The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
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%.
"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."
The posts of Chairman and MD in the private sector are held separately.
Industrial output rose to nearly three-year high of 6.4% in August.
The wholesale price inflation rose to 8.62 per cent in September from 8.51 per cent in the previous month.
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.
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.
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.
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.
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.
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.
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 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.
Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act.
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.
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
Apple sought exemption from mandatory local sourcing of components for its products
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 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.
The government aims to further bring down the fiscal deficit -- the gap between expenditure and revenue -- to 3.5 per cent.
The government had proposed to raise Rs 30,000 crore from divestment in the current fiscal.
The government, however, did not provide details of persons or outfits whose bank accounts were frozen for suspected terror links.
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 tax department is working to ensure that there is no loophole in the compliance window.
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.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
It had asked govt banks to reduce these and certificates of deposits to a combined 15% of total deposits
The ministry of urban development has asked the finance ministry to lower the duty in order to promote the public transportation system in the country.
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 Wednesday hinted that stimulus packages given to the industry may be rolled back, saying too much stimulus could be injurious when the economy is on a revival mode.
The Reserve Bank too imposed a series of curbs to restrict gold imports.
The High-Powered Expert Committee report sounds impatient on various issues like capital account convertibility.
