Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Accordingly, West Bengal can borrow Rs 20,362 crore, Maharashtra (Rs 46,182 crore), Uttar Pradesh (Rs 29,108 crore), Karnataka (Rs 27,054 crore), Gujarat (Rs 26,112 crore) and Rajasthan (Rs 16,387 crore).
Finance Minister Pranab Mukherjee and other finance ministry officials have reached the last leg of pre-Budget consultations.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
The finance minister may stagger some of the recommendations.
Despite a high current account deficit (CAD) and lower interest rates abroad, the Union government will not go for a sovereign bond issue to get more dollars.
Move fuels fears of consolidation among unions of some small banks; won't force unification, clarifies finance ministry.
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.
The new system is expected to give emphasis on various in-built credit enhancement structures.
More funds are expected to be allocated for the new crop insurance scheme, PMSKY and RKVY.
Dubbing the statements of Union ministers Pranab Mukherjee and P Chidambaram on the controversial 2G note as "comical", Bharatiya Janata Party on Thursday said the issue was not one of settling bruised egoes but of fixing responsibility for loss of "lakhs of crores" of revenue in spectrum allocation.
The Income Tax department and Enforcement Directorate have been asked by the government to pull up their socks and expedite disposal of cases related to terror financing in various parts of the country.
His tenure will end in December this year.
Multiple reasons accounted for the losses, including manpower crunch and lack of clarity on the merger of National, United and Oriental, reports Namrata Acharya.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations.
With differences between the Union law and finance ministries now over on the thorny issue of auctions for 3G spectrum, it is now for the Department of Telecommunications to decide on the schedule.However, while its top officials met to discuss the next course of action and whether the auctions can be done before this financial year concludes on March 31, it appears DoT still needs time.A Raja, the minister, continued to say he is still waiting for advice.
The the scheme has a subscriber base of 35 million.
The Akash missile systems have over 96 percent indigenous components and the weapon can hit targets at a range of 25 km.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
According to sources close to the development, finance secretary Ashok Chawla, who is driving the process, is working on a concept note to provide the framework for consolidation.
Austerity measures announced by the government to rein in the fiscal deficit will not apply on air travel by ministers and senior officers going abroad on official visit.
Pranab Mukherjee will begin the fortnight-long pre-budget brainstorming sessions with various stakeholders.
Can the newly-minted Jal Shakti ministry bring water to some 19 crore Indian households that have never had taps or heard the sound of flowing water, wonders Vinayak Chatterjee.
After reducing duties on petroleum products, the Centre has now asked the states to follow suit.
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
India can become the number one automotive manufacturing hub in the world within five years, but auto companies need to enhance safety features to reduce deaths due to road accidents, Union Minister Nitin Gadkari said on Thursday. In his inaugural address at the Auto Expo 2023 here, the minister for road transport and highways asserted that the government's target is to reduce these accidents by 50 per cent before the end of 2024 while asking the auto industry to take suo moto action for road safety as the government doesn't want to make anything mandatory. Gadkari's sentiments were also echoed by Minister of Heavy Industries Mahendra Nath Pandey, who lamented that while India has only 1 per cent of the total overall vehicles, the country accounts for 11 per cent of the total global deaths due to road accidents.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
The final decision on the proposal rests with the Union Cabinet, chaired by Prime Minister Manmohan Singh.
Welcoming Raghuram Rajan panel report which has put Bihar among the least developed states, Chief Minister Nitish Kumar on Thursday described it as a 'victory' for the state but was non-committal on alliance with the Congress for the forthcoming Lok Sabha elections.
Vodafone is locked in twin tax disputes with the government.
NITI Aayog had been asking for Rs 7,500 crore for three years to set up an AI framework.
A reshuffle-cum-expansion of Union Council of Ministers appears to be on the cards after the July 19 Presidential elections.
The Reserve Bank of India has sought views of the Union ministry of finance in giving permission for a 'Credit Suisse' Swiss Bank to open its first Indian branch in Mumbai.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
The panel was informed that the economic impact of the second wave of viral infection was "asynchronous in its onset and wider in its spread particularly in rural hinterland", a source said.
Sebi has proposed waiving off stamp duty on e-issuance of bond to the ministry of finance.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
