New Delhi: With the Lok Sabha passing the Finance Bill and Demands for Grants for various ministries, Government on Tuesday said it will continue with its efforts for passage of other bills on food security and land acquisition, which are "equally important". "I don't think it is correct to say that with the passage of Finance Bill, the government's concerns are over or its interest is over. All other bills in my view are equally important and I think an effort must be made to pass them," Finance Minister P Chidambaram told reporters outside Parliament.
Chidambaram's remarks come amid clear indications from the party that it was keen that the proposed laws on food security and land acquisition are passed in this session. To a question on whether he is hopeful that these bills will be passed in the Budget session itself, the Finance Minister merely said, "We are ready to debate and pass the bills."
He was talking to reporters soon after the Lok Sabha passed the Finance Bill and Demands for Grants for various ministries without debate after Opposition walkout. There is speculation that the Houses could be adjourned sine die if the government fails to reach an agreement with Opposition, which is disrupting Parliament functioning on coal scam issue and demanding the resignation of Prime Minister Manmohan Singh and Law Minister Ashwani Kumar.
The Finance Minister refused to answer whether the Law Minister will continue. In a big embarrassment to the government in the
03:42 PM, Apr 30, 2013
New Delhi: Lok Sabha on Tuesday passed the Finance Bill taking in consideration all the amendments proposed even as the Bharatiya Janata Party (BJP) walked out of the House protesting against coal scam. The Bill was passed with 12 minor amendments. The passage of the bill effectively brought to an end the budgetary process that started with the budget speech by the Finance Minister P Chidambaram on February 28. The...
03:14 PM, Apr 30, 2013
New Delhi: With the Supreme Court coming down heavily on the Central Bureau of Investigation (CBI) and the Congress-led United Progressive Alliance Government in the coal scam case, the passage of the Finance Bill looks in jeopardy as the Opposition has taken on Prime Minister Manmohan Singh directly and demanded his resignation. Earlier, a temporary truce on the Finance Bill was achieved on Monday and the Bill is scheduled to...
11:42 AM, Apr 30, 2013
New Delhi: Prime Minister Manmohan Singh is likely to step in to end the political deadlock over coal scam. Sources said the PM is likely to call an all-party meet to break the logjam in Parliament and try and pass the Land Bill and the Food Security Bill. A temporary truce on the Finance Bill was achieved on Monday and the Bill will now be taken up post noon. It...
10:24 AM, Apr 30, 2013
New Delhi: Despite the political deadlock over the coal scam, the key Finance Bill is likely to be passed in Lok Sabha on Tuesday. A temporary truce has been achieved between the government and the opposition to pass the money bills. The crucial Finance Bill can't be delayed beyond Tuesday as per the rules. Government has to pass all money bills within 75 days of the Budget speech. After being...
07:19 AM, Apr 30, 2013
New Delhi: Amidst reports that the government had finally managed to get the Opposition on board on the key Finance Bill, senior BJP leader Yashwant Sinha on Monday wrote to P Chidambaram demanding certain amendments to the Bill. Sinha reportedly sought the amendment to ensure that farmers whose land was being attached for non-payment of wealth tax were provided some relief. Naresh Gujaral of Akali Dal had raised this matter...
06:18 PM, Apr 29, 2013
New Delhi: There seems to be a breakthrough in the efforts to end Parliament deadlock as the government has managed to get the Opposition on board to pass the Finance Bill. Sources say that the Finance Bill is likely to be taken up on Tuesday along with demands for grants. The demands for grants for four ministries were agreed upon in consultation with opposition parties. This came after Parliamentary Affairs...
12:41 PM, Apr 29, 2013
New Delhi: A Parliament deadlocked yet again over corruption scandals threatens Finance Minister P Chidambaram's ambitious reform agenda, dealing a harsh dose of political reality on the heels of his North American roadshow to sell the India story. Two long-stalled reforms - one to lift the foreign ownership cap in insurers to 49 per cent from 26 per cent and another that would simplify land acquisition for factories - were...
08:38 AM, Apr 29, 2013
New Delhi: Pressure seems to be growing on the UPA government from within its own constituents. With the first week of the reconvened session of Parliament almost being a washout, the National Congress Party (NCP) has thrown a sharp hint. It says that any failure to pass the Finance Bill in Parliament this session can bring the UPA government down. The NCP leaders will hold a two-day meet in Mumbai...
09:13 AM, Apr 27, 2013
A number of non-legislative decisions covering customs, excise, service tax, insurance and banking to promote growth will be announced in Parliament before the passage of the Finance Bill. Disclosing this here today, Finance Minister P Chidambaram said that the budget presented by him on February 28 focussed on the legislative areas and the broad agenda. The government was now working on non-legislative decisions. ...
12:25 PM, Mar 03, 2013
Finance Minister P Chidambaram sought to ease concerns it was targeting double taxation treaties on Friday, saying a proposal that sparked alarm among foreign investors was clumsily worded. ...
04:10 AM, Mar 02, 2013
New Delhi: Union Finance Minister Pranab Mukherjee on Tuesday replied to the Finance Bill in Lok Sabha, pointing that oil prices were mounting everyday. Asserting that the government had the capacity to respond to any challenge, he said that subsidies constituted a major part of it. Addressing the House, the Finance Minister said that there was a need for all the stake holders to get going together to improve the...
04:53 PM, May 08, 2012
New Delhi: The Finance Bill will be discussed in Parliament on Monday as the investors are hoping to get some clarity on the General Anti-Avoidance Rule, which is expected to pull the market out of its three-month dip. Parliament is likely to vote on the bill over the next two days. After days of what traders said was intervention to defend the rupee, the Reserve Bank of India late on...
06:24 AM, May 07, 2012
New Delhi: Whatever its intentions in cracking down on abuse of tax havens, India has alienated overseas investors with the timing and communication of its measures when it can ill afford to do so. India's move to target tax evaders through a general anti-avoidance rule (GAAR), along with a plan to retroactively tax the indirect transfer of assets, has spooked investors and added to an exodus of funds, battering the...
08:45 PM, May 06, 2012
New Delhi: Days ahead of the Finance Bill coming up in Parliament for passage, Vodafone group CEO Vittorio Colao on Wednesday met Finance Minister Pranab Mukherjee seeking reconsideration of the move to retrospectively amend laws that will have a tax implication of Rs 11,000 crore on the firm. Speaking to reporters after meeting, Mukherjee said, "Vodafone made a presentation of their case." Emerging out of the meeting, Colao said, "We...
11:17 AM, May 02, 2012
New Delhi: The post-recess budget session of Parliament resumed on Tuesday. The government is planning to bring in three key finance sector reforms " the Pension Regulatory Bill, the Insurance Bill and the Banking Reforms Bill " in the current session. The priority, however, will be to see that the Finance Bill is cleared by the House. It may not be smooth sailing for the government, however, as the Opposition...
11:14 AM, Apr 24, 2012
New Delhi: Finance Minister Pranab Mukherjee on Tuesday said the government will examine the notice of Vodafone that threatened to drag India to international arbitration if the telecom giant was made liable to pay Rs 11,000 crore in taxes over a 2007 acquisition. "It is their (Vodafone's) prerogative and we will examine the notice... As a legal entity, they are entitled to legal recourse," he said. The minister was responding...
04:44 AM, Apr 18, 2012
New Delhi: India has exempted payment in rupees for oil imports from Iran from hefty local taxes, a move that would help refiners settle some of their oil trade with the sanctions-hit country if the current mechanism through Turkey folds under fresh sanctions. The finance bill, part of the annual budget presented on Friday, said the exemption in the "national interest" would be implemented from April 1. India and Iran...
03:26 AM, Mar 18, 2012
The proposal which was made during the Budget invoked opposition from the medical fraternity. ...
06:38 PM, Mar 22, 2011
New Delhi: The Government on Tuesday rolled back the five per cent tax healthcare, which many called the misery tax as it made treatment more expensive. Finance Minister Pranab Mukherjee made the announcement in his reply to the debate in the Lok Sabha on Tuesday. The proposal which was put forth during the Budget invoked Opposition from the medical fraternity. Reacting on the move, Cardiac Surgeon Dr Devi P Shetty...
12:53 PM, Mar 22, 2011
