods and Servies Tax.
Suggests far more generous provisions than proposed in Direct Taxes Code
Suggests far more generous provisions than proposed in Direct Taxes Code
the government will introduce some of its key provisions, such as General Anti-Avoidance Rules, in Budget 2012-13.
Under fire over allegations of foreign exchange violations in IPL, BCCI's top officials o Wednesday blamed sacked Commissioner Lalit Modi for "mistakes" as they told a Parliamentary panel that they had given approvals at his behest in "good faith".
Industry's wait for new bank licences may get a bit longer as the Reserve Bank of India's (RBI's) suggestions to amend the Banking Regulation Act will not be incorporated in the report of the Standing Committee on Finance in the Banking Laws (Amendment) Bill, 2011.
House Panel loses opportunity to correct anomalies.
As the debate on revealing names of those who had stashed money abroad was hotting up, a Parliamentary panel grilled finance ministry officials on why the confidentiality clause was put in tax treaties in the first place.
Several Indian companies might have to set aside 2 per cent of their average net profits during the preceding three years to meet corporate social responsibility (CSR) spending requirements. A parliamentary standing committee on finance, which vetted the Companies Bill, 2009, said in its report that the ministry of corporate affairs has agreed to the suggestion.
How do cheer girls promote the cause of cricket? Why are players auctioned like 'gladiators' in IPL system of cricket? These were some of the questions members of the Parliamentary Standing Committee on Finance posed to top officials of the Board of Control for Cricket in India.
Board of Control for Cricket in India vice-president Rajiv Shukla says there is "nothing wrong" with the Parliamentary Standing Committee on Finance, headed by Yashwant Sinha, summoning its president, Shashank Manohar, and Indian Premier League chairman Chirayu Amin to reply to questions on financial transactions related to the Twenty20 league.
The committee members from the ruling and Opposition parties, in separate interactions with BSE and NSE, termed the volatility as 'clueless' and wanted both the exchanges to pull up their socks.
But BSNL operates in the dynamic telecom sector with high growth rates. BSNL's problems have more to do with management and interference from the DoT.
Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform.
Concerned over the exploitation of credit card holders, a parliamentary committee has suggested that the Reserve Bank of India should prescribe maximum interest rate that can be charged by banks from customers.
Former Union minister and senior Bharatiya Janata Party leader Murli Manohar Joshi is likely to become the next chairman of the Parliamentary Public Accounts Committee while Yashwant Sinha will replace him as head of the Standing Committee on Finance, BJP sources said.
Parliament's Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these.
The committee members asked if SBI was waiting for private sector banks to announce their rates before it takes a call on the issue.
Y S Jaganmohan Reddy, whose supporters have been campaigning for making him the chief minister of Andhra Pradesh, on Thursday met Congress president Sonia Gandhi, who told him to leave the issue of leadership change in Andhra Pradesh to her.
Security and Exchange Board of India Chairman C B Bhave and representatives from the Reserve Bank and Corporate Affairs Ministry are likely to brief parliamentary standing committee on finance about the latest developments in the Satyam fraud case, at a meeting called on Wednesday to discuss the issue.
The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
The Parliamentary Standing Committee on Finance has passed strictures against the finance ministry for the delay in introducing the draft direct tax code for legislation to replace the voluminous Income Tax Act, 1961.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
On Tuesday, the 32-member Parliamentary Committee is understood to have met officials of the Securities and Exchange Board of India, Reserve Bank of India, stock exchanges, various brokers, Unit Trust of India, Life Insurance Corporation and State Bank of India. The committee is expected to meet officials of the finance ministry next week.
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The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
In the midst of the stock market turbulence, the government has sounded a word of caution to investors, with the pre-budget Economic Survey asking them to resist the 'herd mentality.'
Rejects proposals by Bank of India, IndusInd, Kotak Mahindra and HDFC.
The Reserve Bank of India has told parliamentarians that it is concerned over the stock market exposure of various non-banking financial companies (NBFCs) promoted by leading banks in the country.
Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
The government will cut the central sales tax rate to 3 per cent from 4 per cent from April 1 through a notification, as announced by Finance Minister P Chidambaram in his Budget speech.
After a year long deliberations, the Standing Committee on Finance has recommended several changes in the Competition Commission Act, 2002, making it a more powerful body.
Dubbing the new income tax return Form 2F as "kathin" (difficult), a parliamentary committee has asked the government to withdraw the Form, including the controversial cash flow statement that salaried assessees have to file.
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