Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
'The standing committee on defence was flagging what the services had said.' 'As a soldier, General Khanduri might have felt that it was his duty to point this out in the greater good of India,' points out Aditi Phadnis.
'What matters is meeting the needs and expectations of the people who have voted to provide governance for the country.'
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
As chairman of the parliamentary standing committee on finance, former finance minister, Yashwant Sinha, says he is committed to expediting the legislative work associated with important Bills, including the direct taxes code (DTC) and Goods and Servies Tax.
Union ministers said Parliament passing over two dozen Bills was evidence of increased productivity of Narendra Modi government 2.0.
A Parliamentary committee scrutinising the Direct Taxes Code (DTC) Bill will recommend raising of the annual income tax exemption limit to Rs 3 lakh.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
'The decision to supply free food grains is not an economically sound decision because the government will find it very difficult in future to charge anything for food grains.'
Rashtriya Janata Dal's Lalu Prasad was the odd man out in the Lok Sabha on Saturday when he questioned the need for a debate on the Lokpal issue saying a bill in this regard was already before a Parliamentary Standing Committee.
A formal decision is expected to be announced next week after the meeting of the Union Cabinet.
He was the financial secretary when the 2G licences were allocated.
Parliament will now meet on March 8 for the second part of the Budget session.
After the Gujarat and Himachal elections and the municipal polls in Mumbai and Delhi, Karnataka, Rajasthan, MP and Chhattisgarh will elect new assemblies next year leading up to the Lok Sabha election in April-May 2024, points out Virendra Kapoor.
After discussions, there may be changes the Bill.
The DMK parliamentary party appears to be a house divided, reports R Rajagopalan.
Ahead of Finance Minister Pranab Mukherjee's meeting with opposition parties on Tuesday, Bharatiya Janata Party on Saturday said there would be no dilution in its stand on a Joint Parliamentary Committee probe into the 2G spectrum scam and threatened to disrupt the budget session of Parliament if the demand was not met.
The finance ministry on Friday asked state governments to accord priority to employees of banks and insurance companies for Covid-19 vaccination, saying they are exposed to high risks during these difficult times.
'The entire value of LIC is created by its shareholders because after the initial invest net of Rs 5 crores in 1956, the government has not given any additional capital to the LIC.' 'If the corporation has expanded and emerged as the biggest financial institution in the country, it is only because of the policyholders.'
Suggests far more generous provisions than proposed in Direct Taxes Code
Suggests far more generous provisions than proposed in Direct Taxes Code
In 2019-20, the capital expenditure of Indian Railways (IR) increased 60 per cent over 2016-17. The draft National Railways plan envisages a further increase in IR's capital expenditure, but an analysis by Business Standard shows that IR has come to depend more on borrowings and budgetary support. In 2016-17, while 11 per cent of its capital expenditure (capex) was funded by internal sources, in 2019-20 the ratio dropped to less than 1 per cent. A 2015 Committee on Restructuring Railways had flagged that over-reliance on borrowings could exacerbate the financial situation of Railways.
'There is an evaluation committee which is involved in these matters. The committee comprises six persons and there are persons from the armed forces and also the finance wing. My information suggests that two persons in this committee have allegedly manipulated this deal,' MV Mysura Reddy, member of the parliamentary defence standing committee, tells Vicky Nanjappa
Several Indian companies might have to set aside 2 per cent of their average net profits during the preceding three years to meet corporate social responsibility (CSR) spending requirements. A parliamentary standing committee on finance, which vetted the Companies Bill, 2009, said in its report that the ministry of corporate affairs has agreed to the suggestion.
Finance Minister P Chidambaram on Monday said he is reviewing the Direct Taxes Code (DTC) Bill and it will be introduced in Parliament after taking into account the recommendations of the Parliamentary panel.
Coming down hard on the government for meagre increase in allocation for armed forces in the last few years, the Parliamentary Standing Committee on Defence said the outlay cannot even fulfill the basic requirements of the armed forces.
The finance ministry on Friday informed a parliamentary committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
Joint Parliamentary Committee Chairman P C Chacko on Thursday decided to refer to the Lok Sabha Speaker the demand to summon Finance Minister P Chidambaram as a witness before the panel on the 2G scam.
'I see in the BJP an attempt to get growth and redistribution of resources.' 'For growth you need growth of the economy.'
The Parliamentary Standing Committee on Finance has passed strictures against the finance ministry for the delay in introducing the draft direct tax code for legislation to replace the voluminous Income Tax Act, 1961.
The Bharatiya Janata Party-led National Democratic Alliance on Saturday demanded to know how the Joint Parliamentary Committee's draft report on 2G spectrum allocation issue had exonerated Prime Minister Manmohan Singh and Finance Minister P Chidambaram without examining them and appealed to all members of the committee to reject the document.
On Tuesday, the 32-member Parliamentary Committee is understood to have met officials of the Securities and Exchange Board of India, Reserve Bank of India, stock exchanges, various brokers, Unit Trust of India, Life Insurance Corporation and State Bank of India. The committee is expected to meet officials of the finance ministry next week.
21-member parliament panel would review the bill.
Documents related to 2G spectrum allocation cannot be accessed by the public till the Joint Parliamentary Committee completes its probe and submits its report, the Central Information Commission has stated. The JPC, which is probing the high-profile scam, has directed the finance ministry not to reveal any information till it completes the probe.
As a politician, Yadav is amiable and a consensus-maker, not hamstrung by dogma.
Mired in controversies, the Prime Minister's Office has declined to disclose information related to 2G spectrum allocation issue citing breach of parliamentary privilege.
The Joint Parliamentary Committee has found not a "single file or record" to show any culpability of Prime Minister Manmohan Singh and Finance Minister P Chidambaram in the 2G spectrum allocation, its chairman P C Chacko said justifying the clean chit to them in the draft report.
Concerned over rising incidents of tax evasion, a Parliamentary Committee on Thursday asked the government to keep a close watch on high spending individuals and also take steps to reduce tax arrears.
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