"Both IDBI Bank and LIC are independent organisations. We have left all the decisions to bank boards and we are not going to micromanage them," a senior finance ministry official told reporters on the sidelines of the two-day annual summit of the Asian Infrastructure Investment Bank.
Financial Services Secretary Rajiv Kumar will chair the meeting of all stakeholders tomorrow where the issues and concerns will be discussed at length, a senior finance ministry official said.
“This is the best job I have ever had and probably ever will,” he told the reporters, adding that the last date for his role as the CEA is yet to be fixed.
Punjab CM Amarinder Singh seeks PM Modi's in the settlement of Rs 31,000 crore food account for procurement of wheat and paddy.
"Historic tax reform GST has resulted in formalisation of the economy and consequently information flow would eventually augment not only the indirect tax collections but also direct tax collections," the ministry said in a statement.
An official memorandum stated, ‘It has been decided that henceforth only proposals involving expenditure above Rs 40 lakh for international as well as domestic seminars/ conferences/ workshops etc. will need to be referred to the Department of Expenditure.’
The Centre wants to wait out for a few more rounds of TOT bidding.
Clarifying on the applicability of GST on farmers, the ministry said support services to agriculture, forestry, fishing or animal husbandry are exempt from the Goods and Services Tax (GST).
"If ATF is brought under the GST regime, we can get input tax credit," he told reporters here, adding that he would meet Revenue Secretary Hashmukh Adhia in this regard.
Under the PCA, banks face restrictions on distributing dividends and remitting profits.
The proposals included that of Hindustan Infralog Pvt Ltd which sought approval for foreign investment from DP World Global Investment BV, Netherlands amounting to 65 per cent of paid-up share capital.
Yesterday, the government transferred Ranjan, joint secretary in Department of Financial Services (DFS) to Department of Personnel and Training (DOPT), leading to speculation that he would no longer be on the board of ICICI Bank.
Gandhi's note on Twitter -- addressed to the "FM" and signed off by the "Prime Minister" -- said it had been decided that the ministry would be shut till further notice.
In the 2018-19 budget, the government had after a gap of 14 years reintroduced 10 percent tax on long-term capital gains exceeding Rs 1 lakh from sale of shares.
Till now, monthly tax returns under GST, which has amalgamated 17 central and state taxes into one, were allowed to be filed by the 20th of the following month and revenues collected were reported on 26th -- almost a month-long lag between collections and their reporting.
"State Bank of India (SBI), in the 3rd phase of sale, has been authorised to issue and encash electoral bonds through its 11 authorised branches w.e.f. May 01, 2018 to May 10, 2018," the ministry said in a statement.
The deposits, which have been steadily rising since March 2017, were at Rs 80,545.70 crore on April 11, 2018, said a finance ministry data.
These two issues, along with other transitional and operational nuances, would be placed before the Union Cabinet for consideration once the GST Council clears the proposal of turning GSTN into a majority or fully-owned government entity, a source told PTI.
The Fieo, promoted by the Commerce Ministry and industry, has written to Reserve Bank Governor Urjit Patel and finance ministry seeking reintroduction of the crucial trade finance instruments, but feels that the government will have to take the lead to end the stalemate, a top Fieo official has said.
The Department for Investment and Public Asset Management (DIPAM) today came out with a Request for Proposal (RFP) to engage an advisor or consultant for creation and launch of the debt ETF. Bids have to be submitted by May 16.
The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, has kept the reverse charge mechanism in abeyance till June.
Besides, the ministry is keen to take the ETF route to sell off government shares held through SUUTI in private companies -- ITC, Axis Bank and L&T, an official told PTI.
Rajiv Kochhar, brother-in-law of ICICI Bank CEO Chanda Kochhar, is the founder of Singapore-based Avista Advisory.
ATMs in a few states have reported shortage of cash
The government has appointed Sharma, the former DoPT secretary, as the chairman of the advisory panel for two years, replacing Rai whose term ended on March 31.