Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
The Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent, with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land.
Taking advantage of the RBI's different accounting year, the Centre had started demanding an interim dividend till the time the latter's final balance sheet is prepared (usually in August). To address this anomaly, an expert committee led by former RBI governor Bimal Jalan had recommended aligning the RBI's financial year with that of the government.
Why self-audit by NSE, why weren't charges probed under your supervision, ministry asks regulator.
The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
'The much-awaited decision could be a welcome change at a time when the Indian armed forces are crying for self-reliance and the defence industry is looking forward to more indigenisation,' notes Nitin A Gokhale.
An update on anti-corruption measures and the progress report of Bangladesh's preparedness for next year's World Twenty20 will be top of the agenda when the International Cricket Council's Board gathers in London for a two-day meet starting Saturday.
PCB Chairman Ehsan Mani's comments came a day after Cricket Australia chairman Earl Eddings conceded that the global T20 showpiece seems "unrealistic" as it will be difficult to fly in 16 teams to the country.
The 67-year-old Patel had played 21 Tests for India with little success but was a stalwart for Karnataka at the first class level.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
Top Congress sources said they would not hold up the Bill.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
The panel is believed to have examined each financial transaction between the Kochhar family and Videocon group, and the suspected trail of properties and assets that the family acquired since Chanda Kochar became ICICI Bank's MD.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
A government panel said policymakers and regulators should have an open mind regarding the introduction of an official digital currency in India.
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
Board also discussed the modified turnaround plan.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
The final guidelines to link the interest rate to external benchmarks will be issued by the end of this month
Special Judge O P Saini issued notice to the agency and sought its response by October 8.
Some of the key faces for various posts will be former India skipper and Hyderabad Cricket Association president Mohammad Azharuddin, former India captain and Cricket Association of Bengal president Sourav Ganguly, former Test player and Karnataka nominee Brijesh Patel.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Sourav Ganguly hinted on Monday that a contract system will soon be in place for the thousands of first-class cricketers in the country.
The Employees Provident Fund Organisation will be seeking approval from its apex decision-making body, the Central Board of Trustees, to implement a finance ministry order to invest up to 15 percent of the fund in equity. The new pattern that was notified last year comes into force from April 2010.
The announcement of a deferral is expected to be part of Finance Minister Arun Jaitley's Budget speech on February 29.
Having stepped down as president of the embattled Indian Cricket Board that is facing the heat from the Supreme Court, Shashank Manohar said he quit as he was not capable of implementing the recommendations of the Justice Lodha Committee and see BCCI's structure collapsing.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
The Board of Control for Cricket in India president Anurag Thakur is set for a showdown with current International Cricket Council chairman Shashank Manohar during the ICC Board meet in Cape Town, where the richest cricket board will specifically push for a three-point agenda that includes bringing back the 'Big Three' module.
By setting up Central Technical Committee, the Central Board of Direct Taxes aims to bring clarity on contentious legal issues and reduce litigation by adopting a consistent approach on them.
The parliamentary standing committee on finance has proposed a Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) co-ordination mechanism to monitor foreign investments in the stock market.
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 committee said that promoters will have to make mandatory disclosures when they raise finances by pledging their shares. This is because lenders ask promoters to pay additional margins when the value of the shares pledged as collateral falls.
Apart from them, Chidambaram's wife -- Nalini -- has been chargesheeted by the CBI in the Saradha chit-fund scam for allegedly accepting a bribe of Rs 1.4 crore.
I&B Ministry, Prasar Bharati are in tussle over ministry's directives, reports Shreya Jai and Arindam Majumder.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
The report contains names of entities eligible for bank licences. It was not immediately known how many applicants have been shortlisted by the high-level advisory panel.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances