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
Commerce Minister Anand Sharma says the Finance Ministry has come out with number of notifications easing investment flows. ...
07:14 PM, Jun 01, 2012
New Delhi: Launching an austerity drive to contain expenditure, the government today banned creation of new posts in its departments and holding their meetings in five-star hotels besides imposing curbs on foreign travel. The Finance Ministry has also asked all ministries and departments to reduce non-Plan expenditure by 10 per cent in the current financial year. "There will be a total ban on holding of meetings and conferences in five-star...
06:21 PM, May 31, 2012
New Delhi: India's total outstanding debts stood at Rs 39,38,474 crore as of fiscal 2010-11. Of this, internal debt accounts for Rs 37,80,835 crores and external debt Rs 1,57,639 crore. The external debt as on March 31, 2011 includes Rs 1,752 crores as outstanding debt from USA. This was stated by Minister of State for Finance Namo Narain Meena in a written reply in Lok Sabha. The amount of annual...
11:25 PM, May 18, 2012
New Delhi: Ruling out any negotiations with Vodafone in the Rs 11,000-crore tax dispute case, the Finance Ministry on Monday said it would reply to the notice given by the British telecom major after passage of the Finance Bill by Parliament. "How can the government negotiate with Vodafone?" a top finance ministry official said when asked whether government is contemplating to waive penalty and interest in respect of the tax...
08:20 PM, May 07, 2012
New Delhi: The Finance Ministry on Wednesday hit back at Vodafone's claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice. "We have provided copies of the letter (about tax liability) to the concerned parties," Hutchison Essar, which was later taken over by Vodafone, had said in its communication to the tax department...
05:29 PM, Apr 25, 2012
New Delhi: The Finance Ministry is going to reply to the Vodafone notice on the retrospective tax proposal after the passage of the Finance Bill in Parliament as the matter is related to it. Sources said the reply is likely to quote China and UK retrospective amendments in support of the Indian proposal. Sources added that the government could negotiate and was prepared for international arbitration, but was not thinking...
04:53 PM, Apr 18, 2012
New Delhi: The Indian government's best kept secret for the past one year is out. The embattled Congress-led United Progressive Alliance (UPA) government is sitting on the financial coup of the century. The content of a set of highly sensitive documents from the Finance Ministry could not only salvage the deadlocked politics of a scam-riddled coalition but help push India ahead of China as the world's second largest economy as...
12:01 AM, Apr 01, 2012
Kanpur/New Delhi: Coal Minister Sriprakash Jaiswal courted controversy by saying that many government departments suck blood like mosquitoes but he clarified on Monday this remark was not aimed at the Finance Ministry. "For only 100 crore rupees revenue I realise how much you will have to go through. Like mosquitoes in the night, in our country there are some departments that also suck blood," he said on Sunday at an...
04:41 PM, Mar 26, 2012
New Delhi: A Finance Ministry official has said that cash-strapped Kingfisher Airlines has sought more time from the revenue department to pay its Service Tax dues of about Rs 76 crore. "They want some more time...They have made a request. Will see what can be done?" Central Board of Excise and Customs (CBEC) Chairman S K Goel told reporters in New Delhi. He was replying to a query on whether...
06:25 PM, Mar 23, 2012
New Delhi: In a move that can provide relief to insurance companies, banks and electricity companies, finance ministry has told a house panel that it is willing to waive Minimum Alternate Tax (MAT) for these companies. This is very significant news post the meeting that the house panel on finance led by Yashwant Sinha had on Friday. It is the second meeting in recent days before the final meeting which...
09:50 PM, Feb 25, 2012
Kolkata: Railway Minister Dinesh Trivedi on Sunday said the huge funds required for implementing safety measures in railways cannot be generated by fare hike alone and the Centre must give a huge budgetary support for it. "I am certainly concerned about safety. And, we require huge money for safety. I think the Railways have outlived its utility as of now. We have to rebuild the entire railway system in the...
05:31 AM, Feb 20, 2012
New Delhi: Stock exchanges on Tuesday pitched for abolition of the Securities Transaction Tax (STT) on equity trades at their meeting with Finance Ministry officials in New Delhi. The issue of removal of STT was raised by representatives of different stock exchanges, including BSE, National Stock Exchange, MCX-SX and USE. Besides, the officials of the market regulator Securities and Exchange Board of India (SEBI) were also present in the meeting....
09:18 PM, Feb 07, 2012
New Delhi: Finance Minister Pranab Mukherjee says though food inflation has moderated the country is not out of the "woods totally", asserting inflationary pressures must be brought down to a tolerable and acceptable level before Indian economy can revert to high growth. "In the last 20-22 months food inflation has been obstinate. Food inflation reached as high as 22 per cent in February 2010. From December onwards the pressure has...
05:36 AM, Feb 06, 2012
New Delhi: Finance Minister Pranab Mukherjee on Saturday welcomed the 2G trial court's order on P Chidambaram, dismissing the plea against him by Janata Party president Subramanian Swamy. Welcoming the verdict, Mukherjee said, "Someone was unfairly persecuted. Even in the Supreme Court's order, it was never mentioned that the (then) finance minister's (P Chidambaram) directive was ignored. Rather, it was the Finance Ministry that was mentioned by the SC." Meanwhile,...
03:02 PM, Feb 04, 2012
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