Finance Ministry

  • Female bank staffers may soon get transfers of their choice August 17, 2014

    New Delhi: Female employees of public sector banks will soon be entitled to a major benefit of getting transfers of their choice. The Finance Ministry has asked the banks to formulate women-friendly transfer policies so that they can get transfers at places where their husbands are working or parents are living. The...
  • Aircel-Maxis case: CBI planning to question Finance Ministry officials August 17, 2014

    New Delhi: CBI is mulling questioning some officials of the Finance Ministry who were part of Foreign Investment Promotion Board (FIPB) clearance process given to Aircel-Maxis deal even as it plans to file the first charge sheet in the matter this week. Making it clear that no suspects have been identified...
  • India may unveil bolder economic reforms, but no tax changes in Budget July 9, 2014

    New Delhi: India will probably unveil bold reforms in its Budget on Thursday in a bid to turn around an economy growing at decade lows, but major changes to taxes will be absent, a Reuters survey showed. Finance Minister Arun Jaitley will present his maiden Budget after his Bharatiya Janata Party,...
  • Finance, Commerce Ministries to join Twitter to expand government's reach July 6, 2014

    New Delhi: Important ministries like Finance and Commerce will soon join Twitter as part of government's effort to use social media in communicating with citizens. The micro blogging site, which has about 18 million users in India, is engaging with the government to help various ministries use the platform to...
  • April-May fiscal deficit is Rs 2.4 lakh crore June 30, 2014

    New Delhi: The fiscal deficit in the first two months of 2013-14 was Rs 2.4 lakh crore or 45.6 per cent of Budget Estimates for the whole financial year. The fiscal deficit -- the gap between expenditure and revenue -- for the whole fiscal has been pegged at Rs 5.28...
  • LTC scam: 5 government employees jailed for four years June 22, 2014

    New Delhi: Five Finance Ministry employees, three of whom have retired, and another person have been sent to four years in jail by a Delhi court for fraudulently withdrawing and disbursing Rs 4.2 lakh as Leave Travel Concession (LTC) advances. Special CBI judge Sanjeev Jain held the six men, including three...
  • Telecom Ministry seeks Rs 6,997 cr fund for projects this budget June 20, 2014

    New Delhi: The Telecom Ministry has sought additional funds of Rs 6,997 crore in the budget for various projects that are to be rolled out during the current financial year. Telecom Minister Ravi Shankar Prasad is learnt to have approached Finance Minister Arun Jaitley for additional funds to carry out...
  • Arun Jaitley recuses himself from decisions on Vodafone case June 18, 2014

    New Delhi: Finance Minister Arun Jaitley is believed to have recused himself from matters pertaining to the Rs 20,000 crore Vodafone tax dispute and delegated decision making in this regard to his junior Minister Nirmala Sitharaman. Jaitley has on file recorded that all issues relating to the Vodafone tax case be...
  • Finance Ministry appoints RC Lahoti as arbitrator in Vodafone tax case June 17, 2014

    New Delhi: The government has appointed former Chief Justice of India R C Lahoti as arbitrator in the Rs 20,000 crore tax dispute case with UK telecom major Vodafone. "Yes, he (Lahoti) has been appointed for arbitration from our side," a Finance Ministry official told PTI. The government's decision was in response...
  • Agriculture Ministry closely monitoring rising price of food items June 17, 2014

    New Delhi: The Union Agriculture Ministry is monitoring rising onion prices and other commodities. According to ministry officials, they are in touch with the Finance Ministry. A senior official said, "We are in constant touch with the Finance Ministry and will soon come with some measures to check rising prices. Officials...
  • India @ 9 with Arunoday Mukharji and Palki S Upadhyay June 13, 2014

    Catch the day's top stories with Arunoday Mukharji and Palki S Upadhyay on India @ 9. ...
  • 'Government can cut subsidy bill by 1 pc without causing pain' June 10, 2014

    New Delhi: The government can cut down its subsidy bill by up to 1 per cent of the GDP without causing much pain to people, Principal Economic Adviser, Ministry of Finance, Ila Patnaik said on Tuesday. "I don't think it is (fiscal consolidation) that hard, because when you look at...
  • SIT on black money to hold its first meeting on Monday June 1, 2014

    New Delhi: The first high-level meeting of the Special Investigation Team (SIT) on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 2. Officials said that the Department of Revenue under Finance Ministry has...
  • Arun Jaitley keen to meet state FMs to push GST May 28, 2014

    New Delhi: Keen to push the Goods and Services Tax (GST), Finance Minister Arun Jaitley on Wednesday expressed desire to hold an early meeting with the state finance ministers. He also asked revenue officials to appraise him of the developments on the GST through a separate presentation on the issue, sources...
  • FM Arun Jaitley meets RBI Governor Raghuram Rajan May 27, 2014

    New Delhi: Raghuram Rajan, the Governor of Reserve Bank of India (RBI), on Tuesday met Finance Minister Arun Jaitley. Rajan said that one must wait for the policies of the new government to take effect. "You will see the policies as they roll out," he said. Jaitley had said that curbing...
  • Is this a historic opportunity for PM Modi to downsize government? May 23, 2014

    With only three days to go before his swearing-in ceremony, Prime Minister-designate Narendra Modi is back in the capital to resume discussions regarding the Cabinet formation. Sources now say that Arun Jaitley is likely to head the Finance Ministry, while party President Rajnath Singh may be given the reigns of...
  • Not in the race for Finance Ministry: HDFC Chairman Deepak Parekh May 23, 2014

    In an exclusive interview to Network 18, HDFC Chairman Deepak Parekh has refuted reports that he could be in the running for the Finance Ministry. ...
  • Emotional P Chidambaram bids adieu to Finance Ministry May 15, 2014

    New Delhi: An emotional P Chidambaram on Thursday bid adieu to the Finance Ministry, which he had served thrice, with a promise that he would continue to remain active in public life. Chidambaram, 68, who holds the distinction of presenting nine Unions Budgets -- short of the record 10 delivered by...
  • Take joint action against wilful defaulters: Chidambaram to banks May 13, 2014

    New Delhi: Finance Minister P Chidambaram on Tuesday advised public sector banks to form a consortium and take joint action against wilful defaulters, especially in the cases where the "promoter is prosperous but the company is sick." After reviewing annual performance of public sector banks and financial institutions for fiscal...
  • I decide monetary policy, govt can fire me if it wanted: Raghuram Rajan May 9, 2014

    New Delhi: Asserting independence of the central bank, Reserve Bank Governor Raghuram Rajan on Friday said that it is he who determines the monetary policy and the government can fire him if it wanted. "I determine the monetary policy. I say what it is. The government can fire me, but the...
  • Finance Ministry rejects RBI plan to split CMD's post in PSU banks April 8, 2014

    New Delhi: The Finance Ministry has turned down the Reserve Bank's proposal to bifurcate the post of Chairman and Managing Director in public sector banks saying this position doesn't enjoy absolute powers as is being claimed by some international experts. Rejecting the RBI's proposal to restructure the board of PSU banks,...
  • Vodafone blames government for $ 2 bln tax dispute talks collapse February 19, 2014

    Mumbai: Vodafone Group blamed the government on Wednesday for the collapse of talks aimed at settling a $2 billion tax dispute relating to its acquisition of Hutchison Whampoa's mobile business in the country. The Finance Ministry is preparing to seek the cabinet's approval to withdraw conciliation proceedings after Vodafone wanted...
  • Economic growth to cross 5 pc this financial year: PM February 14, 2014

    New Delhi: Pinning hopes on the good monsoon and recent reforms, Prime Minister Manmohan Singh on Friday said economic growth will cross 5 per cent in the current financial year and accelerate further in the coming years. Addressing the Governors' Conference, Singh said the Indian economy, after many years of rapid...
  • Chidambaram releases budget manual in Hindi February 12, 2014

    New Delhi: Finance Minister P Chidambaram on Tuesday released Budget Manual in Hindi, a comprehensive 266-page document capturing the content of the Union Budget as well as the procedures and activities connected with its preparation. "It is for the first time that Budget Manual has been prepared in Hindi by the...
  • Talks between government and Vodafone over tax dues break down: Sources February 11, 2014

    New Delhi: There has been a breakdown in talks between the government and Vodafone over tax dues. Sources say that the government is likely to withdraw the proceedings. The Finance Ministry has floated a Cabinet note for the withdrawal of conciliation and the Law Ministry, too, has cleared the withdrawal. The...
  • Finance Ministry disagrees with PAC's views on interest on tax refund February 11, 2014

    New Delhi: Disagreeing with the observations of Public Accounts Committee (PAC), the Finance Ministry on Saturday said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget. "Government of India has been of the view that...
  • New PAN allotment norms put on hold; old procedure to continue January 30, 2014

    New Delhi: New norms for issuance of PAN card requiring verification of original documents have been put on hold with the Finance Ministry on Thursday announcing that the existing procedure will continue. "The Central Board of Direct Taxes (CBDT) has decided to keep in abeyance the decision to change the procedure...
  • Markets need not worry about Fed taper, Government vigilant: Chidambaram January 30, 2014

    The Finance Ministry today said the US Federal Reserve's decision to trim its monetary stimulus will not affect the Indian markets and all steps would be taken by the RBI and the government to ensure financial stability. "Both the government of India and the Reserve Bank of India will continue to...
  • SC tells Sahara not to sell property, its directors not to leave India November 21, 2013

    New Delhi: The Supreme Court has restrained directors of Sahara group of companies from leaving the country. The apex court has also restrained Sahara group from selling any property. The order was passed after the court ruled out that Sahara has not complied with SC directions to furnish title deeds of...
  • World Bank offers $360m loan for UP water projects October 25, 2013

    The World Bank will provide a $360 million loan for restructuring of water sector projects in Uttar Pradesh. Nilaya Mitash, a joint secretary in the Department of Economic Affairs in the union finance ministry on behalf of the Government of India and Onno Ruhl, country director, World Bank on behalf of...