Home Secretary Gopal Krishna Pillai, who is retiring on Thursday after 39 years of service, told rediff.com in an exclusive interview, that, "No bugging took place" in the office of Finance Minister Pranab Mukherjee.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
The BJP deputed Shah as observer to Uttar Pradesh, where Yogi Adityanath powered the party to an impressive victory and where there are no hurdles in the way of the priest-politician's second stint in power.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
'One is happy. The moment one starts criticising the BJP, ED, IT and CBI comes to one's house.'
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The decision is expected to provide a push for their development in healthcare, cultural identity, education, financial matters, skill development and women empowerment among others, the Chief Minister's Office said in a statement.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
West Bengal Chief Minister Mamata Banerjee on Tuesday faced protests over death of an SFI member from Left activists who also heckled her Finance Minister Amit Mitra outside the Planning Commission office in New Delhi.
Prime Minister Narendra Modi will retain DoPT, Atomic Energy as well as all important policy issues and portfolios not allocated.
The Interim Budget for 2024-25 (FY25) to be presented on February 1 is likely to assume 10-10.5 per cent nominal gross domestic product (GDP) growth against 8.9 per cent estimated for FY24 by the National Statistical Office (NSO). "We were waiting for the First Advance Estimates GDP numbers for FY24. "We will finalise the nominal GDP growth assumption for FY25 Interim Budget in a couple of days.
The increased numbers of the Opposition bloc would mean that their MPs are likely to head several more panels than the four that they did by the end of the term of the 17th Lok Sabha.
Eight Punjab cabinet ministers and a senior bureaucrat were found to be "absent" from office during a surprise check on Tuesday by Chief Minister Parkash Singh Badal.
In a breakthrough that could end the political uncertainty in Pakistan, the Pakistan Muslim League-Nawaz and the Pakistan Peoples Party have agreed on a power-sharing deal to form a new coalition government after intense negotiations following a fractured poll verdict.
If the BJP gets only 200 seats and wants to remain in power, Modi will have to make way -- either for a proxy of his choice, or for an internal rival, predicts Nilanjan Mukhopadhyay.
The result is a big blow to the military establishment, revealing the limits of 'political engineering'. It reflected the anger of the electorate, especially its younger voters, who have spoken decisively against the persistent harassment and victimisation of Imran Khan's political party, asserts Rana Banerji, who headed the Pakistan desk at RA&W.
The state was asked not to publicise the disbursement during the poll code as part of the condition.
Chief Election Commissioner T S Krishna Murthy on Friday suggested that ministers, except a few important ones in each state, should resign when assembly elections are announced for the state.
On July 18, 2022, two individuals with a Jharkhand connection will contest the Presidential election.
Vijay Rupani and his deputy Nitin Patel took oath on Sunday in Gandhinagar.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
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.
'If Rahul couldn't persuade his colleagues without resorting to theatrics, then maybe politics wasn't his calling
The controversial note on the 2G spectrum allocation by the finance ministry, which created a storm by suggestion that the then finance minister P Chidambram could have prevented the scam by enforcing the spectrum auction, was drafted after consultation with the Prime Minister's Office and officials of the cabinet secretariat.
'If such inflows materialise, what will be the effect on the rupee's value -- and therefore on exports growth, the only sustainable path to recovery?', asks Mihir S Sharma.
The GST Council has set up a Group of Ministers, chaired by Haryana Deputy Chief Minister Dushyant Chautala, to suggest required changes in the law for setting up the GST Appellate Tribunal (GSTAT). The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, had last week decided to constitute a Group of Ministers (GoM) to address various concerns raised by states in relation to constitution of the GSTAT. As per the Terms of Reference (ToR) of the GoM, the panel would recommend required amendments in the GST law to ensure that the legal provisions maintain the right federal balance and are in line with the overall objective of uniform taxation within the country.
What some of our leaders were up to in the last couple of days.
After Finance Minister Arun Jaitley moved the amended Finance Bill for consideration by the Lok Sabha, Deepender Hooda (Congress) said this was a "historic" occasion as never in the past had the Rajya Sabha amended the Finance Bill.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
DoP has 25,000 departmental post offices and 1,30,000 rural post offices across the country.
The Punjab cabinet has approved the summoning of a special session of the assembly on September 22 to bring a confidence motion.
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.
On Thursday, the bench, after perusing the plea copy, noted that Wankhede had approached the Central Administrative Tribunal, too, against the notices issued to him by the NCB.
Health Minister Mansukh Mandaviya, Civil Aviation Minister Jyotiraditya Scindia, Railway Minister Ashwini Vaishnaw and other ministers took charge of their respective offices on Thursday, a day after taking oath at a ceremony held in the Darbar Hall of the Rashtrapati Bhavan.
The agency received Rs 911 crore to manage its affairs in the Budget Estimates for 2022-23, which was later decreased to Rs 906.59 crore in the Revised Estimates.
As many as 20 Union ministers are expected to visit different parts of Gujarat between May 27 and June 12 to participate in the 'Vikas Parv' (development festival) organised by the Bharatiya Janata Party's state unit.
Andhra Pradesh Health Minister Kondru Murali Mohan and Forest Minister Satrucharla Vijayarama Raju on Monday resigned from their posts protesting the proposed bifurcation of the state.
'The private sector will look to the budget to check whether there are any headwinds or tailwinds.'
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