Insurance penetration in India at 3.9%, below world average.
Dikshit was elected at a meeting of 42 party legislators in New Delhi on Wednesday afternoon. The meeting was attended among others by All India Congress Committee General Secretary Mohsina Kidwai, Minister of State for Finance P K Bansal and Delhi Pradesh Congres Committee chief Jai Prakash Aggarwal.
The Budget will focus on Gujarat's GIFT City.
According to the provisions of a bill that was introduced in the Lok Sabha on Tuesday, trustees would have greater autonomy and flexibility to take decisions on investment of trust money based on their assessment of the risk return tradeoff. It would be consistent with the current economic environment and the present shift from a merit-based regulatory regime to a disclosure based regulatory regime.
Bad loans in public sector banks more than tripled.
Sidbi acquires Ahmedabad-based start-up at hefty premium; founders deny link to govt.
The government on Friday said that 92.6 per cent bank deposits are fully protected under the Deposit and Insurance and Credit Guarantee scheme.
After the Amendment Bill is passed by Parliament and comes into effect, businesses like casinos would also come under a legal obligation to report their activities in the country. For fighting the menace of terrorism, the Bill introduces new category of offences which have cross-border implications. The draft legislation also empowers the Enforcement Directorate 'to search premises immediately after the offence is committed.'
Before Lok Sabha and Rajya Sabha was proceedings were disrupted by a relentless Opposition over the demonetisation issue, other topics such as compensation for military personnel, counterfeit notes were spoken of. Here's what happened in Parliament.
India has called for implementation of the automatic exchange of tax info.
Ahead of Budget, the Finance Ministry on Friday assured the global investor community of a simple and predictable tax regime.
The CPI (M) members seemed determined to thwart the bill, aimed at increasing the FDI limit in the insurance sector. As Minister of State for Finance P K Bansal rose to introduce the Insurance Laws (Amendment) Bill, 2008, CPI (M) member T K Rangarajan tried to grab the copy of the bill from him. An agitated-looking external affairs minister Pranab Mukherjee pushed Rangarajan to protect Bansal. Another minister Meira Kumar rushed to shield Bansal, who introduced the bill.
The government had sought additional loan from the World Bank which will be over and above the net disbursement to India, Bansal said. This additional lending will include assistance to the infrastructure projects. It has also put in place various policy measures, including cut in duty rates of customs and central excise, liberalisation of foreign trade regime, re-finance facility to National Housing Bank and Small Industries Development Bank of India, the minister said.
It would be done on a pilot basis to reduce capital expenditure in setting up ATMs and to improve availability of ATMs to customers, minister of state for finance P K Bansal said in written reply in Lok Sabha. As per the information available on the website of the bank, SBI has over 8,500 ATMs in India, the largest network in the country.
As the global economic crisis unfolds, India expects further moderation in foreign capital flows and exports leading to slowdown in economy, minister of state for finance P K Bansal told the Rajya Sabha on Tuesday. Referring to the impact of crisis on the country, Bansal, to another query said, "Industrial activity, particularly in the manufacturing and infrastructure sectors, is decelerating."
Responding to a supplementary during Question Hour in the Rajya Sabha, minister of state for finance Pawan Kumar Bansal said there was no proposal to waive loans of the landless. Indian Banks Association have asked its members to provide loans to the landless so that they can pay back the money-lenders, the minister said.
The SBI (Subsidiary Banks Laws) Amendment Bill 2009, introduced by minister of state for finance P K Bansal, was necessitated as these powers were vested with the Reserve Bank of India from whom the ownership of these banks were transferred to the Centre few years ago. Once passed, the bill would empower the Centre to increase or reduce the authorised capital of a subsidiary bank.
Moody's Analytics had said Prime Minister Narendra Modi must keep BJP members in check or risk "losing domestic and global credibility".
The government has assured that all suggestions such as raising the land ceiling limit for the waiver will be considered. The loan waiver scheme would also cover all agricultural loans disbursed by private scheduled commercial banks as well. Congress MP Mohsina Kidwai wanted to know whether the government would raise the land ceiling for the waiver to farmers from the existing limit and whether it would come out with a package for the farmers to pay off money lender loans.
The BSE Sensex and Nifty fell more than 2 per cent on Tuesday, heading for their biggest daily loss since the midst of the rupee crisis in 2013
According to data released by the Central Statistical Organisation, India's per capita income has increased by over one-third from Rs 26,003 in 2005-06 to Rs 37,490 in 2008-09, Minister of State for Finance Namo Narain Meena told the Rajya Sabha in a written reply.
The collection of wealth tax has increased by Rs 145 crore (Rs 1.45 billion) over the last three years, the government informed the Lok Sabha on Friday.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal saidin a written reply. Bansal was replying to a query by Amar Singh (Samajwadi Party) on whether the government had taken any action against thepromoters/affiliates of Reliance Industries Ltd regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum Ltd.
The government on Friday said that the country has the potential to maintain a high growth rate in the long run as the saving and investment rates are robust.
Maharashtra was followed by Delhi with 33 cases from April 2005 to September 2008 and the money involved was little over Rs 47 lakhs (Rs 4.7 million), minister of state for Finance Pawan Kumar Bansal said in a written reply in Lok Sabha. In the current fiscal till September this year, 66 cases have been reported in the country where the money involved is more than Rs 100,000 while 46 incidents have come to notice where amount involved was less than Rs 100,000.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
A Group of Ministers (GoM) has cleared a bill to hike the FDI cap in insurance sector to 49 per cent from the current 26 per cent and it will be placed before the Cabinet now, Rajya Sabha was informed on Tuesday.
The study of the Targeted Public Distribution System, which covered 18 states, held that though the offtake per household has shown improvement yet only about 57 per cent of the below the poverty line households are covered. The information was given by minister of state for finance Pawan Kumar Bansal in the Rajya Sabha on Tuesday. Based on evaluation studies and feedback received from states, a nine point action plan has been jointly formulated.
the processing of the returns to determine refunds is an ongoing and continuous process and a return can be processed up to one year.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
India was for the first time the leading country in the world for FDI, overtaking the US.
The government has questioned two members of Parliament whose names figured among a list of 498 persons with offshore bank accounts in locations like the British Virgin Islands.
Broadly speaking, the expansion of the Council of Ministers sent out three major political signals.
The government said Anil Ambani-promoted Reliance Power IPO did not appear to be overpriced, if the over-subscription to the public issue is taken into consideration. Reliance Power, which raised close to $ 3 billion through an initial public offer earlier this year, was oversubscribed by about 73 times. However, despite an impressive response to the IPO, the stock made a disastrous debut on bourses and dipped below the issue price on the first day itself.
Representations have been received from public sector banks to increase foreign investment limit. However, there is no proposal under consideration to amend the limit, Minister of State for Finance P K Bansal told Lok Sabha in a written reply.
The government said on Friday there is no proposal to ban participatory notes, which are instruments through which unregistered entities invest in the Indian securities markets.
Tightening its grip over illegal import of Chinese crackers which are reportedly flooding the Indian market, the Centre has issued a public notification warning importers and public of the legal consequences they would face if involved with it.
Market regulator Sebi has denied evidence of participation of terror outfits in the Indian stock markets. It informed the Parliament of its findings on Tuesday. Sebi has also clarified that the authorities do not try to manage or control movement of stock indices. They have put in place systems and practices to promote a safe, transparent and efficient market and to protect market integrity. Sebi has issued orders against 102 vanishing companies and 391 directors & promoters.
Finance Minister P Chidambaram has so far given three packages to exporters aggregating Rs 5,200 crore (Rs 52 billion) as the $160 billion export target for 2007-08 appears difficult to meet. He has expressed hope that exports target would be met. Palanimanickam said government was already providing 100 per cent tax benefits on profit on exports apart from indirect tax incentives.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
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