Garg had refused to sign on the report finalised by the former Reserve Bank of India governor Bimal Jalan-led committee reviewing the central bank's economic capital framework (ECF).
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI Deputy Governor N S Vishwanathan.
Owing to Finance Minister Nirmala Sitharaman being new to her role, a number of crucial announcements in the Budget bore Garg's imprint, especially the decision to borrow in overseas markets, reduce the fiscal deficit as a percentage of gross domestic product, and resort to off-Budget borrowing to meet that target, says Arup Roychoudury.
Subhash Chandra Garg, the former finance secretary who was shunted out of the finance ministry within three weeks of Modi-2.0 government's first budget last year, on Saturday alleged that new Finance Minister Nirmala Sitharaman got him transferred out.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
The government may save over Rs 70,000 crore (Rs 700 billion) on capital and revenue expenditure allocated towards new schemes in the FY25 Budget that are yet to be implemented.
Former finance secretary Subhash Chandra Garg went on to say that the 2020-21 fiscal will go down in the history of India as the year when India got way-laid from its story of three decadal outstanding growth.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
Refusing to link his seeking voluntary retirement, a year before his superannuation, to his transfer to the relatively low profile power ministry, he said that he had conveyed his decision to the Prime Minister's Office on July 18.
'Rather than experimenting with CBDCs, we must come up with a very simple and straight design.' 'Dematerialise your currency/cash and with that dematerialised rupee allow all the transactions digitally.'
The government may drop its plan to decriminalise cheque bounce offences after there were requests to continue the existing system, which can potentially make people honour their financial commitments due to fear of prosecution. It would seek directions from a Supreme Court panel formed to expedite the pendency of cheque bounce cases before taking a final call. Last year the Department of Financial Services (DFS) had proposed decriminalising minor offences, which included cheque bouncing, for improving business sentiment and unclogging court processes.
A large number of officials and support staff, who are directly associated with the Budget making and printing process, are now required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
Parliament has approved a gross borrowing for Rs 7.1 lakh crore for the entire 2019-20 fiscal.
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
"It's a welcome development, but we also feel it was long overdue... It's a recognition of the actions that the government has undertaken like GST, bankruptcy. We also need to keep all these things in perspective," Chief Economic Adviser Arvind Subramanian said.
12 of the 20 MPs with the highest winning margins in the 2019 Lok Sabha polls have not been re-nominated by their parties for the 2024 general elections.
If we basically expect the government to use taxpayers' money to intervene every time when there are some 'sunsets,' then I think you introduce possible moral hazards: Subramanian.
The broader NSE Nifty, in a volatile session, recaptured the key 11,300-mark. It ended at 11,369.90, up 82.40 points or 0.73 per cent.
Tuesday's meeting at the PM's residence, attended by all the five secretaries in the finance ministry besides top officials of other economic ministries and NITI Aayog, cleared a five-year vision plan for the government to make India a $5-trillion economy by 2024.
However, if the rupee depreciates much, the economy in dollar terms would be that much smaller.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
"Lot of misinformed speculation is going around in media. Government's fiscal math is completely on track. There is no proposal to ask RBI to transfer Rs 3.6 or 1 lakh crore, as speculated," Economic Affairs Secretary Subhash Chandra Garg tweeted.
The meeting came amid a face-off between the central bank and the finance ministry over issues ranging from appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year.
"In response to India's payments data circular, we've built a system that stores payments-related data locally in India," WhatsApp spokesperson said in a statement.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
A rebound in oil prices, FII outflows and concerns over current account deficit weighed on the domestic currency, pushing it to fresh life-time lows.
The rate of cash withdrawals over deposits was almost double in Uttar Pradesh, Andhra Pradesh and Telangana, according to the latest analysis submitted by the RBI to the finance ministry.
The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York for a term of no less than 20 years.
'To simply let the rupee depreciate to any level according to market forces will not be in the country's interests.'
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
Credit rating agencies have been raising red flag over high debt to GDP ratio of India.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
Growth of capital goods at 9.6 per cent is inspiring as the investment cycle is expected to rebound in the coming months.
The fuel price hike for the last 16 days had caused inconvenience and disappointment among the general public.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
The face of the new Rs 20 coin shall bear the 'Lion Capitol of Ashoka Pillar' with 'Satyameva Jayate' inscribed below.
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