Continuing with upward trend, the number of people showing gross assets exceeding Rs 200 crore increased to 283 in the country during the last financial year ended March 31.
The government today said it has no plans to come out with Rs 5,000 and Rs 10,000 banknotes.
Public sector banks have been able to recover only a fraction of the more than Rs 8,000 crore loan outstanding against embattled businessman Vijay Mallya, Parliament was informed today.
The government today said the RBI has been authorised to conduct field trials of plastic notes of Rs 10 that have a longer life span.
The approximate cost of printing each note of new Rs 500 is in the range of Rs 2.87 to Rs 3.09, and Rs 3.54 to Rs 3.77 for Rs 2000, Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.
Meghwal has been asked by Prime Minister Narendra Modi to represent India at the conference, an official statement today said.
The Finance Ministry today launched a mobile app for Goods and Services Tax so as to provide updates to taxpayers on the new tax regime which is to be rolled out from July 1.
Economist, Jahangir Aziz, Asia Economic Research, JPMorgan thinks the government will stick to the path of fiscal consolidation of around 3.2 to 3.3 percent.
The aim of the government is to move towards an economy that uses â€˜less cash‘ and not necessarily â€˜cashless‘, says Minister of State for Finance, Satosh Kumar Gangwar.
Income tax rate as well as interest rate are expected to come down as a result of demonetisation of high value currency notes, Minister of State for Finance Arjun Ram Meghwal said.
A large chunk (Rs 13,127 crore) of the IPO capital was raised through offer-for-sale, while Rs 4,190 crore was garnered via fresh issuance of shares, Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Rajya Sabha.
A proposal was made for advancing the date of budget presentation from the last working day of February to February 1, 2017 or any other date as may be necessary, Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.
"The data indicates that the main sectors in which black money is rampant include real estate, finance, trading, manufacturing, educational institutes and services," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha.
The minister said that it was also necessary to present the Budget early as the implementation date of the Goods and Services Tax (GST) has been fixed at April 1, 2017.
Meanwhile, when asked about problems faced by farmers, Agriculture Minister Radha Mohan Singh said: "The process for exchanging notes and depositing cash is happening smoothly in villages. People can exchange their old notes."
"Tax administration and tax policies need to be further simplified to promote ease of doing business as well as its facilitation. The forthcoming Budget would reflect and adequately cater to this effect", he said at an event organised by PHD Chamber.
The government, said Meghwal, who is also incharge of the Ministry of Corporate Affairs (MCA) - where corporate disputes eventually land up, will steer clear of the row as "it is an internal affair of Tata Sons".
"The amount outstanding for top 100 borrowers of public sector banks as on March 31, 2016 was Rs 13,71,885 crore," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.
The Securities and Exchange Board of India (Sebi) maintains a constant vigil, and in case of any abnormality, takes appropriate action against the concerned entities, Minister of State for Finance Arjun Ram Meghwal said in a written reply to Lok Sabha.
Responding to a supplementary in the Question Hour, Minister of State for Finance Santosh Gangwar said the government was vigilant towards such acts by certain companies and investigation was on in some cases and fines have been imposed in a few cases.
Minister of State for Finance Santosh Kumar Gangwar in a written reply in the Rajya Sabha said: "No" to a question whether the government is proposing strategic sale of IDBI Bank.
Government is working overtime to build a consensus on the long-pending Goods and Services Tax (GST) bill with the hope of getting it passed during the ongoing Parliament session, Minister of State for Finance Arjun Ram Meghwal said today.
Almost half-way through the 4-month window provided to undeclared wealth holders to come clean by paying a cumulative tax and penalty of 45 per cent, Minister of State for Finance Arjun Ram Meghwal said the government has an open mind to address any concerns or suggestions on the scheme.
He said the tax department had conducted searches and surveys at various premises of assessees engaged in the business of pulses.
Sebi has initiated adjudication and enquiry proceedings against JPMorgan MF in December last year for violation mutual fund regulations in the matter of investment in Amtek Auto's debt securities.