Branch networks will give preference to pensioners and labourers for withdrawing money.
Currently, confiscation can be done through multiple laws, but it is a complicated process.
Whether or not such an overhaul will be carried out depends on the government's comfort level.
'With a solid investment programme and sustainable development strategy, India can exceed 7 per cent growth per year, or a doubling of high-quality national income within a decade.'
The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23. A top policymaker said that according to the government's internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budget-makers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of rationalising the capital gains tax rates.
Rs 14.5 lakh crore of Rs 500 and Rs 1,000 notes have been deposited as of 30/12.
The government is also planning to replace the current ageing Air India One or Boeing 747 with Boeing 777s. Arup Roychoudhury and Archis Mohan report.
The minister without portfolio is recovering well after his kidney transplant and has started walking in his hospital room.
Entry of a higher number of technocrats, an appraisal system for civil servants and the benefits of changing the financial year may feature in the PM's fourth speech.
'Top lines will grow, volume growth will be there, but margins might also be impacted.'
'It will send a very strong signal that it is now our time to grow.'
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
The beneficiaries of the second set of announcements are expected to be micro, small, and medium enterprises, farmers, women, poor, migrant workers, and other marginalised sections of the society, reports Arup Roychoudhury.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
Finance Minister Arun Jaitley revealed that the government wanted to give Hasmukh Adhia a post-retirement role, but Dr Adhia said he would not work for a single day after November 30.
Some measures announced in Indradhanush -- a 7-point Modi plan to revamp State-owned banks but not completed -- may be taken up again.
'... and without necessarily calling them Economic Surveys.' 'One should stick to the main focus, which is to give people a good perspective on how the economy is doing.'
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
Not only is there a possibility for a conventional retaliation by Pakistan, there could also be terror attacks.
As the Centre deals with the fallout of cash shortage in certain parts of the country, Principal Economic Advisor in the finance ministry, Sanjeev Sanyal, bottom, left, tells Arup Roychoudhury that the demand for cash has seen a spike of late.
'This is a period of significant uncertainty, of unknown unknowns.'
'It is building the country's infrastructure, and delivering it very efficiently.'
In the 2020-21 Budget, the prime minister and the finance minister are keen to stamp their narrative, after various rollbacks following the previous Budget, said top government sources. Besides the scheduled meetings, the sources said, the Prime Minister's Office is expected to hold several meetings with top secretaries and officials on various ongoing schemes, their performance and also how some of them could be tweaked for better results.
Senior bureaucrats say the government has planned a 'feel-good' Budget after the 'pain' of demonetisation.
'They have started becoming an important player, but not at the same level as they were in the earlier part of the decade.'
Such a move will help bring clarity to the Centre's estimates of the demonetised amount
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
Dissatisfaction with the state leadership, along with caste and sectarian factors and economic issues -- particularly those relating to jobs and rural distress cost the BJP.
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
Increase of 10% to 12% likely in a bid to improve citizens' mood after demonetisation.
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
While the situation Sitharaman finds herself in may not be that good, how does it stack up against her three immediate predecessors Pranab Mukherjee, P Chidambaram and the late Arun Jaitley?
'There are some encouraging signs.' 'Notice that we have not said 7%-plus, we are keeping it at 6% to 6.5%.'
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
The National Democratic Alliance won 64 seats.
Clever wordplay does not change the fact that the government is going pretty easy on some tax offenders, says Arup Roychoudhury.
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