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Government believes that fiscal gap for FY14 is likely to come in at 4.65 percent, lower than the projected 4.8 percent of the GDP.
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"What is important is that these applicants must satisfy the criteria which have been laid down and if they do I see no reason why they should not be given a chance to operate a bank," says financial services secretary Rajiv Takru.
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Sources in the finance ministry say that they have given an in-principle approval to cross holdings in various PSUs. Hence, it is likely that PSUs buy stake in each other, thereby giving the government some money.
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Currently FIIs enjoy an exemption from withholding tax on short term capital gains. So, the tax that they pay is not as TDS but it is as an advance tax. The same treatment is going to be extended to QFIs which will now not have to pay TDS, but can pay the advance tax.
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In September itself CNBC-TV18 had reported that there would have to be massive cuts in planned expenditure. However, the magnitude of the cut is likely to be 20 percent of the planned expenditure at Rs 1.1 lakh crore.
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Chidambaram said that the Bharatiya Janata Party (BJP) has assured them that it will consider support for the Insurance Bill. The Insurance Bill seeks to hike foreign direct investment (FDI) in the insurance sector to 49 percent and this has been a key reform.
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The panel has discussed that there should be a 49 percent cap for FII and FDI tends to come in through the portfolio route because there are no conditions on FII investment. FII investment can go up till the sectoral cap with just a board resolution.
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The move comes as the positions taken in the NDF markets abroad were seen to be as one of the prime reasons for the weakening of the currency.
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None of the companies that have been scheduled, for instance Coal India, Indian Oil are willing to go ahead with OFSs and hence the government is relying on buybacks in NHPC, NMDC as well as Coal India
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PSUs are slated to invest about Rs 1.4 lakh crore as capex in this fiscal. The target for the first half of the fiscal is about Rs 50,000 crore and sources in the Finance Ministry say that of this, about 96 percent has already been invested. So, PSU capex targets are on track.
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Sources in the Finance Ministry have indicated that a resolution of the Vodafone tax case will now happen only after the elections with the new government because Vodafone is now insisting that the transfer pricing Rs 8,500 crore case be resolved along with the capital gains case.
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High Court says that because of rupee fluctuation indexation is built in and hence foreign investors need to pay only a 10 percent capital gains, which is lower tax rate.
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The Arvind Mayaram Panel has given various options for different investigatng agencies and has asked the Ministry of Corporate Affairs (MCA) to examine if the government‘s takeover could be a possible route.
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The Kirit Parekh panel may recommend an export parity pricing (EPP) for diesel. However, it has rejected the proposal for EPP on kerosene and liquefied petroleum gas (LPG).
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The post of the Chief Economic Advisor is as powerful as its occupant. Raghuram Rajan for instance was part of the inner power circle in the Finance Ministry that steers economic policy. With him moving out in a year, the government is on the look out once again.
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CNBC-TV18's Aakansha Sethi reports why North Block is confident that the food subsidy bill will not go up.
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According to CNBC-TV18‘s Aakansha Sethi, the additional petroleum subsidy is likely at Rs 30,000 crore in FY14. Diesel price hikes will contribute Rs 30,000 crore in FY14 and this diesel price hike is likely after the Parliament's session and the food and petroleum subsidy can be financed by cuts in expenditure which is also a very critical line.
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Accoding to sources in the finance ministry, there is enough leeway in the Budget to manage the Rs 40,000-50,000 crore fiscal deficit stress. The government may fetch Rs 25,000 crore from Hindustan Zinc, Bharat Aluminium Company (BALCO) stake sale instead of Rs 14,000 crore.
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CNBC-TV18‘s Aakansha Sethi reports that the finance ministry is considering several measures like a hike in external commercial borrowing (ECB) limits and hike import duty of luxury items to curb rupee slide.
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The finance ministry is working on various measures to raise forex to insulate the economy from any outflows that may result due to tapering of the US QE. It is confident of financing the CAD via these measures, CNBC-TV18‘s Aakansha Sethi reports.
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Transfer pricing adjustments have soard across the cities in India with Mumbai leading the pack. Close to Rs 70,000 crore was collected in 2012-2013. A lot of multinational companies (MNCs) have received notices from the income tax department.
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Government may soon legalise put and call options with prospective effect, sources have told CNBC-TV18's Aakansha Sethi. The decision was taken as the government felt that a retrospective effect would have weakened its case against Hindustan Zinc and Balco.
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More measures to curb imports are likely to be implemented. Measures include banning sale of gold coins by banks and reviewing the gold import export policy.
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The Cabinet will be discussing the Vodafone taxation issue on June 4. A partial interest waiver too is on the cabinet note's agenda.
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The finance and commerce Minister have sorted their differences on the conflicting definition of foreign direct investment (FDI) in the regulation and the proposed Companies Bill and Sebi regulations.
