Finance Ministry

  • Finance Ministry rejects RBI plan to split CMD's post in PSU banks 08-04-2014 06:11 PM

    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...
  • Vodafone blames government for $ 2 bln tax dispute talks collapse 19-02-2014 11:05 PM

    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 14-02-2014 08:59 PM

    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...
  • Chidambaram releases budget manual in Hindi 12-02-2014 10:38 AM

    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...
  • Talks between government and Vodafone over tax dues break down: Sources 11-02-2014 04:25 PM

    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....
  • Finance Ministry disagrees with PAC's views on interest on tax refund 08-02-2014 07:32 PM

    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...
  • New PAN allotment norms put on hold; old procedure to continue 30-01-2014 10:24 PM

    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...
  • Markets need not worry about Fed taper, Government vigilant: Chidambaram 30-01-2014 12:24 PM

    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...
  • SC tells Sahara not to sell property, its directors not to leave India 21-11-2013 04:18 PM

    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...
  • World Bank offers $360m loan for UP water projects 25-10-2013 04:59 PM

    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...
  • Defaulters have not paid Rs 121.8 crore as penalty: SEBI 20-10-2013 09:51 AM

    New Delhi: Securities market regulator SEBI has told a Parliamentary panel that prosecution proceedings initiated by it against defaulters have not proved to be an effective deterrent due to "delays" associated with the criminal justice system of the country. It also said that defaulters are yet to cough up Rs...
  • Economy improving, RBI will take call on interest rate: Finance Ministry 01-10-2013 01:22 PM

    Exuding confidence that economy will improve in second quarter of current fiscal, the Finance Ministry on Tuesday said steps would be taken to incentivise growth and RBI will take a call on interest rate. "As we are seeing growth clawing back, I am quite sure that the environment will be...
  • India hikes import duty on gold jewellery to 15 per cent 17-09-2013 08:28 PM

    India on Tuesday hiked the import duty on gold jewellery to 15 per cent in a bid to protect domestic industry and curb the precious metal's imports, a key reason for the country's high trade and current account deficits. "Import duty on gold imports is increased to 15 per cent...
  • Using gold reserves was just a suggestion, clarifies Anand Sharma 29-08-2013 11:43 PM

    Clarifying his stand on the use of gold reserves to control the fiscal deficit said that it is not the government's decision but was just his suggestion. He added that despite the volatility in the economy there is no need for panic noting that the macro fundamentals of the country...
  • 6 months after announcement, Nirbhaya fund still remains only on paper 25-08-2013 03:02 PM

    New Delhi: As another gangrape in Mumbai shocks the country, questions are being raised on the status of 1000 crore Nirbhaya fund announced by the Finance Minister P Chidambaram in his budget speech. The opposition and women rights activists have questioned the delay in creating the corpus. The government had...
  • Rupee undervalued, but no need for excessive pessimism: Chidambaram 22-08-2013 06:30 PM

    New Delhi: Finance Minister P Chidambaram on Thursday cautioned against "excessive and unwarranted pessimism" over the rupee's continuing slide and sought to assure investors that while the Indian currency had dropped "more than reasonable expectation", the government was taking steps to deal with the challenge. "The rupee is undervalued and...
  • Telecom regulator asked to give views soon on media FDI caps 22-08-2013 02:19 AM

    New Delhi: The information and broadcasting ministry has requested Telecom Regulatory Authority of India (TRAI) to speed up its response on the existing sectoral caps of FDI in the broadcast sector, an official release said. The ministry has also urged Press Council of India (PCI) to give its advice soon...
  • Aadhaar card valid proof for opening bank account: Finance Ministry 21-08-2013 07:50 PM

    Aadhaar card is a valid proof for opening a bank account under the know your customer (KYC) norms, government said on Wednesday. "Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme,"...
  • Rupee volatility impacting stock markets: Finance Ministry 16-08-2013 05:27 PM

    New Delhi: As the benchmark S&P BSE Sensex tanked by more than 700 points in the afternoon, the Finance Ministry on Friday said excessive rupee volatility is impacting the equity markets. "Our sense is that what is seen in India is happening due to what is happening all over the...
  • India raises import duty on gold, silver to 10 per cent 13-08-2013 03:54 PM

    New Delhi: India hiked import duty on refined gold bars for a third time in eight months to 10 per cent from the earlier 8 per cent, the Finance Ministry said in a statement on Tuesday. The government also raised the import duty on silver to 10 per cent from...
  • Govt plans to hike duties; gold, LCDs, high end cars likely to get costlier 13-08-2013 10:30 AM

    New Delhi: Gold, high end cars, LCDs and LEDs could get costlier in the next 24 hours as government is set to hike the import duties to fight the rupee slide and check the burgeoning Current Account Deficit (CAD). Sources in the Finance Ministry say that there could be hikes...
  • 'Exchange Traded Fund' to start by Oct-November: Finance Ministry 08-08-2013 09:36 PM

    An 'Exchange Traded Fund' (ETF), an investment fund traded on stock exchange, would be launched for investors in October-November this year, a Union Finance Ministry official said on Thursday. ETF's has put a target of Rs 3000 crore and so far Rs 1400 crore have been raised, Ravi Mathur, Disinvestment...
  • Moily says no rethink on gas price hike decision 11-07-2013 05:46 PM

    New Delhi: Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerappa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014. "There is no thinking on...
  • SEBI to be given powers to get call data records of entities 30-06-2013 02:55 PM

    New Delhi: Market regulator SEBI will soon be given powers to get telephone call data records (CDRs) of entities under its investigation in cases of insider trading, money laundering and other market manipulations. A formal order in this respect will be issued after the Union Cabinet gives its approval to...
  • The fundamentals for India are improving, says Raghuram Rajan 11-06-2013 11:42 PM

    The Finance Ministry said that it will take steps to increase foreign investment flows into the country to strengthen the depreciating rupee. ...
  • Finance Ministry to take steps to strengthen rupee at right time 11-06-2013 04:50 PM

    New Delhi: The Finance Ministry on Tuesday said it will take steps to increase foreign investment flows into the country to strengthen rupee and the regulators will act at appropriate time to contain the fall in domestic currency that touched a record low of 58.96 to a dollar. "We will...
  • GoM meet on BSNL, MTNL revival deferred by a day 10-06-2013 08:45 PM

    New Delhi: The meeting of the Group of Ministers (GoM) looking into the revival strategy for state- owned telecom firms BSNL and MTNL has been deferred by a day to June 12. "It has been deferred to June 12," an official source told reporters. The GoM, headed by Finance Minister...
  • 'Govt may take more steps to curb gold import' 03-06-2013 08:07 PM

    New Delhi: The Finance Ministry on Monday said the government could take more steps to reduce gold imports, which may include banning sale of the yellow metal by banks. "More steps will have to be taken to reduce gold imports. Export import policy on gold will have to be reviewed....
  • Finance Ministry seeks RBI approval for all-women bank 02-06-2013 12:24 PM

    New Delhi: To make all-women bank a reality by October, the Finance Ministry has approached the Reserve Bank for clearance to set up the country's first such bank. "The committee set up to prepare the blueprint for all-women bank has submitted its report to the Finance Minister. We have sought...
  • AI's plan to trim workforce stuck with Finance Ministry 19-05-2013 01:50 PM

    Mumbai: Air India's plan to trim its 27,000 bloated workforce by offering a voluntary retirement scheme (VRS) is stuck in the North Block, with the Finance Ministry questioning the rationale behind the proposed scheme. The VRS scheme is "stuck in the Finance Ministry over the payment of Rs 1,200 crore...