The Finance Ministry said that it will take steps to increase foreign investment flows into the country to strengthen the depreciating rupee. ...
11:42 PM, Jun 11, 2013
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 continue to implement measures to ensure that portfolio investor inflows are enabled and encouraged and some of these measures will...
04:50 PM, Jun 11, 2013
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 P Chidambaram, was scheduled to meet on June 11. The high level inter-ministerial panel has not met since the time...
08:45 PM, Jun 10, 2013
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. May consider banning gold coin sale by banks," Department of Economic Affairs Secretary Arvind Mayaram said. He was talking to...
08:07 PM, Jun 03, 2013
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 in-principle approval from RBI for all women bank," Financial Services Secretary Rajiv Takru said. The first all-women bank wholly-owned by...
12:24 PM, Jun 02, 2013
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 for it. The ministry has pointed out that around 7,000 employees will retire from service over the next three years...
01:50 PM, May 19, 2013
New Delhi: Encouraged by the declining trend in inflation, the Finance Ministry on Tuesday made a case for further rate cut by the Reserve Bank to boost sagging growth. "I think we need to look at statement made by RBI Governor during the last policy review where he had stated that RBI is closely monitoring inflation figures and if there is dramatic change in inflation figures then RBI will take...
03:41 PM, May 14, 2013
New Delhi: The Finance Ministry on Friday made a strong case for rating upgrade of Indian economy by global agency Fitch on the back of increasing investments, declining import of gold and government's commitment to fiscal prudence. The issue of rating upgrade was raised by Finance Ministry officials at a meeting with the representatives of Fitch here. The meeting was attended by Department of Economic Affairs Secretary Arvind Mayaram, among...
04:53 PM, Apr 12, 2013
New Delhi: The Unique Identification (UID) Aadhaar number will soon be a "valid" proof of identity and address to obtain a PAN card. A proposal for inclusion of Aadhaar in the existing list of valid proof of identification and proof of address for allotment of PAN was sent to the Finance Ministry by the Unique Identification Authority of India. The Ministry has decided to notify rules in this regard. It...
09:53 PM, Apr 07, 2013
The Finance Ministry has asked public sector banks to limit the amount of loan write-offs and sought details of recoveries made by them in the six years ending 2011-12 with an aim to improve the finances of PSU lenders. ...
12:10 PM, Mar 31, 2013
The finance ministry has lowered interest rates on Public Provident Fund (PPF), five-year and 10-year National Savings Certificates (NSC) by 0.1 per cent each, with effect from April 1. Interest rate on PPF has been cut to 8.7 per cent from 8.6 per cent, five-year NSC to 8.5 per cent from 8.6 per cent and that of 10-year NSC to 8.8 per cent from 8.9 per cent. ...
02:54 PM, Mar 25, 2013
Finance Minister P Chidambaram on Friday said the ministry has moved the Cabinet note for setting up of a Debt Management Office (DMO), which will handle the government's borrowing programme. ...
02:05 AM, Mar 23, 2013
The Finance Ministry feels there is a case for a rating upgrade of India by at least a notch or so and agencies like Standard & Poor's and Fitch would be conveyed this view when they visit India next month. "I strongly believe there is a case for S&P and Fitch to upgrade. Even if it is one only notch or two notch above, but certainly there is no case...
11:56 AM, Mar 17, 2013
The Financial Intelligence Unit (FIU) of the Finance Ministry will probe an alleged sting operation conducted by an online portal claiming that the country's three large private banks indulged in money laundering both within and outside India. The FIU will also provide information in this regard to the Income Tax department which has already begun a probe into the contents of the sting operation, a senior I-T official said on...
11:39 PM, Mar 14, 2013
Deputy Chairman of the Planning Commission Montek Singh Ahluwalia lauded P Chidambaram's suggested measures during the Budget speech on Thursday and said the Finance Minister cleared up many doubts in the mind of foreign investors that could invite more investments and boost economy. He also said that Chidambaram's efforts will be able to achieve fiscal deficit of 4.8 per cent by 2014. ...
09:51 PM, Mar 03, 2013
Finance Minister P Chidambaram on said work on the Direct Tax Code (DTC) Bill, which seeks to overhaul income tax laws, is in progress and the amended Bill will be introduced in the ongoing Budget session. Presenting the Budget, he said that the DTC is not intended to be an amended version of Income Tax Act, 1961 but a new code based on the international practices that will be compatible...
05:23 PM, Feb 28, 2013
Finance Minister P Chidambaram on Wednesday presented his eighth annual budget in Parliament, the second highest by anyone in the country after a record 10 by former prime minister Morarji Desai. ...
01:23 PM, Feb 28, 2013
As UPA II presents its last Union Budget before the Lok Sabha elections, the question is whether Finance Minister P Chidambaram be able to ensure fiscal prudence in an election year or will political compulsions determine his economic choices. ...
10:25 AM, Feb 28, 2013
Will Finance minister P Chidambaram present enough growth opportunity for India as he presents his eighth Union Budget on Thursday . ...
08:47 AM, Feb 28, 2013
Private banks operating in the country have detected and processed the maximum number of counterfeit currency instances in banking channels surpassing both public sector and foreign banks by a huge margin, an official report of the Finance Ministry has said. ...
04:50 PM, Feb 26, 2013
