Three laws passed in Parliament could boost central revenues, reshape GST cess flows, shift MGNREGA costs to states and create new budget headroom ahead of the 2026-2027 Union Budget, points out A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
Congress leader in Lok Sabha Adhir Ranjan Chowdhury and some other MPs suspended from Parliament will not be able to attend the meetings of parliamentary committees of which they are a member or chairperson till their suspension is revoked.
The Parliamentary Standing Committee on Finance reportedly discussed market volatility on Monday, which was its second meeting on the issue.
Senior tax officials were told to focus on cash collection from the arrears so that the target for FY23 was achieved and the overall revenue position improved.
The government is likely to introduce a bill on crypto currencies during the winter session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims and for funding terror activities, sources said on Monday. Currently, there are no particular regulations or any ban on use of crypto currencies in the country. Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the crypto currencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
After discussions, there may be changes the Bill.
The Parliamentary Standing Committee on Finance, chaired by BJP leader and former Finance Minister Yashwant Sinha, which met on Friday to discuss the chit fund scam, was of the view that there should be a 'single law and a single regulator' to deal with investment schemes, sources said.
The parliamentary standing committee on finance has proposed a Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) co-ordination mechanism to monitor foreign investments in the stock market.
Civil society groups welcome the submission of a memorandum opposing Aadhaar and other anti-people policies to the prime minister along with a big truckload of signatures numbering 3.57 crore on March 14, says Gopal Krishna
The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.
As chairman of the parliamentary standing committee on finance, former finance minister, Yashwant Sinha, says he is committed to expediting the legislative work associated with important Bills, including the direct taxes code (DTC) and Goods and Servies Tax.
A Parliamentary committee scrutinising the Direct Taxes Code (DTC) Bill will recommend raising of the annual income tax exemption limit to Rs 3 lakh.
Under fire over allegations of foreign exchange violations in IPL, BCCI's top officials o Wednesday blamed sacked Commissioner Lalit Modi for "mistakes" as they told a Parliamentary panel that they had given approvals at his behest in "good faith".
House Panel loses opportunity to correct anomalies.
Several Indian companies might have to set aside 2 per cent of their average net profits during the preceding three years to meet corporate social responsibility (CSR) spending requirements. A parliamentary standing committee on finance, which vetted the Companies Bill, 2009, said in its report that the ministry of corporate affairs has agreed to the suggestion.
The committee members from the ruling and Opposition parties, in separate interactions with BSE and NSE, termed the volatility as 'clueless' and wanted both the exchanges to pull up their socks.
How do cheer girls promote the cause of cricket? Why are players auctioned like 'gladiators' in IPL system of cricket? These were some of the questions members of the Parliamentary Standing Committee on Finance posed to top officials of the Board of Control for Cricket in India.
Board of Control for Cricket in India vice-president Rajiv Shukla says there is "nothing wrong" with the Parliamentary Standing Committee on Finance, headed by Yashwant Sinha, summoning its president, Shashank Manohar, and Indian Premier League chairman Chirayu Amin to reply to questions on financial transactions related to the Twenty20 league.
Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform.
The committee members asked if SBI was waiting for private sector banks to announce their rates before it takes a call on the issue.
Y S Jaganmohan Reddy, whose supporters have been campaigning for making him the chief minister of Andhra Pradesh, on Thursday met Congress president Sonia Gandhi, who told him to leave the issue of leadership change in Andhra Pradesh to her.
Security and Exchange Board of India Chairman C B Bhave and representatives from the Reserve Bank and Corporate Affairs Ministry are likely to brief parliamentary standing committee on finance about the latest developments in the Satyam fraud case, at a meeting called on Wednesday to discuss the issue.
The Parliamentary Standing Committee on Finance has passed strictures against the finance ministry for the delay in introducing the draft direct tax code for legislation to replace the voluminous Income Tax Act, 1961.
On Tuesday, the 32-member Parliamentary Committee is understood to have met officials of the Securities and Exchange Board of India, Reserve Bank of India, stock exchanges, various brokers, Unit Trust of India, Life Insurance Corporation and State Bank of India. The committee is expected to meet officials of the finance ministry next week.
In the midst of the stock market turbulence, the government has sounded a word of caution to investors, with the pre-budget Economic Survey asking them to resist the 'herd mentality.'
Rejects proposals by Bank of India, IndusInd, Kotak Mahindra and HDFC.
The Reserve Bank of India has told parliamentarians that it is concerned over the stock market exposure of various non-banking financial companies (NBFCs) promoted by leading banks in the country.
The government will cut the central sales tax rate to 3 per cent from 4 per cent from April 1 through a notification, as announced by Finance Minister P Chidambaram in his Budget speech.
Bowing to the pressure of Left parties, the government on Wednesday referred the Pension Fund Regulatory and Development Authority Bill to Parliamentary Standing Committee on Finance.
The parliamentary standing committee on finance on Thursday approved the repeal of IDBI Act, paving the way for conversion of Industrial Development Bank of India into a bank.
One-time solution for IDBI, IFCI soon: FM
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
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