FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
'When you start distributing wealth, you end up distributing poverty.'
Expecting a modest 6.9 per cent economic growth in 2004-05, the finance ministry on Thursday said checking inflation is high on the agenda of the government.
"I have not received any proposal from the ministry of steel," finance minister told reporters here, when asked whether government was considering roll back of export duty on steel. Earlier this week, Steel Secretary Raghav Sharan Pandey had said the producers' demand for a withdrawal of export duty was under consideration for the government and a decision was expected soon.
Armed with information on secret bank accounts of citizens from 10 countries, the Finance Ministry said on Wednesday the results of its crusade against black money will be visible over the next five years.
The government had set the direct tax collection target of Rs 3.70 lakh crore (Rs 3.7 trillion) in the budget for 2009-10, which was later revised upwards to Rs 3.87 lakh crore (Rs 3.87 trillion).
The government said the Reserve Bank has decided to reduce the validity of cheques and bank drafts from the present six months to three months beginning next fiscal.
Income-tax data released by FinMin after 15 years
At its monetary review on Tuesday, the RBI raised the statutory liquidity ratio by 1 percentage point to 25 per cent and discontinued the special repo facility for banks to provide liquidity to mutual funds and others.
Currently, most banks charge a maximum fee of Rs 5 per transfer of funds up to Rs 100,000 from one account to another through National Electronic Funds Transfer system.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
Days after the Cabinet approved doubling of natural gas price from April next year, the Finance Ministry has written to Oil Ministry suggesting setting of a ceiling or an upper limit for the rates.
The finance ministry and Reserve Bank of India plan to put in place a Tax Information Network proposed by the Kelkar Task Force, in a bid to improve tax administration and check evasion.
Officials said Sebi first proposed to the FinMin to amend the relevant provisions in the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world".
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
The finance ministry seems to be gung ho about economic growth next financial year. It may peg this at nine per cent for 2011-12 in the Economic Survey, likely to be tabled in Parliament on February 25, even as the Reserve bank of India (RBI) hinted at a lower figure.
The finance ministry is considering a proposal by Indian Bank's Association to give post allowance to chairmen and executive directors of public sector banks, a key official said on Tuesday.
The investment limit in long-term infrastructure bonds, however, has been kept unchanged at $25 billion.
Recently, Moody's had downgraded the credit rating of SBI citing inadequate capital and poor asset quality as reasons.
The finance ministry has offered less than half of the Rs 31,700 crore (Rs 317 billion) sought by the oil ministry to make up for revenue losses incurred by the state-owned retailers on sale of LPG and kerosene. Petroleum Minister Murli Deora on Thursday met Finance Minister Pranab Mukherjee to seek compensation for the public sector oil firms for their losses but the meeting remained inconclusive.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
Tax collections appear to be on a roll this fiscal
The finance ministry has asked state-run oil companies to shell out an interim dividend of Rs 2,600 crore (Rs 26 billion) for the year to March 2003, a government official
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
Swamy now wants Arvind Subramanian, one of the front runners for the post of the new RBI governor to be sacked.
Finance Minister Jaswant Singh has decided to communicate with MPs and VVIPs through e-mail to reduce time and improve efficiency.\n\n\n\n
The ministry is likely to go by the recommendations of a committee on liberalising external commercial borrowings, headed by M S Sahoo, a former director with the Securities and Exchange Board of India.
RBI has also announced new guidelines to price loans from April 1.
Banks in talks with temple trusts to push gold scheme
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
With Raghuram Rajan not 'really there', the FinMin has decided to keep a watch on market developments this week with all key officials on the job.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
Instructions were issued on holding loan camps in the last week of September.
The MPC states that the 4 external members will have a tenure of four years each.
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
FinMin officials say an announcement could be made in the Budget.
Finance ministry's drive is meant to meet fiscal deficit target and improve overall efficiency in government spending.
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
Revenue dept says changes in I-T Act require Parliament nod; new regime to wait till Budget in June-July 2014.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
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