New Delhi: As India inches closer to what seems like a sequel to the 1991 economic crisis, it is also moving towards a similar political arrangement to manage the economy. It may be recalled that in June 1991, PV Narasimha Rao chose Dr Manmohan Singh " a non-politician then " as the finance minister to ring fence the management of the economy. There is a growing buzz on Raisina Hill...
08:42 AM, Jun 03, 2012
New Delhi: Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said that the Income Tax Department will not reopen cases where assessment proceedings had been finalised before April 1, 2012. "I gave a commitment in Parliament with regard to retrospective amendments that CBDT (Central Board of Direct Taxes) will issue a policy circular to clarify that in cases where assessment proceedings have become final before first...
04:19 PM, May 30, 2012
New Delhi: With an aim of generating additional revenue through non-tariff measures, the Railways have sought Cabinets approval to go ahead with its ambitious plan of commercial utilisation of land. Though Railways had decided to construct multi-functional complexes (MFC) at stations as well as develop passenger terminals as world class stations in the PPP mode, the plan had come unstuck as it involved long-term leasing of land. "The long-term leasing...
12:56 PM, May 30, 2012
New Delhi: The Election Commission is likely to issue its notification for the Presidential election by mid-June, setting in motion the process of election to the country's top post. President Pratibha Patil's term ends on July 24 and the EC notification in this regard will be issued sometime in mid-June. "The notification for the last Presidential election was issued on June 13. The EC will be issuing a notification around...
03:22 PM, May 29, 2012
New Delhi: Amid widespread protests, Finance Minister Pranab Mukherjee will soon write to state chief ministers to consider cut in sales tax on petrol to partly neutralise the impact of the Rs 7.54-per-litre hike in the price of the auto fuel. "We are awaiting inputs from the Petroleum Ministry. The Finance Minister will be asking the state chief ministers to lower duties," an official said. Meanwhile, Uttarakhand, Kerala and Delhi...
03:29 AM, May 29, 2012
New Delhi: Concerned over rising bad loans, Finance Minister Pranab Mukherjee on Monday asked the banks to take steps to manage their non-performing assets (NPAs) which have grown on account of economic downturn. "NPAs have grown at an uncomfortable and unacceptable rate in the past couple of years. The RBI has recently advised the selected banks to take necessary steps for appropriate NPA management. I hope the concerned banks will...
08:01 PM, May 28, 2012
Kolkata: With key UPA ally Trinamool Congress averse to FDI in retail, Finance Minister Pranab Mukherjee on Sunday said the Centre is trying to build a consensus on it and other contentious issues. "We are working to build a policy consensus on a number of pending issues such as introduction of Goods and Services Tax, further liberalisation of FDI, including in retail, and deepening and strengthening of financial markets for...
04:33 AM, May 28, 2012
Kolkata: Attributing the slide in rupee value to various domestic and global factors, Union Finance Minister Pranab Mukherjee on Sunday said the Reserve Bank was taking steps to arrest the currency's depreciation. "There are a lot of reasons for this (depreciation). There is demand and supply in the market. In the US, there is surplus investment. It used to be a safe haven," he said. "Europe used to be an...
03:40 AM, May 28, 2012
Kolkata: Union Finance Minister Pranab Mukherjee on Sunday said the UPA is trying to build a consensus on contentious issues like Goods and Services Tax and FDI in retail which faced strong opposition from Mamata Banerjee. "We are working to build a policy consensus on a number of pending issues such as introduction of Goods and Services Tax, further liberalisation of FDI, including in retail, and deepening and strengthening of...
10:00 PM, May 27, 2012
Kolkata: Attributing the slide in rupee value to various domestic and global factors, Union Finance Minister Pranab Mukherjee on Sunday said the Reserve Bank was taking steps to arrest the currency's depreciation. "There are a lot of reasons for this (depreciation). There is demand and supply in the market. In the US, there is surplus investment. It used to be a safe haven," he told reporters. "Europe used to be...
02:11 PM, May 27, 2012
Manipal: Amid persisting global uncertainties, Finance Minister Pranab Mukerjee on Saturday said that India's domestic demand, high savings rate and regulatory mechanisms make it a resilient economy. He, however, emphasised upon the need for increased coordination among countries to realise collective gains in the face of global economic woes. Mukherjee further said that performance of Asian economies in short to medium-term is crucial not only to keep the engine of...
10:48 PM, May 26, 2012
New Delhi: Team Anna has accused 15 UPA government ministers including Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and Home Minister P Chidambaram, of corruption. The 15 ministers named by Team Anna are: Manmohan Singh, P Chidambaram, Pranab Mukherjee, Sharad Pawar, SM Krishna, Kamal Nath, Praful Patel, Vilasrao Deshmukh, Virbhadra Singh, Kapil Sibal, Salman Khurshid, GK Vasan, Farooq Abdullah, MK Alagiri and SK Shinde. Following is the report compiled...
03:35 PM, May 26, 2012
New Delhi: Team Anna has accused top UPA government ministers including Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and Home Minister P Chidambaram of corruption. Targeting 15 UPA ministers in their report, Team Anna has asked for a Special Investigation Team to be formed to probe the charges and has named six judges to look into the allegations. "I have written to PM for a special investigative team to...
03:11 PM, May 26, 2012
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11:25 PM, May 23, 2012
New Delhi: Finance Minister Pranab Mukherjee on Wednesday said the decision to increase petrol price by a massive Rs 7.54 a litre was taken by oil marketing companies as the government had deregulated the fuel nearly two years ago. "The decision has been taken. Petrol is a deregulated commodity," Mukherjee told reporters in response to queries on the steep hike in petrol prices. State-owned oil marketing companies on Wednesday announced...
09:33 PM, May 23, 2012
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