Security and Exchange Board of India Chairman C B Bhave and representatives from the Reserve Bank and Corporate Affairs Ministry are likely to brief parliamentary standing committee on finance about the latest developments in the Satyam fraud case, at a meeting called on Wednesday to discuss the issue.
Tightening the procedure for official foreign visits by bureaucrats, the Centre has said that proposals for trips abroad should go through the Prime Minister Office and screening committee of secretaries for approval.
Sources close to the development said the finance ministry was yet to receive a formal proposal to this effect from the bank, though SBI chairman OP Bhatt had recently said the lender had sought government permission to raise Rs 20,000 crore (Rs 200 bn).
Finance Minister Arun Jaitley sought parliament's approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
The case is related to the alleged irregularities in granting clearance by the Foreign Investment Promotion Board to INX Media, once owned by Peter and Indrani Mukherjea, for receiving overseas funds to the tune of Rs 305 crore.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
Once the GST is passed, the centre and states will have to adopt their own law.
The turning point in his career was undoubtedly Nepal where he was sent as ambassador and acted with a cool head.
So far, almost every positive development in terms of the bilateral ties has been overtaken by innate hostility that is often driven by popular sentiments.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
There are several welcome standalone reforms, but these do not add up to a coherent strategy to achieve a $5 trillion economy or secure Aatmanirbharta, observes Rathin Roy.
Dr Singh sent a signal to Mumbai markets on Wednesday that he meant business -- to first understand, then act. "Wait and watch," a source in PMO said that many changes are expected soon in North Block. He will be visiting North Block next week to the office of Finance Minister in order to meet the junior officials.
The Ministry of Petroleum and Natural Gas is demanding an increase in excise duty on diesel cars with a view to discouraging consumption of subsidised fuel by personal vehicle owners.
The road ministry has put forward two proposals before the Prime Minister's Office and the finance ministry.
The central government babus have been given a big hike in TA/DA (travel allowance/dearness allowance) as part of implementation of the Sixth Pay Commission, but it may be only illusory as ministries and departments will get no additional funds to foot their bills.
The Biden administration has come under criticism from several quarters, including from members and supporters of the Democratic party, for not releasing surplus COVID-19 vaccines to India when the country is experiencing its worst-ever public health crisis.
About 11 entities may be charged in the first charge sheet in the case, the sources said without elaborating on the issue.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
Fitch Solutions on Thursday said the new climate targets announced at the COP26 summit by Prime minister Narendra Modi pose an upside risk to its outlook for renewable growth in the country. With the new targets, it expected to see attempts to alleviate the issues regarding supply chains, manufacturing and project development that have long plagued renewable proliferation.
The windfall from RBI may be used to trim borrowing, help fund Rs 3.3 lakh crore capex plan, capitalise banks and provide fiscal stimulus to some stressed sectors, experts and economists said.
The Tejas Mark 1A outperforms the Sino-Pakistan JF-17 Thunder in avionics and weaponry, but the finance ministry's tax burden makes the Indian LCA costlier and hurts it in the export market.
The Centre has started the process of identifying around 30 crore priority beneficiaries who will be given vaccine in the initial phase. The Centre will procure the vaccine directly and make it available free-of-cost for the priority beneficiaries.
The government had committed to increasing spending in infrastructure
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Concerned over violence in Jammu and Kashmir in last four days, the Centre on Saturday decided to rush 3,600 additional paramilitary personnel to the Valley and asked the state government to ensure that there is no further loss of lives.
About 200,000 ATMs can dispense the new series of Rs 500 notes
'The CEA suggested that could be as high as 19 per cent.'
The minister tells Subhomoy Bhattacharjee that he wants to set up a financing corporation for the road and shipping sectors, which will throw up a business opportunity of Rs 25 lakh crore!
The reshuffle may take place before Modi departs for China to attend the BRICS summit.
At least 660 rape crisis centres will be established across the country and named as Nirbhaya centres, as a tribute to the victim of December 16, 2012, Delhi gang rape case.
The chief minister, who had on Wednesday expanded his new cabinet by inducting 29 ministers, had played it safe by and large retaining old faces, as 23 of them were Ministers in the previous Yediyurappa cabinet, while six were new.
'The idea is to have a separate and independent consultation on non-personal data, and decide the contours of how it should be regulated, whether as guidelines, rules, or a separate policy,' said a senior official at MeitY.
This is essential to promote investment in essential infrastructure such as Power. Any additional burden will only pass on to the end consumer.
The government's austerity drive announced on Thursday , would lead to a saving of up to Rs 40,000 crore (Rs 400 billion) or 0.3 per cent of the Gross Domestic Product (GDP) but poses risks to growth, Japanese brokerage Nomura has said.
The ITR forms were put on hold by the ministry last month.
Finance Minister Arun Jaitley more than halved the central government's financial support.
