Centre mulls strategy to ensure powers given to the agencies are not misused.
Retirement fund body EPFO fixed 8.15 per cent rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its meeting on Tuesday. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
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.
'I wonder how people who come to power through democratic means turn out this way.' 'But people of India are strong, and those who think they can hoodwink people, are mistaken.' 'You can fool some people for some time, but not all people, all the time.'
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The report was presented at the UN Climate Convention Summit in Peru on Thursday by the UN Framework Convention on Climate Change's Standing Committee on Finance.
'It is violation of the Model Code of Conduct.' 'It is a penal offence under the IPC to exert undue influence on voters.' 'Under the election law, it is a corrupt practice.'
The 28 new ministers who joined the Chouhan cabinet on July 2 include 20 of cabinet rank and eight ministers of state.
The government has fixed an indicative value for Delhi's iconic 'The Ashok' hotel at Rs 7,409 crore under the national monetisation programme, according to sources. The Ashok and the adjacent hotel Samrat are among the eight India Tourism Development Corp assets listed under the National Monetisation Pipeline (NMP) announced by Finance Minister Nirmala Sitharaman last year. The sources said investor consultation has already been undertaken and a cabinet note for the sale of the sprawling 25-acre property in the heart of the national capital is under consideration.
Jailed ex-Pakistan premier Imran Khan's party-backed independent candidates on Friday sprang a surprise by winning 86 seats out of the 201 results declared following unusual delays and allegations of rigging, as the country appeared heading towards a hung assembly.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
Maharashtra minister Dada Bhuse said the decision to impose export duty should have been taken with proper coordination.
The government on Saturday imposed a 40 per cent duty on the export of onions to increase domestic availability amid signs of increasing prices. The export duty, which is the first time ever on onion, has been imposed as the retail sale price of the kitchen staple, according to government data, touched Rs 37/kg on Saturday in Delhi. The finance ministry through a Customs notification imposed a 40 per cent export duty on onions till December 31, 2023.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
The issue of his wife appearing as counsel for the revenue department has caused P Chidambaram a lot of embarrassment. Tell us if he should quit.
The Ministry of Finance or Commerce would certainly need a larger hospitality budget than the Ministry of Agriculture.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
Pawar said, "I will meet PM Narendra Modi on July 18. During the meeting, I will take up various issues related to farmers with him. (NCP leader) Praful Patel and I will attend the National Democratic Alliance (NDA) meeting."
The finance ministry, in the explanatory memorandum to the Finance Bill 2008-09, proposes to withdraw the tax holiday which has been a window the petroleum ministry has been using to market the oil and gas exploration blocks under the New Exploration and Licensing Policy (Nelp) since 1999. The commitment to give a 7-year tax holiday to companies producing gas from Nelp blocks was finalised by the Union Cabinet after consultation with the finance ministry.
The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
The finance ministry's proposal to off-load a small part of the government equity in National Aluminium Company Ltd has been rejected by the administrative ministry.
The finance ministry's proposal to set up a National Tax Tribunal has moved a step closer with the law ministry finding no objection with the plan.
Trading of diamonds especially with a gulf country has come under the lens of intelligence agencies here for suspected terror financing and money laundering.
Portfolios were distributed 2 weeks after the MVA govt was sworn-in. Shiv Sena's Eknath Shinde will be home minister while NCP's Jayant Patil will be finance minister.
FinMin urges reduction not be weighed against Budget estimates.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
In the seven intervening years since his "dream" Budget of 1997, the only thing that doesn't seem to have changed about him is his name.
The top court drew parallel between driving and technology and said if one doesn't know how to handle technology then he or she can't be a judge and questioned the approach of some of the high courts.
Sources said while the Janata Dal-Secular will have nine new ministers, the Congress will have nearly 12 of its legislators inducted into the cabinet. Lone Bahujan Samaj Party MLA N Mahesh will also be a part of the cabinet expansion and will be given a key portfolio.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce in Kolkata, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral.
Over the past six months Rajasthan has introduced some of India's most radical free-market labour, land and welfare reform.
The ministry asked all departments to cut avoidable expenditure, including seminars and conferences at five-star hotels and abroad, purchase of new vehicles, foreign travel and appointment of consultants.
India's finance ministers have played a crucial role in framing policies and initiating reforms to boost the economy.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
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