Financing

  • 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...
  • Finance firm employees robbed of Rs 4 lakh at gun point 19-02-2014 07:52 AM

    Unidentified men allegedly looted Rs 4.33 lakh from two employees of private finance company near Kalyani More in Bokaro district on Tuesday, police said. Satish Kumar and his colleague Rakesh Dubey, of Tata Finance Company, were returning to their Dhanbad-based office after collecting money from customers in Bokaro when armed...
  • Tata India's most valuable brand; Apple on top globally 18-02-2014 09:34 PM

    London: Diversified conglomerate Tata group was on Tuesday declared India's most valuable brand with a value of $21.1 billion, while US-based technology giant Apple has retained its top position globally with about $105 billion. According to a list released on Tuesday of world's 500 most valued brand, Brand Finance Global...
  • Raise our share in tax revenues, Shivraj Singh Chouhan tells Centre 18-02-2014 03:39 PM

    Madhya Pradesh Chief Minister Shivraj Singh Chouhan has sought a raise in the state government's share in the central tax revenues from the existing 30 per cent to 50 per cent. The Chief Minister made this demand during a meeting with the members of the 14th Finance Commission held in...
  • Interim Budget: Government plans to boost PSU banks, may provide Rs 11,200 crore 17-02-2014 03:03 PM

    New Delhi: Finance Minister P Chidambaram on Monday proposed to infuse Rs 11,200 crore in public sector banks to enhance their capital in the next financial year. "In 2014-15, I propose to provide Rs 11,200 crore for capital infusion in public sector banks. They have opened 5,207 branches so far,...
  • Government to loan Rs 4.57 lakh crore to bridge fiscal deficit in 2014-15 17-02-2014 01:24 PM

    New Delhi: The government on Monday pegged its net borrowing for 2014-15 at Rs 4.57 lakh crore, Rs 11,580 crore less than the revised estimates of the current fiscal. "The net market borrowing of the Central Government in 2014-15 is estimated to be Rs 4,57,321 crore," as per the interim...
  • No policy paralysis, Indian economy better placed today: Chidambaram 17-02-2014 12:36 PM

    New Delhi: Rejecting arguments of "policy paralysis", Finance Minister P Chidambaram on Monday said the economy is more stable than what it was two years ago following several steps taken by the government and that the growth will be higher in the second half of the fiscal. "Thanks to the...
  • UPA II to present its last interim budget in Parliament on Monday 17-02-2014 12:09 AM

    New Delhi: With just two months left for the general elections, UPA II will present its last interim budget in Parliament on Monday. While the Railway Budget was reduced to a mere 14-minute show, people across the country await Congress-led UPA's last minute attempts to woo the voters ahead of...
  • Interim Budget 2014: Auto industry hoping for surprise from North Block 15-02-2014 12:15 PM

    New Delhi: Expectations are running high that despite limitations, Finance Minister P Chidambaram would make one last ditch attempt to revive the manufacturing sector when he presents the last economic statement, the vote on account on Monday. Despite numerous snubs in the past, the auto industry is still hoping for...
  • 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...
  • People of Bengal will settle scores with UPA: Mamata 12-02-2014 07:46 AM

    Kolkata: Attacking the Congress-led UPA government, West Bengal Chief Minister Mamata Banerjee on Tuesday said people would settle scores with the central coalition for depriving the state financially. Banerjee said Prime Minister Manmohan Singh had promised before the 2011 Assembly polls that the Centre would help the state if the...
  • 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...
  • Hyderabad: Man held with gold ornaments stolen from Muthoot Finance 03-02-2014 05:42 PM

    Hyderabad: A labourer from Jharkhand was on Monday arrested in connection with the theft at Muthoot Finance in Zaheerabad town and 7 kg gold ornaments and Rs 13.42 lakh in cash was seized from his possession, police said. Ashok Sharma, a native of Saheb Gunj mandal of Jharkhand, who was...
  • 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...
  • AG finds irregularities worth crores in Naxal-hit Bastar 28-01-2014 03:13 PM

    Various alleged administrative and financial irregularities worth crores have been pointed out in execution of development works in worst Naxal-hit Bastar district of Chhattisgarh by state Accountant General. In its sample inspection, AG officials found that works worth over Rs 14 crore under Backward Regions Grant Fund (BRGF) were pending...
  • Farmers affected by import of poppy seeds from Turkey 24-01-2014 01:39 PM

    Unable to get a good price for their cultivation of poppy seeds because of its import from Turkey, the farmers of Malwa and Mewar region have taken up the issue with higher-ups seeking help to end their woes. Poppy seeds, popularly known as 'khus-khus', are primarily used for value addition...
  • The Global Economy: Will the Craziness Stop in 2014? 17-01-2014 03:12 PM

    The year 2013 saw two anniversaries: The 50th anniversary of the assassination of President John F Kennedy and the 5th anniversary of the global financial crisis (GFC) and the collapse of Lehman Brothers. Both events continue to cause controversy. Theories about the presidential killing are still debated. There are still...
  • EU falling behind India, China, says British Finance Minister George Osborne 15-01-2014 04:56 PM

    British Finance Minister George Osborne on Wednesday warned the European Union that it was falling behind India and China and must reform to halt the bloc's decline. "We can't go on like this...(there is a) simple choice for Europe: reform or decline," Osborne stressed while addressing a conference organised by...
  • Underground fire, subsidence in Jharia be considered as 'national disaster': CPI(M) 11-01-2014 12:15 AM

    The CPI(M) on Friday told the 14th Finance Commission that the underground fire, subsidence and emission of poisonous gas in the Jharia coalfields of Dhanbad be considered as a "national disaster". "Lives and livelihood of about seven lakh inhabitants in the area are adversely affected due to the underground fire...
  • Jharkhand looks forward to Finance Commission largesse for its development 10-01-2014 06:41 PM

    Jharkhand has urged the 14th Finance Commission to assist the state in wiggling out fromits underdevelopment with adequate allocations, considering problems of unemployment and Left-wing extremism. The YV Reddy-headed Commission, which got a feedback on the state's problems from Chief Minister Hemant Soren, departmental heads and political leaders during its...
  • Political parties urge Finance Commission to provide higher tax revenue 03-01-2014 05:19 PM

    Burying their differences, all political parties in Bihar have collectively urged the 14th Finance Commission to provide higher tax revenue to the state to tide over socio-economic backwardness on long-term basis. In a joint memorandum prepared by mainstream political parties, and academic and professional organisations, the 14th Finance Commission has...
  • BJP set to win all 26 Gujarat Lok Sabha seats, says BJP leader 02-01-2014 07:19 AM

    Vadodara: The BJP's Gujarat unit is geared to win all 26 Lok Sabha seats from Gujarat after declaring Gujarat Chief Minister Narendra Modi as its prime ministerial candidate, BJP's Gujarat unit general secretary and chairman of the Gujarat Finance Board Vijay Rupani said on Thursday. Rupani was in the city...
  • A major 'bureaucratic reshuffle' underway, is Vasundhara Raje already at work ? 13-12-2013 04:05 PM

    Just a few hours after she took oath as the Rajasthan Chief Minister at Janpath in Jaipur on Friday, BJP's Vasundhara Rajeseems to have started work already. If party sources are to be believed, a major administrative shuffle has already begun after the oath taking ceremony concluded earlier on Friday....
  • Sumit Bose to be the new Finance Secretary 10-12-2013 05:43 PM

    Revenue Secretary Sumit Bose, an IAS officer of 1976 batch, will be the new Finance Secretary. "Sumit Bose, IAS, Secretary, Department of Revenue, Ministry of Finance, designated as Finance Secretary," said an official release on appointments cleared by the ACC. Bose, a Madhya Pradesh cadre officer, is the senior most...
  • Indian economy grows by 4.8 per cent in Q2 29-11-2013 07:40 PM

    New Delhi: After sluggish growth in the first quarter, Indian economy grew by 4.8 per cent in the second quarter this fiscal due to improved performance of farm, manufacturing, construction and services sectors. The country's gross domestic product (GDP) had expanded by 4.4 per cent in the April-June quarter of...
  • Don't starve Bengal, Mamata tells centre 27-11-2013 04:08 PM

    Pressing her demand for "restructuring" debts incurred during the erstwhile Left Front regime in West Bengal, Chief Minister Mamata Banerjee on Wednesday told the central government not to "starve" her state. She also urged the centre, if needed, to seize the properties of those responsible for the large debts incurred...