New Delhi: Finance Minister Pranab Mukherjee on Monday admitting the current economic condition in the country was "difficult" but rejected any comparison with the situation of 1990 when India had faced an external debt crisis. During the CWC meeting, Mukherjee said that the current economic situation was also discussed. "I explained that an attempt is being made to make a comparison between 1990 and 2012. I think that comparison is...
01:10 AM, Jun 05, 2012
New Delhi: Union Finance Minister Pranab Mukherjee on Monday dismissed the possibility that India's economic situation is anywhere near as dire as in 1991. "Attempts have been made to link the current situation with that in 1991. I think this comparison is not correct. There is no reason to believe that we are going back to the situation of 1991 because our fundamentals are very strong," said Mukherjee. "Our foreign...
06:10 PM, Jun 04, 2012
New Delhi: The Congress Working Committee (CWC), in a crucial meeting held on Monday, asked the government to make firm decisions and stick to them, with the members asserting that they do not want the Congress to be seen as coming under pressure from allies and others. According to sources, the party's highest decision making body also authorised party president Sonia Gandhi to choose the President and the Vice President....
05:40 PM, Jun 04, 2012
New Delhi: Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee on Monday exuded confidence that they will be able to meet indirect tax collection target of Rs 5.05 lakh crore for 2012-13. "They have done good job last year. This year also, I do hope it would be possible for them to do their job and realize the revenue target which has been fixed for...
12:34 PM, Jun 04, 2012
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
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12:58 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
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
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