Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
Finance Minister Pranab Mukherjee on Saturday underlined the need for India and Bangladesh to deepen counter-terrorism cooperation, warning that insurgents have the 'potential' to affect the bilateral ties.
As the debate on revealing names of those who had stashed money abroad was hotting up, a Parliamentary panel grilled finance ministry officials on why the confidentiality clause was put in tax treaties in the first place.
Within hours of reports that Mukherjee himself was at the receiving end of such calls, Raja activated his ministry to take steps against such calls that 'encroach' into the privacy of telecom consumers, an issue that has been haunting every single consumer despite the regulator Telecom Regulatory Authority of India's attempts to ban such a nuisance.
In the Budget 2011-12, the government had announced a gross borrowing of Rs 4.17 lakh crore (Rs 4.17 trillion) from the market, lower than Rs 4.47 lakh crore (Rs 4.47 trillion) during last fiscal.
In spite of the recent spate of exposes in the media detailing alleged corruption and scams in the preparations for the Commonwealth Games in Delhi, the Centre has decided to release additional funds for the Games.The Opposition will get yet another chance to attack the government and the Suresh Kalmadi led Commonwealth Games Organising Committee when Finance Minister Pranab Mukherjee presents the supplementary demand for grants in Lok Sabha.
Union Finance Minister Pranab Mukherjee said on Tuesday that there are no reliable estimates of black money generated by Indians within and outside the country, but it is estimated at being between Rs 500 billion and Rs 1,400 billion.
Finance Minister Pranab Mukherjee on Tuesday said the Reserve Bank's decision to hike short-term borrowing and lending rates will help contain inflation and was in line with the government's policy.
The ministry also plans to set up a compliance committee along with Federation of Indian Chambers of Commerce and Industry on a public-private partnership mode to look into issues of small and medium enterprises and help them comply with the environmental laws.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
Finance Minister Pranab Mukherjee said the Indian Infrastructure Financial Corporation Limited (IIFCL) will evolve a financing mechanism for giving increased support to infrastructure projects.
Finance Minister Pranab Mukherjee will announce the measures the United Progressive Alliance government intends to take to bring back the unaccounted money into the country and tighten the regulatory and tax framework to prevent further illegal outflows.
GDP growth in 2010-11 stood at 8.5 per cent.
Mukherjee's remarks assume significance in the context of a deadlock in Parliament on the FDI issue, with allies Trinamool Congress and DMK also voicing strong opposition to permitting foreign investment in multi-brand retail.
Finance Minister Pranab Mukherjee on Friday discussed the economic situation with financial sector regulators, including Reserve Bank of India Governor and Sebi chief, and sought their inputs for the 2011-12 budget that will be unveiled on February 28.
The farmer continues to be burdened by debts, both from banks and other institutions, says Sharad Joshi.
Exuding confidence that the economy will grow by 8.5 per cent in 2011-12, Finance Minister Pranab Mukherjee on Wednesday said the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.
Home Secretary Gopal Krishna Pillai, who is retiring on Thursday after 39 years of service, told rediff.com in an exclusive interview, that, "No bugging took place" in the office of Finance Minister Pranab Mukherjee.
Communist Party of India general secretary A B Bardhan and national secretary D Raja will go to Kolkata and represent their party at the cremation.
After reducing duties on petroleum products, the Centre has now asked the states to follow suit.
Taking exception to the government's 'comparative' analysis of the two drafts of the Lokpal Bill, Anna Hazare team on Monday asked Finance Minister Pranab Mukherjee to treat both its versions as the joint drafting committee's outcome enjoying 'equal weightage'.
Finance Minister Pranab Mukherjee asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
Trade union leaders in the pre-Budget consultation with Finance Minister Pranab Mukherjee on Thursday demanded reigning in prices of essential items and increasing exemption limit on income tax to Rs 2 lakh (Rs 200,000).
Why the Union Cabinet was so impatient to allow FDI in multi-brand retail flummoxed many.
Cash-strapped domestic airlines have asked the government to declare the civil aviation sector as 'core infrastructure' and rationalise taxes and duties on jet fuel, equipment, services and other items.
Food inflation for the week ending January 1 slipped to 16.91 per cent from the year's high of 18.32 per cent a year ago during the previous week.
Attributing the latest jump in food inflation mainly to rising prices of protein-based items, Finance Minister Pranab Mukherjee on Thursday said the high inflationary regime was not acceptable and efforts would be made to bring it down.
The Intelligence Bureau dismissed the incident stating that there was no bug but a chewing gum in the finance minister's office. But then why would the Finance Minister even write a letter to the Prime Minister seeking his intervention if there was really nothing there?
Fast tracking of corruption cases against public servants and amendment to the Constitution to provide for summary proceedings in cases of grave misdemeanour involving bureaucrats would form part of the terms of reference of the Group of Ministers formed to tackle the menace.
Finance minister Pranab Mukherjee on Saturday clarified doubts raised by overseas Indians over double taxation of global income of resident Indians while speaking at the Pravasi Bharatiya Diwas 2011.
The India Meteorological Department said on Tuesday monsoon rains are expected to be below normal at 95 per cent of the long period average, with margin for error of plus or minus 4 per cent.
Issuing the clarification after Minister for Overseas Indian Affairs Vyalar Ravi brought it to his notice, Mukherjee spelt out what makes for a resident Indian.
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
It is the country's largest issuer of bonds by default. But the government of India thinks it has enough expertise to give the private players a tip or two on how to time the equity market.
Finance Minister Pranab Mukherjee sought to soothe the frayed nerves of India's financial regulators by saying the government would not undermine their autonomy. Mukherjee's assurance came a day after Reserve Bank of India Governor D Subbarao went public with his "concerns" over dilution of the central bank's role in dealing with inter-regulatory disputes in the Ordinance issued last month.
In a move which could further rock the United Progressive Alliance and create fresh fissures at the highest level in the government, union Home Minister P Chidambaram has fired a salvo against Finance Minister Pranab mukherjee on the issue of price rise saying that inflation is the biggest tax which the people have to face.
He also said that India is in touch with other member countries of the multilateral body in this matter.
The government on Monday said it will provide all the funds necessary for the implementation of its unique identification number project, dismissing media reports to the contrary.
The finance minister today grapples with the same fiscal worries of two decades ago
A quick assessment of the ground reality will tell you that it is a reflection of the finance ministry's mistaken faith in factors beyond its control.
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