Here’s wishing you a happy and prosperous Dhanteras. This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
Finance Minister Arun Jaitley, who was speaking on the issue of lynchings in the Rajya Sabha on behalf of ailing Home Minister Rajnath Singh, made it clear that the central government could not be blamed for violence by some people.
The roadmap includes specific activities to be concluded by both the sides, and aims to enhance cooperation in the field of political and military dialogue, besides exercises between the armed forces of the two countries.
Speaking at the Enforcement Directorate Day, he said the interest of the larger public takes a hit when people indulge in non-compliance and hence, the revenue department and the ED have a key role to play to catch offenders. The government, the finance minister stressed, trusts its citizens and allows them to deal in foreign exchange.
These were later rejected by the Lower House. The Opposition accused the Government of running roughshod by opening doors for "political extortionism" and passing "draconian" provisions in the Finance Bill.
The best thing Mr. Jaitley has done is he has not tinkered too much, especially with indirect taxes and has gone with the flow which have made the markets buoyant. Overall, the economy is going in the right direction with a fiscal deficit of 3.2%.
Jaitley has performed a "balancing act" by refraining from stretching fiscal coffers to give a steroidal push to the economy, it said, commending the "prudence over populism" in restricting the fiscal gap to 3.2 percent.
Definition of long-term could be widened to align the investment lock-in threshold with many matured economy markets; new rule may be compatible with amended tax treaties with Mauritius and Singapore
FM may substantially raise allocation for speedier implementation of mega industrial zones; measures also on anvil for early setting up of National Industrial Corridor Development Authority (NICDA)
The council will again meet during January 3-4 to hammer out an agreement on the issue of dual control or "cross-empowerment".
Just 10 ahead of the expiry of the demonetisation scheme, Finance Minister Arun Jaitley on Tuesday clarified the latest changes in rules regarding Income Tax and old currency deposit schemes.
Having decided to advance the Budget presentation by a month, the government took the line that it should not be presented in the middle of Assembly poll in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
It would also coincide with the runup to a crucial state election early next year in Uttar Pradesh, Indian's most populous state that is home to more than 200 million people.
Jaitley has written separate but identical letters to Andhra Pradesh Chief Minister N Chandrababu Naidu and his Telangana counterpart K Chandrasekhar Rao in this regard.
After oil producers including state-owned ONGC and private sector Cairn India pleaded for reduction in cess, the ministry had written to Finance Ministry to revise the rate to 10-12 percent ad-valoren or alternatively consider introducing of a graded system of cess rate.
The meeting is the Centre's last attempt to convince Congress in favour of the bill. "The problem is that Jaitley wants to divide the opposition and wants to corner others. They are delaying the matter. Our leaders are ready to pass the bill," Congress leader Mallikarjun Kharge said.
Anticipating a question on extension of his tenure after the current three year term comes to an end on September 4, Rajan said he has come with a prepared statement on the issue to the press conference on the second bi-monthly monetary policy for 2016-17.
Officials said the Enforcement Directorate (ED) has written to CBI to obtain a Red Corder Notice (RCN) against Mallya from the global police body. CBI acts as the nodal office for execution of Interpol warrants in India.
Disinvestment in central public sector enterprises (CPSEs) is undertaken as per the extant disinvestment policy of the government, Minister of State for Finance Jayant Sinha said in a written reply in the Rajya Sabha.
"India could manage to become a very low-cost service provider but failed to transform into a low-cost manufacturing", Jaitley said here, adding there is an opportunity now for the same.
A group of banks led by the State Bank of India moved the apex court on Tuesday seeking to restrain Mallya from leaving India.
Jewellers have been on a strike since March 2, protesting against the proposed excise duty imposition on non-silver jewellery items made in the Budget 2016-17 as well mandatory quoting of PAN by customers for transaction of Rs 2 lakh and above.
Finance Minister Arun Jaitley increased spending on farm and social sectors in the 2016-17 fiscal year on Monday in a boost to rural India, where most of the country's 1.3 billion people live.
The DMIC project has been planned as a global manufacturing and investment destination around the high speed 1,483 km length of western dedicated freight corridor of the railways as the backbone.
Refusing to call the compliance window an amnesty scheme, Finance Minister Arun Jaitley in his Budget for 2016-17 announced a four month window beginning June 1 for holders of unaccounted wealth to come clean by paying 30 percent tax plus a penalty of 7.5 percent and a similar percentage of surcharge.