The drive of the disinvestment department to move ahead with its plan to raise Rs 40,000 crore was often neutralised by the desire of the administrative ministries to get better valuation and better price for the shares of the companies put on the block.
Sebi has proposed waiving off stamp duty on e-issuance of bond to the ministry of finance.
Any reduction in devolution could aggravate the strained relations between the Centre and some opposition-ruled states on a number of issues, including CAA.
Union Home Minister P Chidambaram called Prime Minister Manmohan Singh and discussed with him the issue of a finance ministry note on allocation of 2G spectrum which appeared to raise questions on his role.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
The Finance Audit and Investment committee recommended 8.95% interest.
This decision would pave the way for crediting Rs 54,000 crore as 8.65 per cent interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.
"In view of the crisis arising out of Covid-19, it has been decided that additional instalment of dearness allowance payable to central government employees and dearness relief (DR) to central government pensioners due from January 1, 2020, shall not be paid. "The additional instalment of DA and DR due from July 1, 2020, and January 1, 2021, shall also not be paid," the department of expenditure said in an office memorandum.
Jaitley said note ban has compelled people to deposit money into bank accounts.
"There were discussions and the ministry had received suggestions that petrol-diesel vehicles should be banned. I would like to clarify that the government does not intend to ban petrol and diesel vehicles. We are not going to do anything like that," Gadkari said, addressing a gathering at the Society of Indian Automobile Manufacturers (SIAM) annual convention, 2019.
'If more than 60 commissioner-level tax officials were compulsorily retired in the span of a few months, surely the malaise is far deeper,' notes A K Bhattacharya.
Budget may allow use of advance-pricing agreements for past cases.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
In its recommendations to the finance ministry, the commerce ministry has made a strong case for helping exports, particularly in the labour-intensive sectors like leather, textile and handicrafts.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
He said that even the security of the Supreme Court would have been put to a serious risk if any untoward incident were to happen.
The government and MMRDA are keen to develop the 22-km link, which will connect Sewri on the island city to Nhava Seva in Navi Mumbai, on an engineering, procurement and construction basis and not on the build-operate transfer model, considering past experience.
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
Union Finance Minister Pranab Mukherjee has brought about a coup in North Block by bringing an Indian Foreign Service officer Venu Rajamoni as Joint Secretary to head multilateral institutions division.
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.
The ED identified the properties as Fatima Heights and Aafiyah Heights in Mumbai, an unnamed project in the Bhandup area of Maharashtra's capital city and a project named Engracia in Pune.
There will be no second term for President Kovind and no elevation for Vice President Naidu.
Why is Union Finance Minister P Chidambaram worried? Who has the sharpest eye in the Congress? How is the Union law minister tackling the turmoil in his ministry? Catch up on all the gossip from Delhi, in this week's Dilli Gupshup.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
Gujarat Chief Minister Anandiben Patel and the finance minister were in the commercial capital to participate in a road show organised jointly by the Gujarat government and Confederation of Indian Industry for the Vibrant Gujarat summit, slated for January next year.
He will be the first bureaucrat to head the central bank in almost five years.
Although the Disaster Management Act for Covid containment measures, considered a hindrance in conducting the census, was withdrawn in March this year the Centre has not taken any further action on conducting the much-delayed population enumeration.
He also said that terrorists are constantly finding new ways to carry out violence, radicalise youth and raise financial resources and the darknet is being used by terrorists to spread radical content and conceal their identities.
The finance minister hiked the total defence expenditure from Rs 203,672 crore in FY 2013-2014 to Rs 229,000 crore for FY 2014-2015. Though the increase appears substantial, it is insufficient to undertake the military modernisation necessary to meet the emerging threats, feels Brigadier Gurmeet Kanwal (retd).
The appointment of new expenditure secretary comes a month-and-a-half ahead of the Budget for 2020-21 to be presented on February 1.
The defence budget was increased to Rs 5.94 lakh crore for 2023-24, up from last year's allocation of Rs 5.25 lakh crore.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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.
New body to replace Plan panel might retain 40% of existing staff
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
The Indian stock markets may turn bearish after the US Fed decides to raise interest rates.
The FM said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.
Modi, after delivering his sixth straight address to the nation on Independence Day from the ramparts of the Red Fort in New Delhi, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said. T
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