Uttam Ghosh/Rediff.com's take on Delhi's sensational corporate espionage scandal.
"The autonomy for the central bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Government of India has nurtured and respected this," the finance minister said in a statement.
Senior officials in the MF industry say while the finance ministry and regulators communicate regularly, this is one of the very few instances in many years where an issue between the two has come out into the open.
Airline told to transfer non-core assets, subsidiaries to special purpose vehicle
The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23. A top policymaker said that according to the government's internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budget-makers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of rationalising the capital gains tax rates.
The guild, in a statement, said it has no dispute with the ministry that journalists should behave with restraint and responsibility while enjoying their access to the finance ministry, but a blanket order is not the answer.
'It seems to be a bit of an aberration. It should be set right; there is a proper mechanism in place. In the normal course, the state police do not have any jurisdiction on central government employees,' the official said.
Probable reasons that led to failure of the sale process include 24 per cent government stake and corresponding rights, high debt, volatile crude oil prices, fluctuations in exchange rate, changes in macro environment, profitability track record of bidders and restriction on bidding by individuals.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
The Indian economy appears to have slowed down in 2018-19 due to lower private consumption, tepid growth in fixed investment and muted exports, a finance ministry report has said.
Spending continues to be less as people who are getting direct benefits from the government are choosing to save in the current situation.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
Relations between the Mint Road and North Block have often been frosty, with the former's calls for lowering rates being the biggest point of difference
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
The finance ministry official may have claimed that the ministry does not have information on the loans sanctioned by different banks to Mallya or the details of the guarantee given by Mallya against those loans, but the ministry had responded to questions in this regard in Parliament in the past.
Failure to sell Air India, IDBI may have prompted a change in strategy.
Banks are in a tight spot as ministry wants them to open ATMs at all rural branches
Two years ago, India was touted as a rare bright spot in a gloomy global economy with GDP growth outpacing a slowing China.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled.
Instead, 2019-20 could be the base from which the Budget estimates for next year are calculated.
'While intensification of fuel prices and broad-based domestic cost pass-through pressures is a downside risk, core inflation is expected to strengthen further as demand recovers to pre-Covid levels,' the ministry said on Friday.
"The government feels the industry needs some government oversight and can't be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject," said an official.
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
The action has been taken against officials harassing tax assesses.
Virtual currencies don't have any intrinsic value and are not backed by any kind of assets.
The list mostly contains PSUs which were up for sale in the last fiscal.
"Indian markets (are) well placed to absorb the US Fed rate hike. Gradual approach in future increases augurs well for emerging markets," Economic Affairs Secretary Shaktikanta Das has tweeted.
Subramanian was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and Senior Fellow at the Centre for Global Development in the US before joining the ministry.
The rise in May Wholesale Price Index based inflation has been mainly on account of 31.44 per cent increase in prices of potato, 19.40 per cent in fruits and 12.75 per cent in rice.
The idea is to get the budget passed by Parliament along with Appropriations Bill and the Finance Bill by the end of March as this would ensure implementation of the Budget proposals from April 1.
'PNB had confirmed compliance with the RBI's prescription in its circular of August 3, 2016, which has now turned out to be factually incorrect,' Minister of State for Finance Shiv Pratap Shukla said in Rajya Sabha on Tuesday.
North Block and Mint Road seem likely to now stick to the earlier convention of the RBI governor coming to Delhi and being the only MPC member meeting the finance minister and senior bureaucrats on pre-policy meetings
Finance Minister Arun Jaitley said in a Twitter post that the government appreciated all of Rajan's good work and respected his decision
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
The government is understood to have zeroed in on B M Singh to take over as the next chairman of the Central Board of Direct Taxes in the Finance Ministry. The current chairman Indira Bhargava is retiring on May 31.
A top Finance Ministry source, however, said no discussion has taken place in the government so far on whether to extend Rajan's tenure or not.
The provisions in the FRDI bill do not modify current protections for depositors adversely at all, the ministry held, maintaining that these rather provide additional protections in a more transparent manner.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
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