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 suspense over the possible composition of the National Democratic Alliance cabinet is nearly over.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
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.
The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
Chaudhary Charan Singh, who on Friday was conferred with India's highest civilian award Bharat Ratna, is popularly known as a champion of farmers.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
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.
Prime Minister Narendra Modi on Friday chaired a meeting to discuss the preparations for launching Doordarshan's 'Kisan TV' on May 26, to coincide with the first anniversary celebrations of the National Democratic Alliance government.
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.
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained basis."
Union Commerce and Industries Minister Kamal Nath on Friday said he disagreed with the finance ministry on the controversial fringe benefit tax, saying the tax laws should be made simpler.
Union Law Minister Salman Khurshid on Monday downplayed the row over the finance ministry note on Home Minister P Chidambaram's stand on the 2G spectrum issue, saying there is no scope for any worry over the document and inferences drawn out of it were "not correct". Khurshid also said the note was not worth keeping the media "preoccupied" for such a long time. "I have seen the note. I don't think the note has anything on which we should express worry," Khurshid said.
PSB executives said loans to group holding company IL&FS and entities might still be treated as "standard".
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Himachal Pradesh Chief Minister Virbhadra Singh has unilaterally withdrawn the defamation case filed against Arun Jaitley, the Union finance minister.
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
It is unclear if he would be renamed the finance minister soon after his return.
Many farmers in drought hit states are seeking MGNREGA work but the state government's coffers do not have enough fund to pay the salaries of these workers.
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.
Former Defence Minister A K Antony also demanded making public the inter-governmental agreement with France. He wondered how India would bridge the gap with respect to China and Pakistan by acquiring just 36 aircraft when the original plan was for 126.
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.
G C Murmu rarely speaks in public and when he does, his statements are always in lockstep with the thinking within this government.
Prime Minister Manmohan Singh has asked administrative ministeries to work out viable plan for disinvestment of BHEL and Coal India, including dividend payment, so as to achieve Rs 40,000 crore (Rs 400 billion) target in the current fiscal.
Maruti Udyog is introducing a special non-AC variant of 'Esteem' priced at Rs 3.08 lakh after an approval from finance ministry, which accorded the sedan the status of staff car for government officials.
Chief Election Commissioner Nasim Zaidi has written to Cabinet Secretary P K Sinha who is likely to consult the parliamentary affairs ministry before framing his response on the government's plans to advance the budget presentation to February 1, sources said.
He said there was a tradition in the country to speak in one voice on issues such as external affairs and national security but there has been a departure from it in the last few years.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Though clarity on various aspects is still some way off, let's take a look at the impact of the Revised Direct Taxes Code.
The Union Budget for 2004-05, which is being viewed as a "litmus test" for the Congress-led government, may unveil the roadmap for wiping out revenue deficit well in advance by 2007 and a subsequent reduction in fiscal deficit to manageable limits.
