To spur foreign investment in the corporate bond market, the Finance Ministry has proposed reduction in withholding tax for FIIs to 5 per cent, from 20 per cent at present.
The central bank is reviewing its monetary policy on April 20 and is widely expected to further hike its key rates and/or ratio to rein in rising inflation.
The new government, which will be required to boost investments and promote growth, will be presenting a regular Budget after completion of the electoral process.
In what could have repercussions for the country's exports, the finance ministry has sounded a word of caution on world trade recovery, even as global recession appears to be on its way out.
Why self-audit by NSE, why weren't charges probed under your supervision, ministry asks regulator.
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Single-brand retailers are also allowed to take e-commerce route for such trading.
Commissioners of Income Tax of the Central Information Branch will now report to the intelligence wing, headquartered in the national capital.
The current price is among the lowest in Asia Pacific.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
Although it is only going to be an interim budget this time, the Finance Ministry on Friday organised the ritual 'halwa' ceremony, which heralds the beginning of the quarantine for staff that will be associated with the preparation of the secret document.
What surprises will the finance ministry and the RBI spring on us next? Put on your thinking caps and predict the next boomerang coming our way!
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
In April 2004, the ministry had permitted banks to purchase new vehicles for replacement or otherwise on "need basis".
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
The finance ministry is weighing an industry proposal for reintroduction of investment allowance and allowing higher depreciation to boost industrial growth by way of tax breaks.
'India remains a bright spot amid the global slowdown.'
In what would augur well for the industry facing slowdown, the Finance Ministry on Wednesday expressed hope that banks will bring down their lending rates.
Indian economy is doing well and the performance of domestic stock markets is not as bad as that of other nations.
Attributing the slowdown to the Reserve Bank's tight monetary policy and global problems, the government on Tuesday informed Parliament that economic growth in 2011-12 will moderate to 7.5 per cent, from 8.5 per cent in the previous fiscal.
On Tuesday, Economic Affairs Secretary Arvind Mayaram told reporters that economic growth this financial year would be over five per cent and the numbers in the second quarter would be better than the first quarter which yielded gross domestic product expansion of 4.4 per cent, a four-year low.
The fiscal situation is an improvement over the previous year.
Not needed, it says, with 4,600 staffers to retire over next 3 years, plus transfer of 12,000 to new subsidiaries
The Department of Disinvestment in the Finance Ministry will hire an advertising or public relation agency for the purpose.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
A host of factors including the reform measures taken by the government and decline in global oil and commodity prices have led to lower inflation, the Finance Ministry said on Wednesday.
"Commerce ministry pushes for all these things. There is no proposal to devalue," a top finance ministry official said. "Exporters would have come to the commerce ministry with this issue. However, there is nothing to discuss from our side."
Either the stake in these companies will be sold or they may partner private firms.
The GST Constitutional Amendment Bill is with the standing committee.
In a letter to chairmen and managing directors of public sector banks, the finance ministry has asked state-run banks not to increase the equated monthly installment, in order to provide some relief to the borrowers since interest rates have risen sharply.
The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
The Central Board of Direct Taxes, another wing of the Finance Ministry, has also been cautioning people against providing details of their PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
No clarity yet on whether multi-level structure would escape ban.
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
Industrial output rose to nearly three-year high of 6.4% in August.
Moody's wanted to learn from the Finance Ministry officials, the steps taken to check subsidy outgo and impact of the proposed right to food bill on the exchequer.
Apple sought exemption from mandatory local sourcing of components for its products
Ministry wants to take views of industry on the issue, before giving its opinion to the Securities & Exchange Board of India.
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