'I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out.'
'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.
The Parliamentary Standing Committee on Finance, chaired by BJP leader and former Finance Minister Yashwant Sinha, which met on Friday to discuss the chit fund scam, was of the view that there should be a 'single law and a single regulator' to deal with investment schemes, sources said.
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.
The government on Tuesday said it would carefully consider proposals of a parliamentary standing committee to allow FDI in pension sector on the pattern of the insurance sector.
The parliamentary standing committee on finance on Thursday approved the repeal of IDBI Act, paving the way for conversion of Industrial Development Bank of India into a bank.
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 discussions, there may be changes the Bill.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
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.
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.
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.
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.
The parliamentary standing committee on finance has proposed a Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) co-ordination mechanism to monitor foreign investments in the stock market.
Under fire over allegations of foreign exchange violations in IPL, BCCI's top officials o Wednesday blamed sacked Commissioner Lalit Modi for "mistakes" as they told a Parliamentary panel that they had given approvals at his behest in "good faith".
A Parliamentary committee has asked the Ministry of Small Scale Industries to work closely with Uttar Pradesh Finance Corporation for reviving mini cement plants in the state.
The Committee, in an earlier report on the Direct Taxes Code (DTC) Bill, had favoured abolition of STT.
The committee members from the ruling and Opposition parties, in separate interactions with BSE and NSE, termed the volatility as 'clueless' and wanted both the exchanges to pull up their socks.
The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.
Board of Control for Cricket in India vice-president Rajiv Shukla says there is "nothing wrong" with the Parliamentary Standing Committee on Finance, headed by Yashwant Sinha, summoning its president, Shashank Manohar, and Indian Premier League chairman Chirayu Amin to reply to questions on financial transactions related to the Twenty20 league.
A committee would be set up by the finance ministry to consider the long-pending demand of ex-servicemen for a 'one-rank one-pension' scheme.
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
The Reserve Bank of India may go in for further tightening of money supply as there is no likelihood of inflation coming to single digit in the next six months, according to indications given by the central bank governor to a parliamentary panel.
The committee members asked if SBI was waiting for private sector banks to announce their rates before it takes a call on the issue.
The government will cut the central sales tax rate to 3 per cent from 4 per cent from April 1 through a notification, as announced by Finance Minister P Chidambaram in his Budget speech.
Civil society groups welcome the submission of a memorandum opposing Aadhaar and other anti-people policies to the prime minister along with a big truckload of signatures numbering 3.57 crore on March 14, says Gopal Krishna
The Companies Bill 2009, which seeks to replace a half-a-century-old Act, will be presented in Parliament in the ongoing Budget session, Finance Minister Pranab Mukherjee said on Monday.
The Parliamentary Standing Committee on Commerce has observed that a massive shortfall in the budgetary allocation of over Rs 1,900 crore by the finance ministry to the industry department may have an adverse impact on the implementation of infrastructure (infra) projects in 2022-23 (FY23). While the Department for Promotion of Industry and Internal Trade (DPIIT) had sought Rs 10,267 crore from the finance ministry for FY23, it received Rs 8,348-crore allocation. For the National Industrial Corridor Development & Implementation Trust (NICDIT), the finance ministry has allocated Rs 1,500 crore instead of Rs 2,400 crore demanded for the project.
In the midst of the stock market turbulence, the government has sounded a word of caution to investors, with the pre-budget Economic Survey asking them to resist the 'herd mentality.'
The Reserve Bank of India has told parliamentarians that it is concerned over the stock market exposure of various non-banking financial companies (NBFCs) promoted by leading banks in the country.
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
How do cheer girls promote the cause of cricket? Why are players auctioned like 'gladiators' in IPL system of cricket? These were some of the questions members of the Parliamentary Standing Committee on Finance posed to top officials of the Board of Control for Cricket in India.
For every one million currency notes, there are eight fake notes floating in the country. While the percentage of fake notes may still be 0.001, the government is concerned as their circulation has grown in alarming quantities over the past few years.
Finance Minister Pranab Mukherjee will hold talks with the opponents of Women's Reservation Bill before the government's takes the next step on it, Minority Affairs Minister Salman Khurshid said on Thursday.
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