"A very easy solution to suggest is tax-payers must pay because the private sector has defaulted," Jaitley said, adding that bank recapitalisation, where the government puts in more capital in public sector banks to shore up their books, effectively amounted to that. "Therefore, I think let's try and make the private sector pay for their debts or allow somebody else to step in."
Cash withdrawal limits likely to continue
Demonetisation is the biggest reason for the rise in preference for small savings.
The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms.
Planning Commission on Thursday said a desicion was expected shortlyon using foreign exchange reserves for infrastructure projects.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
The Asian Development Bank is all set to enter the Indian capital market with a bond issue to raise upto Rs 100 million (Rs 10 crore) as it has obtained the Reserve Bank of India's and ministry of finance's approval.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
Rajan would slow down some of the expansion of money and it ought to have little effect on the real economy.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
The Finance Ministry on Thursday said the growth rate in the current financial year will accelerate to 5.8 per cent, better than previous estimates, saying the green shoots of economic recovery are now visible.
While the situation Sitharaman finds herself in may not be that good, how does it stack up against her three immediate predecessors Pranab Mukherjee, P Chidambaram and the late Arun Jaitley?
Fiscal situation better but spending cuts likely in FY16 too.
The RBI needs to maintain a healthy contingency reserve so that it can lend its support in case of a bank failure.
Virtual currencies don't have any intrinsic value and are not backed by any kind of assets.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
The HRD ministry has sought the view of National Council of Educational Research and Training which has not favoured the idea. The NCERT, which publishes textbooks and prepares broad curriculum for school students, has said that subjects like commerce and economics are already covering aspects of financial management. There is no need to start a separate subject, the NCERT has said.
Bankers back the new bankruptcy code, which would impose debt deadlines on failed firms and foresees up to five years in jail for debtors who conceal property or defraud creditors
Chidambaram said there was no tension between the finance ministry and the Reserve Bank of India.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
'People who come from IMF-World Bank backgrounds have no dynamism at all,' Subramanian Swamy said.
A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week. The committee comprises officials of the ministry of finance and the Reserve Bank of India. A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week.
The cost of food has constantly been on the rise.
Reddy has worked to reform the economy.
Employees of the State Bank of India will go on an indefinite strike countrywide from Monday demanding enhanced pension package.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
Indian government has hiked the import duty on refined gold three times since January 1 and it now is at a record 10 per cent.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
The government would also take steps to promote exports and restrict non-essential imports, said Jaitley
A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
Chief Economic Advisor (CEA) K V Subramanian will be leaving the finance ministry and returning to academia on completion of his three-year term. The government had appointed Subramanian, an ISB Hyderabad professor, as the CEA in December 2018. He had succeeded Arvind Subramanian, who quit the position close to a year ahead of his extended tenure. Subramanian's three-year term would have come up for renewal in December but he decided to return to academia.
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