'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
Opposition parties have not been given the chairmanship of any of the four key parliamentary panels including the committee on home affairs and information technology, which were with the Congress, in the latest rejig announced on Tuesday.
Since Sanjay Malhotra took office as governor in December, the Reserve Bank of India (RBI) has adopted a more accommodative stance, which bodes well for banking and the economy as they navigate a growth slowdown, according to analysts.
'Going forward, the encouragement would be to move to the new tax regime.'
Congress leader in Lok Sabha Adhir Ranjan Chowdhury and some other MPs suspended from Parliament will not be able to attend the meetings of parliamentary committees of which they are a member or chairperson till their suspension is revoked.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Union finance ministry has rejected a proposal sent by the labour ministry to double the monthly minimum pension amount to Rs 2,000 under the Employee Pension Scheme (EPS). The Central Board of Trustees (CBT), the apex decision-making body of the Employee Provident Fund Organisation (EPFO), was apprised of the proposal's rejection during a meeting on Saturday. "According to the recommendations made by a highly-empowered monitoring committee constituted by the government, a proposal to increase the minimum pension under EPS from Rs 1,000 to Rs 2,000 per month, by providing additional budgetary support, was sent to the ministry of finance.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
Describing the DAD as the "guardian of defence finance", he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
A team of tax department officials is undertaking the raids against Jadhav, also the chairman of the BMC standing committee, since early morning, they said.
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.
Indian Olympic Association (IOA) President PT Usha on Monday said it is "deeply concerning" that the Executive Committee members failed to honour Olympic medallists and accused the Finance Committee of blocking funds intended to support Indian athletes' preparation for the Paris Games.
Following the eviction of protesting farmers from the Shambhu border, Haryana security personnel began removing cemented barricades erected to prevent Punjab farmers from reaching Delhi. The Shambhu-Ambala road, closed for over a year, is being cleared with JCBs and other machinery. Meanwhile, the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha announced dharnas outside deputy commissioners' offices in protest against the Punjab Police crackdown. The groups criticized the Aam Aadmi Party (AAP) government in Punjab for evicting the protesters and detaining farmer leaders on Wednesday. The police action was justified by Punjab Finance Minister Harpal Singh Cheema, who said industries and businesses were hit hard due to the prolonged closure of the highways. The protesting farmers, led by the Samyukta Kisan Morcha and the Kisan Mazdoor Morcha, had been camping at the Shambhu and Khanauri border points since February 13, 2022.
Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed. His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over Rs 14,130 crore from his attached assets.
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".
22 images that captures glimpses of a most unusual Indian who led the nation for 10 years.
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
Jay Shah expressed his vision to grow the global reach of the sport with a particular focus on the opportunity of the Olympic Games in Los Angeles in 2028.
The International Boxing Association (IBA) urged its national federations on Monday to join legal action in Switzerland against what it called the "abusive behaviour" of Olympic organisers.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
The Sri Lankan government has appointed an advisory committee comprising eminent economic and fiscal experts to provide guidance on addressing the current debt crisis and engaging with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.
'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.'
IOA president P T Usha on Sunday slammed the revolting executive council members, saying they 'seem more focused on self-serving power play and monetary gain'
The government on Monday appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shankanka Bhide as members of the rate-setting Monetary Policy Committee of the RBI
Opposition charged the government with making Parliamentary Standing Committees irrelevant.
Rejecting the demand for referring Insurance Bill to a Select Committee, the government on Thursday said the Congress was 'stonewalling' the key reform measure to deny credit to Prime Minister Narendra Modi before he goes to the United States.
Former Prime Minister Manmohan Singh, who is hailed as the architect of economic reforms in the country, is a member of the Parliamentary Standing Committee on Finance, it was announced on Tuesday.
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.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
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.
The International Cricket Council seemed to have mend fences with the Board of Control for Cricket in India as president Anurag Thakur is now officially a part of the powerful Finance and Commercial Affairs after completion of its board meeting, in Cape Town, on Friday.
'This victory would mean a huge inspiration for the next generation who can say that coming from India I can be anybody I want to be if I work hard and acquire the right skills.' 'They could be the next President, members of the Senate, or another Sundar Pichai.'
Greg Barclay not to opt for third term, all eyes on BCCI secretary Jay Shah
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
The recess allows department-related standing committees to examine demands for grants of various ministries. The Finance Bill and related demands for grants are passed in the second phase of the Budget session.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
Boxing's already uncertain Olympic future was thrown into further jeopardy after the sport's Asian governing body voted against leaving the suspended International Boxing Association (IBA) to join the rival association.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
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.
