A bill to amend the Money Laundering Act, 2002 by allowing the appointment of the chairperson and a member of an Appellate Tribunal, was introduced by Finance Minister P Chidambaram in the Lok Sabha on Friday.
More services such as ATM operations are proposed to be brought within the service tax net.
Accusing the Left Front government in West Bengal of ignoring Darjeeling Hills, senior Bharatiya Janata Party leader Jaswant Singh on Friday demanded the creation of a separate Gorkhaland. Singh also demanded more funds under the Cyclone Aila package. Initiating a debate on the Finance Bill in the Lok Sabha, the Darjeeling Member of Parliament wondered, "What wrong have the Gorkhas done not to deserve a separate state."
A Bill proposing to prosecute those stashing illicit wealth abroad with 10 year rigorous imprisonment is on cards.
Leader of Opposition in the Maharashtra legislative assembly Ajit Pawar on Thursday alleged that a scam of Rs 500 crore took place in the state information and publicity department during the tenure of the government led by Devendra Fadnavis.
A united Opposition on Tuesday tore into an ordinance promulgated to amend land acquisition rules, calling it an "anti-farmer" move brought by "bypassing" Parliament to benefit corporate houses, a charge vehemently denied by the government.
The Aadhaar Bill passed during Budget session last month, overruling amendments moved in Rajya Sabha.
Finance Minister Pranab Mukherjee's meeting with BJP top brass L K Advani, Leader of Opposition in Lok Sabha Sushma Swaraj, her counterpart in Rajya Sabha Arun Jaitley on Tuesday ended on a positive note with both sides reaching a consensus on most issues in the draft bill.The Parliamentary Standing Committee finalised its report on Nuclear Liability Bill. The Compensation cap raised from Rs 500 crore to Rs 1,500 crore.
'Why wasn't my no-confidence motion tabled in the House?' asks YSRCP MP Y V Subba Reddy.
Law Minister Arjun Ram Meghwal will attend the meetings of the committee as a special invitee, while legal affairs secretary Niten Chandra will be secretary to the panel.
Three members will be representatives from the government, and three from the RBI.
A new comprehensive Income Tax bill will be drawn up by the next fiscal end to clean up complex and archaic laws, Finance Minister P Chidambaram said on Friday.
The government has reached out to investors to apprise them about Life Insurance Corporation of India's (LIC's) growth and prospects as it prepares for the country's largest initial public offering (IPO). Preliminary presentations have been made to inform investors on how the organisation is being restructured ahead of the IPO, along with its financials, so that the IPO process can be hastened once its embedded value is derived. "A detailed presentation has been made to investors, giving them details on how LIC is positioned beyond what is known. "This includes how LIC is being restructured ahead of the IPO, and investors are keen to know that," said an official. In the Finance Bill, 2021, the government had proposed a slew of changes to the LIC Act, 1956.
Ruling out the implementation of value-added tax from June 1, Finance Minister Jaswant Singh on Wednesday announced several excise duty concessions on edible oil and textiles.
Tamil Nadu Governor R N Ravi on Thursday dismissed minister V Senthil Balaji from the council of ministers days after his arrest by the Enforcement Directorate in a cash-for-jobs scam, a move that Tamil Nadu Chief Minister M K Stalin said the government would challenge legally.
The Bill has already been passed by the Lok Sabha.
In the entire month's recess during Parliament's Budget session, said the Bharatiya Janata Party, the major opposition grouping, none from the government spoke to it on any of the major stuck legislation.
Despite being cleared in the lower house, the GST bill has been pending in the Rajya Sabha for clearance, where the Congress enjoys numerical strength, reports Kavita Chowdhury.
Four per cent countervailing customs duty on components for mobile phone manufacturing exempted.
Days before the passage of the Finance Bill in the Parliament, Left party leaders on Friday met Prime Minister Manmohan Singh and demanded urgent steps by the United Progressive Alliance government to check growing prices of essential commodities. Top leaders of four Left parties, supporting the government placed six demands before him, saying these measures should be taken immediately to curb burgeoning prices.
On the eve of consideration of Lokpal Bill by the Rajya Sabha, Trinamool Congress on Wednesday mounted difficulties on the government by giving notice for amendment to the crucial legislation in which it wants references to formation of Lokayuktas to be dropped.
The Bharatiya Janata Party on Friday spurned Finance Minister Pranab Mukherjee's request for inputs on the proposed Lokpal Bill, arguing it would not be proper for a political party to submit its views to a drafting committee comprising civil society members as it would upset constitutional propriety.
The government on Monday said that matters regarding Chinese intrusion can't be discussed in Parliament as it concerns the security of the country.
According to a top Congress minister, the government needs to be on its toes next week when the combined opposition moves cut motions and the finance bill also comes up for passing in the Lok Sabha. The reason is the altered attitude of the Left parties, particularly the Communist Party of India-Marxist towards the Bharatiya Janata Party with the Left now seeing the Congress as its enemy number one.
PSUs are asking for tax holiday for oil exploration and production activities to continue. The latest Budget imposes a Sunset clause for 100 per cent tax exemption for refining of mineral oil.
Finance minister Pranab Mukherjee had a brief meeting with Prime Minister Manmohan Singh on salient features of the Budget.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
While the Left parties are in talks with secular Opposition parties on a joint strategy during voting on the Budget in the budget session resuming from April 15, they are not not averse to BJP and its allies supporting a joint opposition cut motion.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
You telephone bills will become cheaper if the finance minister P Chidambaram heeds to the telecom operators' demand for a reduction in levies.
The bill says the deductor will deduct tax at higher rates than that is in force or 20 per cent in case the TDS assessee does not furnish his PAN.
The devil is in the detail for the real estate sector. Though the Budget gave sops to home buyers in the form of tax savings and interest rate subvention, it quietly brought back service tax on lease rentals in the Finance Bill.
Manufacturing taxes, VAT will come down, assures Jaitley
