It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
The FIR also said chairman of New Development Bank K V Kamath, Goldman Sachs India chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated.
House Panel loses opportunity to correct anomalies.
Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament session.
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 Lok Sabha on Wednesday passed three bills to replace the colonial-era criminal laws by voice vote.
BCCI Secretary Ajay Shirke on Wednesday admitted that there was a "difference of opinion" with the International Cricket Council (ICC) but it did not amount to "stand-off" with the world body. "There is no stand-off with anybody; it is being created by you the media. Yes (all is well between BCCI and ICC). They are our parent body. We have differences, there is no stand-off. We had differences on the two-tier structure, it is settled, they withdrew it," said BCCI secretary Shirke.
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.
The government hopes the latest action will lead to banks also lowering the cost of borrowing for corporate and individual borrowers.
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.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
Pakistan is yet to comply with 13 conditions out of the 27-point Action Plan of the FATF including curbing terror financing, enforcement of the laws against the proscribed organisations and improving the legal systems.
The government is likely to introduce a bill on crypto currencies during the winter session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims and for funding terror activities, sources said on Monday. Currently, there are no particular regulations or any ban on use of crypto currencies in the country. Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the crypto currencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The Committee, in an earlier report on the Direct Taxes Code (DTC) Bill, had favoured abolition of STT.
Concerned over huge revenues in form of customs, services and excise duties locked up in litigations, Finance Minister Pranab Mukherjee has constituted a committee to suggest steps to bring down such cases.
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.
We have the workforce, now we need to ensure that we take full advantage of game-changing technologies and geopolitical openings, suggests Jayant Sinha, chairman, Parliament's Standing Committee on Finance.
The imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
"In principle, India should get more, there is no doubt about that but ... how is this table being developed?" Sethi said.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
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.
What the INDIA alliance needs is neither a counter to Modi's tall personality and undiminished charisma nor a counter-narrative to his Hindutva agenda, now centred on the Ayodhya temple consecration on January 22, argues N Sathiya Moorthy.
After discussions, there may be changes the Bill.
The government should shun populist measures and take tough decisions to rein in the fiscal deficit, says Yashwant Sinha.
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.
India will benefit hugely if the representation of women in Parliament is increased to a just level.
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.
Suggests far more generous provisions than proposed in Direct Taxes Code
Suggests far more generous provisions than proposed in Direct Taxes Code
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.
'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
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.
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