He also said that the expert committee on amendments to the Income-Tax Act was expected to submit a draft Bill during the early part of 2006, but did not give any time-frame for the introduction of amendments.
Finance Minister P Chidambaram on Wednesday said the new banking cash transaction tax imposed this year has started yielding results by helping authorities keep a track on black money.
Optimistic of 7-7.5 per cent economic growth in 2005-06, Finance Minister P Chidambaram on Wednesday said the government will not hesitate to take fiscal measures to check inflation while keeping deficit on a leash.
The Information and Broadcasting Ministry has no plans to close down any of the media units associated with it despite a recommendation by the Expenditure Reforms Commission.
The government on Thursday said it would formalise a new downlinking policy within the next few weeks, which is expected to look into issues like allowing foreign institutional investors in news channels and making registration mandatory for foreign
The centre on Wednesday sounded optimistic in achieving the divestment target of Rs 4,000 crore (Rs 40 billion) this year and said three entities, including Power Grid and Power Finance Corporation, were expected to tap markets.
The Airports Authority of India would raise nearly Rs 5000 crore (Rs 50 billion) through bonds and other instruments to upgrade about 30 airports across the country by 2007-08, civil aviation minister Praful Patel said on Wednesday.
Foreign direct investment inflows to India increased by 67.6 per cent year-on-year to $2.38 billion in the first six months of the current fiscal ended September 30.
India will continue to be one of the fastest growing economies in the world with the GDP expected to grow by 6-6.5 per cent in this fiscal, finance minister P Chidambaram said on Wednesday.
Currency notes of lower denomination of Rs 100 and Rs 50 will continue to be the legal tender
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
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