The setting up of the Commission, whose recommendations will benefit about 50 lakh (5 million) central government employees, including those in defence and railways, and about 30 lakh (3 million) pensioners, comes ahead of the Assembly elections in 5 states in November and the general elections next year.
Leaders of several opposition parties on Thursday hailed the Supreme Court verdict striking down the electoral bonds scheme and termed it an important step in ensuring transparency in electoral funding.
Rajya Sabha MP Kapil Sibal on Friday described the electoral bonds scheme as a 'very big scam' and demanded that a special investigation team (SIT) be set up with court-appointed officials to probe the alleged quid pro quo and wrongdoings under it.
Byju's is set to go the way of Housing.com and Zilingo. It is only a matter of time. Indeed, the coup attempted by investors will ensure that, says Debashis Basu.
State governments want the Centre to direct the 14th Finance Commission to compensate states for implementing pay scales, to be recommended by the pay panel.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
The Paris-headquartered FATF said Pakistan should continue to work on implementing its action plan to address its strategic deficiencies
He was commenting on a reply given by Jaitley to a question in Rajya Sabha.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The Finance Commission on Monday suggested a re-look into the issue of decentralisation in view of the lack of transfer of resources to local bodies, but said the exercise should not "rob" the autonomy of local governments.
Rajan Committee has evoked divergent reactions from the states.
The Y V Reddy-headed commission said the states should use extra fiscal space for productive assets
A bench comprising Chief Justice Uday Umesh Lalit and Justice Bela M Trivedi said it was sitting in a combination of two and according to a reference order on the matter, it should go before a bench of three judges for disposal.
Top finance ministry officials and members of Planning Commission on Friday gave a thumbs up to the Union Budget 2003-2004 saying Finance Minister Jaswant Singh had laid out a roadmap for greater flow of investment and industrial growth.
As part of efforts to tackle the menace of black money, the government has commissioned studies to estimate the amount of unaccounted income and wealth.
'Even before the outbreak of the flu, it had become clear that the tax revenue numbers for 2019-2020 were overestimated,' observes A K Bhattacharya.
The Law Commission had said that the BCCI should be brought under the RTI Act, noting that it falls under the definition of a public authority which has received substantial financing from the government.
'The administration will come to a standstill because the governor will not cooperate with the finance minister.'
Budget has laid emphasis on increasing social spends
There shall be two dates for grant of increment - January 1 and July 1 every year
Sharif, the three-time former premier, said that there is a need for all the political parties to sit together and form a government to pull Pakistan out of its difficulties.
The BJP is now inventing new angles to keep its campaign relevant -- even if it's old wine in an old bottle, which is what the allegation on 'Katchatheevu' is, notes N Sathiya Moorthy.
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
The AAP government has decided to set up a commission of inquiry to probe alleged irregularities including financial bunglings in the DDCA.
The Supreme Court on Monday refused to stay the Himachal Pradesh assembly speaker's order disqualifying the six Congress rebels who had cross-voted in the recent Rajya Sabha polls in the state.
Former Finance Commission chairman A M Khusro, who died in New Delhi on Sunday, was a distinguished academic, scholar and a towering personality. Besides heading the 11th Finance Commission, he was the chairman of IEG.
The FATF continuing Pakistan in the 'Grey' list means its downgrading by IMF, World Bank, ADB, EU and also a reduction in risk rating by Moody's, S&P and Fitch.
Pant, a 1991-batch Indian Administrative Service officer of Rajasthan cadre, is currently secretary in the ministry of ports, shipping and waterways.
There are wide spread speculations in corridors of power in the Capital that Deputy Chairman of Planning Commission Montek Singh Ahluwalia may take over as the next finance minister of India.
The government hopes to use this data to assess the extent of financial support needed to recover from the pandemic.
As many as 386 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.7 lakh crore, as per a report. According to the ministry of statistics and programme implementation, which monitors infrastructure projects of Rs 150 crore and above, out of 1,505 projects, 386 reported cost overruns and as many as 661 projects were delayed. "Total original cost of implementation of the 1505 projects was Rs 21,21,793.23 crore and their anticipated completion cost is likely to be Rs 25,92,537.79 crore, which reflects overall cost overruns of Rs 4,70,744.56 crore (22.19% of original cost)," the ministry's latest report for July 2022 said.
Finance Minister P Chidambaram will soon have to decide whether to stick by his predecessor's choice of former Reserve Bank governor Y V Reddy for chairmanship of the 14th Finance Commission, to be set up next month.
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
An eight-member Pakistani judicial commission team crossed into India from the Wagah border check post in Punjab on Saturday to conduct the much-delayed cross-examination of witnesses in the 2008 Mumbai attacks, which claimed 166 lives.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
Sitharaman exhorted the states to work together with the Centre, stating that while the Union government sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.
The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
