Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
CBDT circular issued last month had raised multiple taxation concerns.
Sources say bills were inflated by the company and not recorded correctly.
DIPP had proposed 100% FDI in Railways, which it had to now scale down to 74% in certain areas
While the US omitted China and Russia from the list of invitees, Beijing was furious over the invitation to the self-governing island Taiwan, which China said is a blatant violation of the 'One China' policy that considers Taipei as the integral part of the Chinese mainland.
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
India and the US have "deep strategic relations" which have bipartisan support in the US and enjoys "overwhelming public support" in India.
Delivering the key mote address at the Citi's Investor Summit, Jaitley hoped that as a professional organisation the Reserve Bank will take 'the best decision'.
India's economy is forecast to grow at 4.8 per cent in 2013, down 1.3 per cent from its earlier projection, the UN's World Economic Situation and Prospects 2014 report said.
Instruments such as Reits, InvITs, unsponsored GDR, GIFT find few takers.
In the first half of the fiscal year, government had borrowed Rs 3.44 lakh crore.
David H McCormick, under secretary for international affairs at the US Department of Treasury, said on Tuesday that in an era of global trade and investment both the US and Asia need each other to maintain strong economic growth. McCormick was speaking at the Asia Society on 'US-Asia Economic Relations -- the Next Chapter,'.
Since August 2013, FIPB has approved two FDI proposals in the telecom sector.
Earlier, an inter-ministerial group used to take these decisions.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Credit to priority sectors as well as small and medium industries will be discussed to find ways to accelerate economic growth.
From Sri Lanka's most popular political family to its most despised -- going by the voices on the streets calling for the Rajapaksas' ouster -- what went wrong for the clan? Veteran Sri Lanka watcher N Sathiya Moorthy offers an insight.
'Prime Minister Sheikh Hasina is sincere about maintaining religious harmony in the country.' 'But for mysterious reasons, it does not reach the grassroots activists of her party.'
Yes. Whilst public expenditure is kicking in, the key reason is the decline in private investment
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
FDI in the defence sector during 2000-2014 has been a meagre $4.94 billion, despite the total FDI flow into the country across sectors standing at $321.81 billion.
'I hope that the incoming Biden-Harris Administration works with India to address some of the most profound geopolitical transboundary challenges.'
To attract capital into infrastructure projects, the ratings system needs a fresh look.
Calling India a 'growing world power', the United States has said that the country, which aspires to become a permanent member of the UNSC, remains a leader of developing nations and the Non-Aligned Movement in the post-Cold War era.
BSE proposes two models for making gold trading and investment transparent
Secretary of State Mike Pompeo said he was taking action against an unspecified number of Chinese officials, including from the ruling Communist Party, under a US law that calls on China to let Americans visit Tibet.
The Central Bureau of Investigation on Thursday night arrested a Mumbai-based chartered accountant and two government officials for allegedly selling confidential documents related to foreign investment policy to corporate groups after it carried out searches in offices of Finance and Commerce Ministries in New Delhi and in Mumbai.
Assistant Secretary for South and Central Asian Affairs Nisha Biswal will travel to Bangalore and New Delhi from March 4 to 6
The 'Smart Cities' project is one that has faced many hurdles.
India's public debt ratio, which remarkably remained stable at around 70 per cent of the GDP since 1991, is projected to jump by 17 percentage points to nearly 90 per cent because of increase in public spending due to COVID-19, the IMF said.
There is also a lobby within the bureaucracy that wants to see Rajan's influence curtailed
This doctor couple put their faith in India. And in return India has put faith in them.
The move to allow payments through digital wallets could give a fillip to distribution and reach for these investment vehicles, say experts.
In a major relief to thousands of Indian IT professionals, a federal judge in the US on Thursday blocked the enforcement of a temporary visa ban by the Trump administration on a large number of work permits, including the most sought after H-1B visas, ruling that the president exceeded his constitutional authority.
UP's mills, dominated by the private sector's 94 units, have already expressed their inability to participate in the next crushing season
Etihad earns about 23 per cent of its passenger revenue from code-share and equity partners, and this would increase after its tie-up with Jet.
Wang Yang and Xi Jinping's visits signal the beginning of a major Chinese push to bring about a transformation of Tibet, observes Jayadeva Ranade, the distinguished China expert and retired RA&W officer.
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
Jaitley assured that both the banking system and the government will make the resources available to them.
DMRC-like SPV to be floated in a month for the Rs 98,000 crore Mumbai-Ahmedabad corridor.
