The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
Sources in the Prime Minister's Office said Dr Manmohan Singh's meeting with the finance ministry team, led by Finance Minister P Chidambaram, has been deliberately fixed for two days after the results of the assembly elections in five states are declared (for Jammu and Kashmir, the counting is on December 28), as the Congress leadership as well as the United Progressive Alliance members would have by then decided on the timing of the Lok Sabha polls
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
With people reposing faith in the UPA and voting for stability, this is the government's chance to fulfill its promises, ensure growth and development of the country, check runaway prices, and offer succour to the aam aadmi.
The deduction is in case of senior citizen is Rs 60,000.
Doubts over implementation of a Cabinet-approved strategic sale policy are puzzling.
A scam had come to light in two lesser-known services-- Railway Board Secretariat Service and Railway Board Secretariat Clerical Service -- where promotions were being made allegedly without following due procedures and bypassing Union Cabinet's jurisdiction.
Mr Chidambaram is known for his ability to think up new taxes to collect more revenue, and a tax for the super-rich could be one of those ideas he might introduce in the coming Budget.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
Scrapping Plan and non-Plan classifications necessitates the change
Disclosing this, Union Minister for Information and Broadcasting Priyaranjan Dasmunsi said the finance ministry has agreed to release additional Rs 100 crore for this purpose.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Like 2017-18, govt will seek comments from the public at large, including Facebook and Twitter
Surplus in March, the last month of a financial year, has helped the government reduce fiscal deficit in the last few years.
The prime minister's decision is reportedly a fallout of the 'hue and cry' created during his Washington visit over the 2G spectrum issue.
According to the figures released on October 31, the deficit till September had inched down to 65.6 per cent of the budget estimate for 2012-13, compared with 65.7 per cent till August.
Prime Minister Singh has assigned a senior Congress leader to placate the President, who is upset with Finance Minister P Chidambaram, reports Anita Katyal.
The meeting with economists and financial experts has been called off due to pressing engagements of the finance minister.
The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23. A top policymaker said that according to the government's internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budget-makers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of rationalising the capital gains tax rates.
Chaudhary Charan Singh, who on Friday was conferred with India's highest civilian award Bharat Ratna, is popularly known as a champion of farmers.
There will be no second term for President Kovind and no elevation for Vice President Naidu.
Private airport operators in the country on Wednesday said the government should bring aviation turbine fuel under the Goods and Service Tax (GST) Act and increase the duty-free allowances for incoming international passengers in this Budget.
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
The central staff will now get 65 per cent of the basic pay as DA as against 58 per cent since July 1, 2011.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The Economic Survey released before next year's Budget could become a single volume, reverting to the practice followed till FY14. "There is so much to write about the Indian economy's performance in the past year. "Most of the exciting themes will be covered in what used to be considered Part II," said a senior government official who is part of the preparations for the Survey.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
There are serious issues in the economy which need to be addressed
Industry fears waiver of interest on interest would distort credit culture, may encourage borrowers who can pay to defer repayment.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
Air India's hopes of slashing 5,000 jobs through a voluntary retirement scheme (VRS) may be too ambitious, say experts and union leaders. The airline would need about Rs 700 crore to put the offer together, and it is yet to secure the finance ministry's approval for this.
The department of post is planning to offer banking services by starting a full-fledged bank, to be named Post Bank of India.
Apple sought exemption from mandatory local sourcing of components for its products
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
