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.
He will be the first bureaucrat to head the central bank in almost five years.
The FM said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.
Says that the minister has a conflict of interest because his son has been a counsel for Vodafone.
Government looking at cushioning slowdown due to demonetisation with sops and higher outlay for micro, small and medium enterprises, agriculture, and affordable housing.
Noble laureate economist Amartya Sen, the chancellor of Nalanda University in Bihar's Nalanda district, has questioned the interpretation of the upcoming university as another central university rather than an international institution.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
There is no clarity yet on how an estimated 10.9 million new jobs would be created every year.
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.
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.
Employees and workers will meet on November 27 to protest against the recommendations
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.
Parrikar submitted his resignation after BJP staked claim to form an alliance government in Goa.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
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.
Reducing tax evasion will help government to earn more revenues.
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
CBDT was considering discontinuing these bonds in the coming Union Budget.
The Finance Ministry's Economic Survey had projected a growth rate of 7-7.75 per cent.
Experts agree with the assessment that the Budget next month would respond to the predictions of deficient monsoon rains with a policy package. According to them, rain-fed areas, which are likely to be affected by a 'below normal' monsoon, could see increase in allocation in terms of higher spending through the public distribution system and the National Rural Employment Guarantee Scheme.
In May 2014, FIIs were net buyers by Rs 20,225 crore (Rs 202.25 billion).
After Raghuram Rajan leaves, the world for the succeeding RBI governors will be distinctly different.
The first such interaction would be in Mumbai on Monday.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
GST collections in March slipped below the psychological Rs 1-lakh crore mark for the first time in four months to Rs 97,597 crore as the COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy.
The decision to make these changes to the Union Cabinet was apparently taken last week, but the timing of its announcement could not have been more unfortunate, writes Neerja Chowdhury
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 Supreme Court on Tuesday upheld the validity of two central laws and the corresponding rules that provide for a maximum tenure of five years for the directors of the CBI and Enforcement Directorate.
There will be no second term for President Kovind and no elevation for Vice President Naidu.
Jaitley, who was the finance minister before a medical procedure led to the charge being temporarily taken away from him, missed presenting the sixth and final Budget of the Narendra Modi government before the general elections. In his absence, the charge of the ministry was given to Railways Minister Piyush Goyal.
Anand Sharma working tirelessly for extension of tax breaks that expired on March 31, 2010.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
The scheme calls for banks, refineries and hallmarking centres to work together.
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.
The Income Tax (I-T) department has said Tharoor did not benefit from the Kochi IPL deal. Meanwhile, the finance ministry has said that the I-T department is probing IPL Commissioner Lalit Modi's offshore money and trying to find out if stakeholders are fronts for Modi.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
Entrepreneurship, education and training will be provided in 2,200 colleges, 300 schools, 500 government ITIs and 50 vocational training centres through massive open online courses.
National Mineral Development Corporation (NMDC), the Hyderabad-based public sector undertaking, is the first PSU to come up for divestment during the current financial year.
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