CRR is the proportion of deposits each bank must keep in the form of cash.
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11.
The Union finance ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO's 6 crore (60 million) depositors.
The Parliamentary Committee on Public Undertakings (COPU) expressed serious concern over outsourcing of printing of Indian currency notes amounting to Rs 1 lakh crore (Rs 1 trillion) to three countries in 1997-98 and said that such a tendency would put India's economic sovereignty at stake.
Finance ministry asks Irda to make this and other changes while clearing these products.
Multiple reasons accounted for the losses, including manpower crunch and lack of clarity on the merger of National, United and Oriental, reports Namrata Acharya.
A recent decision of the high court in Chennai on the levy of service tax on software sale has made the Union finance ministry hopeful of a similar verdict in the case of copyright services.
The Union finance ministry is in favour of increasing non-promoter shareholding in listed companies to 25 per cent of the equity base in a phased manner, so that the number of shares available for trading increases, said Finance Secretary Ashok Chawla.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
With a rising proportion of Non-Performing Assets in education loans, banks have approached the government, seeking protection in the form of a credit guarantee fund of at least Rs 2,500 crore.
The government is examining various amendments to the insurance law, including a special statute for health insurance, aimed at improving the functioning of domestic companies and increasing their penetration.
The Central government will borrow up to Rs 1.1 lakh crore on behalf of the states to bridge the shortfall in GST collections, the finance ministry said on Thursday. A slowdown in the economy since last fiscal has resulted in a drop in the Goods and Services Tax (GST) collections, upsetting the budgets of states which had given up their right to levy local taxes such as sales tax or VAT when GST was introduced in July 2017. To make up for the shortfall, borrowing from the market was proposed.
May dilute stakes in PSUs to 90% instead of big-bang approach
The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move to reform direct taxes should be subjected to further scrutiny. Contrary to earlier expectations, therefore, the Direct Taxes Code 2009 will not be presented to Parliament as a Bill along with the Union Budget for 20010-11on February 26.
The move to extend the income tax benefits enjoyed by units covered by the Software Technology Parks of India Act and those set up in export oriented units by another year -- up to March 31, 2011 will benefit around 6,000 STPI units and 2,486 EoUs. In its budget-related wish list, the commerce ministry had recommended a three-year extension of the scheme, while the industry has been asking for five.
The Union finance ministry is considering an increase in the central excise duty for some of the products that had benefited from the two rounds of reductions announced by the government as part of its fiscal stimulus measures last year.
The Union finance ministry on Thursday said the falling inflation rate would result in further lowering of interest rates. "The trend is clear for falling inflation and this will translate into lower interest rates," Economic Affairs Secretary in the Finance Ministry Ashok Chawla said while commenting on the inflation data.
Top sources in the Union finance ministry said on Wednesday that the government does not see any payment related problems in the Indian capital market because of the financial turbulence in the United States and other markets.
Continuing her tirade against Union Finance Minister P Chidambaram on participatory note issue, AIADMK leader J Jayalalithaa on Thursday demanded his resignation from the Union Cabinet or his dismissal.
The department of economic affairs in the Union finance ministry has suggested aggressive sterilisation of foreign capital inflows, tightening of government expenditure and intervention in key farm produce markets like wheat.
The ED identified the properties as Fatima Heights and Aafiyah Heights in Mumbai, an unnamed project in the Bhandup area of Maharashtra's capital city and a project named Engracia in Pune.
'The finance ministry's decision to accept the deficit target of 4.5 per cent in 2025-2026 appears to have emanated from its endorsement of the Finance Commission's view that the Indian economy will continue to remain impacted by the pandemic, adversely undermining its growth potential,' notes A K Bhattacharya.
As the government is busy preparing Budget, the Army on Thursday sought more funds for the force, saying this would help in its modernisation process.
If things go according to the plans of the Indian government, Mumbai may rob Belgium's Antwerp, currently the world's top diamond destination, of its priced position.
The National Testing Agency announced that the JEE (Main) will be held from September 1 to 6 and NEET (UG) on September 13 after the Supreme Court dismissed a petition seeking the postponement of the NEET and JEE.
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
In an affidavit filed by Union finance ministry on behalf of the Union of India, it said that the relief to all borrowers in respect of compounding of interest during the period of moratorium would be admissible to the categories specified irrespective of whether the borrowers had availed the moratorium or not.
Welcoming the move, the Capstocks MD V Rajendran said the move would prove beneficial for the bourses in the long term, and will aid the economy to ensure a steady flow of funds into the stock markets.
Quibbling between the Centre and the states on who should provide more relief to consumers on fuel prices intensified with the latter asking the Union Government to give an account of accruals to it from the latest hike in petrol and diesel prices.
The lack of an informal communication channel is what should bother the government and the RBI, if they want to eliminate the undesirable outcomes of the current tension between the two, says A K Bhattacharya.
Income Tax sleuths are looking forward to be trained in the ways of intelligence gathering similar to RAW and IB personnel as they feel the present techniques employed by them are 'ad hoc'.
With the agitating State Bank of India employees refusing to suspend their nationwide stir, the Delhi high court
If things go according to the plans of the Indian government, Belgium's Antwerp, the diamond destination of the world, may be robbed of its priced position by Mumbai soon.
We knew from the moment the pandemic took hold that this would be a long haul -- at least 12 to 18 months. Nothing should have changed that assessment, says Mihir S Sharma.
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