This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
With no payments coming in, HAL for the first time ever taken a bank loan of Rs 7.81 billion.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
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Sakshi Balani presents an FAQ on the Food Security Bill that was passed by Lok Sabha on Tuesday.
Indian airline SpiceJet Ltd said on Thursday that its billionaire owner, Kalanithi Maran has proposed to transfer majority ownership in the ailing carrier to co-founder Ajay Singh.
With clouds of storm hovering over Parliament's budget session, President Pranab Mukherjee on Monday sought the "cooperation" of all MPs in the smooth conduct of legislative business but gave no indication of plans to bring changes in the controversial land acquisition ordinance.
The two states account for 24% of total accounts opened under financial inclusion scheme.
Addressing his council of ministers in a video conference, Modi asked them to prepare business continuity plans to fight the economic impact of COVID-19 on a war footing, but also asserted that this crisis is an opportunity to boost the 'Make-in-India' initiative and reduce dependence on other countries.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
The Budget decides to take the lead in revving up infrastructure.
Addressing the party workers and people of Bihar through a virtual rally, he attacked the opposition Rashtriya Janata Dal saying the growth rate of the state was just 3.9 per cent when the party was in power, but it rose to 11.3 per cent under the NDA.
Despite pending payments of over Rs 20,000 crore, HAL revenue grew 6% against the previous year.
E-commerce companies have understood the importance of having their own in-house wallet, explaining their acquisition spree, says Manoranjan Mohapatra.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
This is the Centre's highest-ever budgeted capital outlay.
While the central bank had publicly cited only Rs 15.55 trillion of high value notes were cancelled, in an RTI reply to PTI, it had said the actual quantum of bills cancelled was much higher at Rs 20.51 trillion.
With GDP down by 2 per cent, while 99 per cent of banned notes make way back to the banking system, whom did demonetisation benefit?
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
Govt looking for common ground on GST; hopes to pass it soon.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
After the rationalisation and categorisation of mutual fund schemes undertaken by the Sebi in October 2017, overnight funds have emerged as a distinct category.
'Fear is also a great impetus to push people in the right direction.' 'So, everyone who has touched black money is scared and I'm very happy about it.'
Business subsidies may attract tax
Authorities on Saturday continued to dig up currency to the tune of lakhs of rupees, including in new notes, across the country.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
For states like West Bengal, Bihar, Odisha, Jharkhand and Uttar Pradesh, where migration is high, the return of workers could be as much an opportunity as a liability. All states have launched portals to register migrant workers; additional fields like nature of employment and remuneration in the past 2-3 years are being added to help in skill mapping.
The absence of a clear underlying economic ideology in the Budget was quite evident, say experts.
'You cannot start an MSME again.' 'It is not like a Yes Bank that someone comes and saves the bank.' Once the shutter is down for an MSME, nobody will come to its rescue.'
Debroy, in an interview with India TV news anchor Karan Thapar, said there would be no shortage of currency notes and the demonetisation exercise was justified -- it would be a deterrent for future generations.
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
One may fault this government for incompetence, corruption, and delayed action but it cannot be faulted for lacking a vision.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
Education is not simply a private affair whereby we can say that good money buys good education and little money buys not-so-good education, says Shubhashis Gangopadhyay
Advisory in this regard was issued by the Gujarat government three days before Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 notes.
Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
'Success will require political skill, not just economic expertise'
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