The Lower House of Parliament took up the Demands for Grants and Appropriation Bills after two adjournments as the ruling and Opposition MPs engaged in a matching duet over demands for an apology by Rahul Gandhi and the Adani issue.
Key, who had led his party for 10 years and the country for eight, unexpectedly resigned on December 5 and since then the position had become vacant.
Days after saying that there is no need for subsidies to achieve greater penetration of electric vehicles (EVs), Union Minister of Road Transport and Highways Nitin Gadkari on Monday clarified that the view is his own, but any official call on EV subsidies is not one that he can take.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
GST rates would depend upon whether the commodity is used by a rich person or a common man
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Six of the seven Bills listed on the agenda of the Rajya Sabha have already been passed by the Lok Sabha.
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
'We crossed Rs 1.7 trillion in three months this financial year.'
'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.'
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
The Delhi Assembly on Monday passed bills pertaining to over 66 per cent hike in salaries and allowances of its members who are among the lowest-paid lawmakers in the country.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
Megha Engineering had emerged as the second-biggest buyer of electoral bonds and donated the highest amount of about Rs 586 crore to the Bharatiya Janata Party, according to the data released by the Election Commission on March 21.
The CrPC (Identification) Bill empowers the police to obtain physical and biological samples of convicts and those accused of crimes while the DMC (Amendment) Bill, 2022 seeks to unify the three civic bodies in the national capital.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
When a strong executive decides it wants something, even something that is dangerous and unconstitutional, there is little resistance from within to stop it, notes Aakar Patel.
Finance Minister Nirmala Sitharaman on Monday said she is awaiting an approval from the Cabinet on bill on cryptocurrency as the proposed legislation is before it. The inter-ministerial panel on cryptocurrency under the chairmanship of secretary (economic affairs) to study the issues related to virtual currencies and propose specific actions has already submitted its report. It has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
Minister of State for Home Nityanand Rai said the legislation was not against any NGO and is an effort to maintain transparency. This amendment is in the interest of good NGOs which want to do good work in the country.
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
A united opposition is set to corner the NDA government on issues ranging from the NEET paper leak case to railway safety.
Experts disagree with the idea and the Reserve Bank of India (RBI), which has the sole right to print money, is not comfortable with it as well.
The retrospective amendment will help BJP and Congress escape the fallout of a 2014 Delhi high court judgment that held both guilty of violating the FCRA.
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.
Watch all the debates and proceedings here.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
The Supreme Court on Monday refused to stay the Himachal Pradesh assembly speaker's order disqualifying the six Congress rebels who had cross-voted in the recent Rajya Sabha polls in the state.
States are apprehensive of losing their rights to raise revenue during emergencies.
Make financial planning a part of your education and definitely a part of your marriage, says financial planner Sheetal Jhaveri.
With the Communist Party of India-Marxist-led Left Democratic Front Opposition continuing its stir against Finance Minister K M Mani, facing bribery charges in bar scam, the Kerala assembly on Monday adjourned sine die on a stormy note after passing the finance and appropriation bills without a discussion.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
Parliament on Tuesday passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI, a move aimed at protecting the interest of depositors.
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
Initiating the debate on the Finance Bill in the Lok Sabha, BJP leader Jaswant Singh said the finance minister should not spend his time in 'accountancy' but 'apply his mind to the reality of economic management of the country." Terming the Finance Bill as the 'child' of the Union Budget, he said it (Finance Bill) should be abolished and if not, then the government should 'break it up'.
Several BJP-backed state governments have unveiled schemes targeting the poor, women, farmers and students, following the party's setback in the Lok Sabha polls.
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