In what could have repercussions for the country's exports, the finance ministry has sounded a word of caution on world trade recovery, even as global recession appears to be on its way out.
To spur foreign investment in the corporate bond market, the Finance Ministry has proposed reduction in withholding tax for FIIs to 5 per cent, from 20 per cent at present.
Commissioners of Income Tax of the Central Information Branch will now report to the intelligence wing, headquartered in the national capital.
Traditionally, the Budget making exercise begins from mid-October.
The new government, which will be required to boost investments and promote growth, will be presenting a regular Budget after completion of the electoral process.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
The current price is among the lowest in Asia Pacific.
Although it is only going to be an interim budget this time, the Finance Ministry on Friday organised the ritual 'halwa' ceremony, which heralds the beginning of the quarantine for staff that will be associated with the preparation of the secret document.
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Single-brand retailers are also allowed to take e-commerce route for such trading.
Why self-audit by NSE, why weren't charges probed under your supervision, ministry asks regulator.
The finance ministry is weighing an industry proposal for reintroduction of investment allowance and allowing higher depreciation to boost industrial growth by way of tax breaks.
In what would augur well for the industry facing slowdown, the Finance Ministry on Wednesday expressed hope that banks will bring down their lending rates.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
Attributing the slowdown to the Reserve Bank's tight monetary policy and global problems, the government on Tuesday informed Parliament that economic growth in 2011-12 will moderate to 7.5 per cent, from 8.5 per cent in the previous fiscal.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
In April 2004, the ministry had permitted banks to purchase new vehicles for replacement or otherwise on "need basis".
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
What surprises will the finance ministry and the RBI spring on us next? Put on your thinking caps and predict the next boomerang coming our way!
On Tuesday, Economic Affairs Secretary Arvind Mayaram told reporters that economic growth this financial year would be over five per cent and the numbers in the second quarter would be better than the first quarter which yielded gross domestic product expansion of 4.4 per cent, a four-year low.
'India remains a bright spot amid the global slowdown.'
Not needed, it says, with 4,600 staffers to retire over next 3 years, plus transfer of 12,000 to new subsidiaries
Indian economy is doing well and the performance of domestic stock markets is not as bad as that of other nations.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
The GST Constitutional Amendment Bill is with the standing committee.
In a letter to chairmen and managing directors of public sector banks, the finance ministry has asked state-run banks not to increase the equated monthly installment, in order to provide some relief to the borrowers since interest rates have risen sharply.
The Department of Disinvestment in the Finance Ministry will hire an advertising or public relation agency for the purpose.
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
The fiscal situation is an improvement over the previous year.
The Central Board of Direct Taxes, another wing of the Finance Ministry, has also been cautioning people against providing details of their PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.
Either the stake in these companies will be sold or they may partner private firms.
A host of factors including the reform measures taken by the government and decline in global oil and commodity prices have led to lower inflation, the Finance Ministry said on Wednesday.
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
No clarity yet on whether multi-level structure would escape ban.
The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
Ministry wants to take views of industry on the issue, before giving its opinion to the Securities & Exchange Board of India.
Moody's wanted to learn from the Finance Ministry officials, the steps taken to check subsidy outgo and impact of the proposed right to food bill on the exchequer.
The recommendations will benefit 47 lakh central government employees and 52 lakh pensioners.
"Commerce ministry pushes for all these things. There is no proposal to devalue," a top finance ministry official said. "Exporters would have come to the commerce ministry with this issue. However, there is nothing to discuss from our side."
Finance Ministry has written to the Power Ministry asking to freeze the completion costs of Dabhol plant.
Tax department plans to link PAN with the bank account number to eliminate the scope of the amount being transferred to a wrong account number.
