In all this, the political establishment -- and especially the finance ministry -- appears the weakest link, and worse still, the possible reason for the political backing to Narain and Ramkrishna that emboldened them to defy all the sentinels -- the independent board, the auditors, top management persons like the chief compliance officer, the company secretary, and unbelievably the super-regulator Sebi, observes V Ranganathan.
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
To enable widen the fiscal deficit beyond the permissible limit under the present legislation, the government may have to propose amendment to the FRBM Act in the Finance Bill.
The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
The all-powerful working committee meeting of the Board of Control for Cricket in India (BCCI) will take place in Chennai on Friday to discuss about deferring the Annual General Meeting (AGM) and a longer tenure for team director Ravi Shastri, who in all likelihood would be requested to guide India till next year's World Cup.
Parliament will now meet on March 8 for the second part of the Budget session.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
According to the chief minister, the common man, small traders and daily labourers are the worst sufferers of the demonetisation scheme.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
Vempati previously worked with Infosys and now heads an online media company.
Union ministers said Parliament passing over two dozen Bills was evidence of increased productivity of Narendra Modi government 2.0.
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The court sentenced Saeed to five-and-a-half years and imposed a fine of Rs 15,000 in each case. The sentences of both cases will run concurrently.
Rumours in the bureaucracy on his successor include the names of Sajjid Chinoy of JP Morgan, Rathin Roy of the National Institute of Public Finance and Policy, Neelkanth Mishra of Credit Suisse and the principal economic advisor, Sanjeev Sanyal.
Likely to be merged with Union Budget from FY18
The NSA visited the affected northeastern parts of Delhi, including Jaffrabad and Seelampur, where he met police officers and gave them necessary directives, besides meeting leaders of different communities to assuage the tensed situation, the officials said.
President Ram Nath Kovind and Prime Minister Narendra Modi led the country in congratulating paddler Bhavinaben Patel for winning a historic silver medal, India's first, in the ongoing Paralympic Games in Tokyo on Sunday.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
However, in recent times, the clout that trader bodies such as CAIT and other organisations like Swadeshi Jagran Manch and Laghu Udyog Bharati has is steadily increasing. Earlier this year, trader bodies were able to convince the government not to extend the deadline for implementation of the new norms in FDI policy on e-commerce.
'So you have welfare programmes, you reach out to the poor, you cut out the middlemen, you cut out the leakages and you try to raise the standard of living.'
Finance Minister Arun Jaitley will take a final call on whether to break the tradition of presenting a separate Rail Budget, by merging it with the General Budget.
India will launch an all out effort to isolate Pakistan and all diplomatic efforts will be launched in this regard
The BJP MLC, who had switched his loyalty from the Janat Dal-Secular to the BJP two years ago, alleged that the "entire state" including ministers, had been talking about Vijayendra's interference in the administration.
IS-Khorasan was sanctioned for its links with Al Qaeda and involvement in several deadly attacks in Afghanistan and Pakistan that killed over 150 people.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
Influential Patel community leader Parshottam Rupala, minister in the first Narendra Modi government Mansukh Mandaviya and three-time MP Darshana Jardosh, all from Gujarat, were among those inducted in the Union cabinet on Wednesday.
The decision to permit the third child came after this month's once-in-a-decade census showed that China's population grew at the slowest pace to 1.412 billion amid official projections that the decline may begin as early as next year.
Santishree Dhulipudi Pandit won't be afraid to tangle with the toughest of them.
The procurement and distribution will be centralised though the government is yet to take a call on the initial number of doses that will be procured.
Most banks led by the State Bank, have or are going to declare DHFL account as NPA in the third quarter.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
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.
The two leaders reaffirmed that the United States and India 'will take concerted action against all terrorist groups, including groups proscribed by the UNSCR 1267 Sanctions Committee'.
A source in the Imran Khan government told PTI that the Punjab police are waiting a go-ahead from the "top" to lay hand on Saeed.
Banks are set to sell dud-loans worth Rs 90,000 crore of 22 firms in the first tranche to the National Asset Reconstruction Company (NARCL). It's reason for cheer given that such sales to asset reconstruction companies (ARCs) have been poor in recent times. In fiscal 2020, their assets under management (AUM) contracted by 4 per cent; and in fiscal 2021, it fell by another 100 basis points to Rs 1.07 trillion. So, why are we where we are?
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Union minister Nitin Gadkari will head a committee which will reach out to social and volunteer organisations while his Cabinet colleague Sushma Swaraj will head a group that will produce literature for the polls.
The Centre on Monday earmarked a separate Rs 2,217 crore for 42 urban centres to tackle air pollution and announced the much-awaited voluntary vehicle scrapping policy to phase out old and polluting vehicles, even as it shrunk the budgetary allocation for the environment ministry from the last fiscal by nearly eight percent. Union Finance Minister Nirmala Sitharaman, in her budget speech for 2021-22, announced a total of Rs 2869.93 crore for the ministry, Rs 230 crore less than the last fiscal. Officials said the outlay has been lesser this time as the economy is recovering from the COVID-19 pandemic.
A PhD from Chicago-Booth and a top-ranking IIT-IIM alumnus, Krishnamurthy Subramanian is one of the world's leading experts in banking, corporate governance and economic policy
