New Delhi: Finance Minister Pranab Mukherjee is likely to lay down a road map for effective governance in the process of increasing indirect tax collections at the Central Board of Excise and Customs (CBEC) meet on Monday. Pranab will inaugurate the 27th Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax. "The two-day conference will deliberate... issues relevant to indirect tax administration with the...
08:43 AM, Jun 04, 2012
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
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
New Delhi: The illicit outflow of money from India has been estimated at $104 billion as of December last year, according to a report of the Global Financial Integrity (GFI). This has been disclosed by the white paper on black money tabled in Parliament on Monday. But the report does not give any estimate of the government about either black money in India or the amount stashed away in banks...
12:33 AM, May 22, 2012
Kolkata: Finance Minister Pranab Mukherjee on Sunday said the steep fall in the rupee was a matter of great concern and the Centre was trying to resolve the situation. "It is a matter of great concern. We are watching the situation. The Centre is not (sitting) idle. We are trying to resolve (the issue)," Mukherjee said. "This is due to the Eurozone crisis," he said. Mukherjee added, "There is also...
12:23 PM, May 20, 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: India's economic growth story is intact and the current account deficit under control, senior Finance Ministry officials told a team from global ratings agency Fitch on Thursday, weeks after S&P cut its outlook for Asia's third largest economy. The visit came as the Indian rupee tumbled to a record low against the dollar, with the crisis in the euro zone adding pressure on a currency already under fire...
05:18 PM, May 17, 2012
New Delhi: Finance Minister Pranab Mukherjee on Wednesday assured Parliament that India's growth story remained intact despite Euro zone crisis and Greece turmoil. Pranab attributed the downward trend in the share markets to the global economic crisis. He said that the government is going to take some austerity steps to convey that it is responding to the situation. On retrospective amendments to tax laws, the Finance Minister said Parliament is...
02:05 PM, May 16, 2012
New Delhi: Hours after his angry outburst led to an hour-long adjournment of Lok Sabha, Finance Minister Pranab Mukherjee on Thursday expressed his "regret" for losing temper, saying it was not appropriate. As soon as the House met again at 4 pm, Mukherjee rose to express his "regret" saying he owed an "apology" to the House. "I tried to intervene in a matter raised by Yashwant Sinha, but unfortunate incident...
05:57 PM, May 10, 2012
New Delhi: Union Finance Minister Pranab Mukherjee on Tuesday replied to the Finance Bill in Lok Sabha, pointing that oil prices were mounting everyday. Asserting that the government had the capacity to respond to any challenge, he said that subsidies constituted a major part of it. Addressing the House, the Finance Minister said that there was a need for all the stake holders to get going together to improve the...
04:53 PM, May 08, 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: India will delay by one year until fiscal 2013/14 the introduction of measures to crack down on tax evasion, Finance Minister Pranab Mukherjee said on Monday, responding to concern among foreign investors that has led to an exodus of funds. Pranab Mukherjee also told parliament that the burden of proving tax evasion will lie with the authorities rather than with overseas investors. Experts' views: Radhika Rao, Economist, Forecast...
03:25 PM, May 07, 2012
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