Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
The posts of Chairman and MD in the private sector are held separately.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
Asked if the RBI will cut rates in its upcoming policy review, he said the central bank will definitely factor into account various developments and make an assessment of the macro economic conditions.
BSE Consumer Durable index surged by over 3% followed by counters like Capital Goods, Auto, Power and Metal, all gaining between 1-2%.
Finance Ministry has written to the Power Ministry asking to freeze the completion costs of Dabhol plant.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act.
In his maiden Budget presented in Parliament on July 10, Finance Minister Arun Jaitley has tried to provide relief to the middle class by increasing tax exemption limit by Rs 50,000 to Rs 250,000.
The government aims to further bring down the fiscal deficit -- the gap between expenditure and revenue -- to 3.5 per cent.
In its reply to the tax reminder notice sent by the revenue department last week, Vodafone had said it believes it is not liable to pay tax for its $11.2 billion acquisition of Indian telecom business of Hutchison Whampoa.
The department had recently sent a tax reminder notice to the British telecom major.
Parliament's PAC rejects BJP MP Kirit Somaiya's plea that the briefing be postponed.
The Finance Ministry has put many restrictions such as a ban on purchasing new vehicles and limiting foreign tours of officials in all the ministries.The efforts are aimed at containing fiscal deficit at 3.3 per cent of the total GDP.
FinMin has already sought inputs from different central ministries for the Budget speech, which would be the last Budget of the current BJP-led NDA government before the 2019 general polls.
The Finance Ministry is considering a proposal to set up a National Asset Management Company that may act as a nodal agency for taking over bad loans of banks and help revive sick units.
This is the second such notice to the spot commodity exchange promoted by Financial Technologies India Ltd. A similar notice had been issued to the NSEL by the Consumer Affairs Ministry in 2012.
The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
TDS collections stood at around Rs 37,500 crore (Rs 375 billion) during April-August, about 50 per cent of the gross direct tax collections of Rs 75,244 crore (Rs 752.44 billion).
The wholesale price inflation rose to 8.62 per cent in September from 8.51 per cent in the previous month.
The government has rationalised the service tax liability on sellers and distributors of lottery tickets by giving them the option to pay tax at flat rate based on the face value of tickets.
A recent decision of the high court in Chennai on the levy of service tax on software sale has made the Union finance ministry hopeful of a similar verdict in the case of copyright services.
The tax department is working to ensure that there is no loophole in the compliance window.
As the benchmark Sensex crossed 20,000 points for the first time in 32 months, the Finance Ministry on Tuesday said investors are confident about the economy but the government is keeping a close eye on the situation.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
Worried over continuous decline in exports, the Commerce Ministry has stepped up its pressure on Finance Ministry to expeditiously notify a scheme which was announced in June to boost the overseas shipments.
Finance ministry is understood to have reservations on the ownership of minority stakeholders in Hutchison-Essar and is likely to raise the issue at the FIPB meeting.
The sources said the ministry had agreed with the RBI's views that at a time when the country had a high fiscal deficit, the move might not be appropriate.
Despite rising subsidy bill, says fuel price action and other steps in contemplation would keep it at 5.3% of GDP, not more
The IEMs could be those former officers of government and PSUs who have retired from top management positions and also eminent persons and executives from the private sector.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
The government had proposed to raise Rs 30,000 crore from divestment in the current fiscal.
The Reserve Bank too imposed a series of curbs to restrict gold imports.
In a recent communication to the bank chiefs, the ministry has said all such loans to the corporate sector can be sanctioned only after board approval and need to be backed by securities within six months of sanctioning, failing which the loan would need to be phased out.
The wholesale price index based inflation in June declined to 7.25 per cent from 7.55 per cent in the previous month.
It had asked govt banks to reduce these and certificates of deposits to a combined 15% of total deposits
RBI will make a presentation on January 24 before the panel on the state of NPAs and stressed loans.
The sharp decline in rupee against the dollar is a cause of concern and there are expectations that steps would be announced to boost the domestic currency, the finance minister said.
The Finance Ministry on Monday initiated an e-Office programme directed towards a paperless office by enabling access to internal information for its employees through any computer.
In the midst of the debate on foreign direct investment versus national security, finance ministry has opposed any restriction on flow of investment from any specific country and said a case-by-case scrutiny should address such concerns. \n
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