The Congress has reasons to enjoy the BJP's discomfiture. After all, the Insurance Bill was introduced by the UPA government in 2008 but was constantly blocked by the BJP on some pretext or the other which was then in the Opposition.
The National Democratic Alliance government is keen on the passage of the Insurance Bill before Prime Minister Narendra Modi's visit to the US to send out a message that economic reforms are back on track in India. Anita Katyal reports
The current session of Parliament may be extended to enable the passage of bills, Parliamentary Affairs Minister Venkaiah Naidu told Bharatiya Janata Party MPs in New Delhi on Tuesday.
Government's effort to end impasse in Parliament by reaching out to BJP for early passage of key finance bills on Friday came a cropper as the opposition indicated that it is unlikely to cooperate unless it is assured that JPC chairman P C Chacko's draft report on 2G will be rejected.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
Following is the text of the Gazette Notification issued by the government constituting the Joint Drafting Committee comprising ministers and civil society activists to prepare the draft Lok Pal Bill.
The Bhartiya Janata Party (BJP) pulled up the government for a total policy failure, resulting in grave economic crisis.
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
An all party meeting to seek views across the political spectrum on the issue of inclusion of the prime minister under the Lokpal Bill is likely to be held in the first week of next month.
Buyer to pay tax on gains made on undervalued property purchase.
The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. Finance minister P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1. The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The ministry was expecting savings this year to be around Rs 20,000 crore.
Charging the finance minister with leaving an off-budget fiscal overhang of Rs 300,000 crore (Rs 3,000 billion), which could wreck the country's economy, Bharatiya Janata Party on Wednesday demanded resignation of P Chidambaram to escape "dismissal". Singh warned that the country was heading for the worst kind of food inflation and the off-budget subsidy on fertiliser and petroleum would leave a serious dent on the government finances.
With the government devising alternative ways to trail black money, the Banking Transaction Tax will be withdrawn by the end of this year, Finance Minister P Chidambaram said on Wednesday. The alternative methods to catch people with unaccounted money would be provided by the provisions in the new Money Laundering Law, Chidambaram said.
The standoff over Women's Reservation Bill ended on Thursday with the government announcing that the proposed legislation would be brought in the Lok Sabha only after consultations with all sections.
The Bill could be referred to the Parliamentary Committee for scrutiny
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
'I wonder how people who come to power through democratic means turn out this way.' 'But people of India are strong, and those who think they can hoodwink people, are mistaken.' 'You can fool some people for some time, but not all people, all the time.'
Finance Minister Arun Jaitley on Wednesday drove over to Rahul Gandhi's 12 Tughlak Lane bungalow to personally invite the Congress vice-president to his daughter Sonali's wedding.
Social Justice Minister Thaavarchand Gehlot sought to allay doubts raised by several opposition members about the legislation's fate if challenged in the Supreme Court, saying he can say with confidence that the apex court will accept it.
The Modi government is learning to deal with the reality that it does not have a majority in the Rajya Sabha.
Though it's debatable whether power to supersede bank boards can adequately safeguard against the problems created by banks promoted by those with interests in other industries, the finance ministry has at least shed its reluctance to bulldoze the Reserve Bank of India.
'Chidambaram, lots of people argue not without justification, is all about bluff and bluster without any concrete achievement on the ground. His record in the finance ministry fully endorses that view,' argues Virendra Kapoor.
Official sources said the notice under section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.
With Lok Sabha approving the Finance Bill that amends law to retrospectively tax cross-border transactions dating back to April 1, 1962, Vodafone faces a tax demand of Rs 11,000 crore (Rs 110 billion) plus interest and a penalty on its 2007 acquisition of Hutchison Whampoa Ltd's Indian operations.
Congress on Monday kept the government guessing on the insurance bill asking it to take on board all stakeholders and favouring the select committee route even as it insisted that the measure is its own "baby" and it is a "misnomer" that the party is opposed to it.
Penal provisions have already been introduced for late filing of returns.
The broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.
Government on Tuesday said it will soon come out with a new Income Tax Code to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers. The new tax code would become law after debate and deliberations. Direct tax code would replace the existing Income Tax Act, which was enacted in 1961 and would subsume other direct tax legislations. Together with indirect tax exemptions, direct tax exemptions are leading to revenue loss.
After days of adjournments, the Rajya Sabha unanimously passed the crucial Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Amendment Bill along with two bills on supplementary demands for 2015-16, within minutes without any debate.
The Insurance Bill was deferred for consideration for the time being after a meeting
K N Balagopal (Communist Party of India -Marxist) said the Congress and the BJP were acting as A-Team and B-Team and not allowing the House to discuss the bills.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
But commerce ministry works on rules for exemption to contractors.
"Everybody knows in this country that I charge only the rich, but for poor people I do work free and the poor people are about 90 per cent of my clientele," he said.
