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The Union Finance Minister Shri Pranab Mukherjee said that the Government is fully seized of the current situation and he is confident that there will be a turnaround in our growth prospects in the coming months. The Finance Minister Shri Mukherjee was reacting to the S&P recent report suggesting that India could be the first BRIC country to falter. The Finance Minister Shri Mukherjee said that this is not based on a fresh rating action. S&P had issued India’s sovereign credit rating on April 25, 2012 reaffirming India’s long-term sovereign credit rating at BBB(-). It had, however, revised India’s outlook to negative from stable.
Andhra Pradesh Shops and Establishments Act, 1988 – Exemption from the provisions of Sections 15,16,21,23,31 and in respects of section 47 (1) (2) (3) and (4) of the Andhra Pradesh Shops and Establishments Act, 1988 to all Information Technology Enabled Services (ITES) and Information Technology Establishment in the State of Andhra Pradesh –Extension of exemption for a further period of one year with effect from 30.05.2012– Orders –Issued.
The Government has tabled a strong Lokpal Bill in Parliament which has features that are more progressive than in any Bill tabled before. This Bill has been prepared after extensive discussions with you and your colleagues and all suggestions that were considered to be feasible have been incorporated. This Bill has been passed by the Lok Sabha. Government is of the opinion that Parliament has to take a final view on the Bill and the passage of the Bill should be a Parliament-led process. To this end, Government is open to suggestions from all parties. In fact, many suggestions have been accepted by the Government in the course of the discussions on the Bill and two all-party meetings have been held in an effort to build consensus. The Bill has now been referred to a Select Committee which will be open to receive and examine all relevant suggestions.
IDBI Bank Ltd has entered into a Memorandum of Understanding with the Government of Karnataka (GoK) at the Global Investors Meet (GIM) held at Bangalore. The meet was organized by Government of Karnataka and Karnataka Udyog Mitra. Shri Manogaran Varadaraj Masilamani, General Manager, IDBI Bank and Shri B.S. Sirsikar, Joint Director (Planning), Directorate of Industries and Commerce, GoK, signed the MoU. The MoU provides assurance to GoK and investors that IDBI Bank would support the bankable proposal from various Industries in the state.
The Union Finance Minister Shri Pranab Mukherjee asked the Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) to suggest ways and means to expedite the unlocking of resources of various banks locked in the form of Non Performing Assets (NPAs) etc. The Finance Minister Shri Mukherjee said that there can be no lending unless there is recovery.
After the sharp criticism over the steepest hike, petrol price was on Saturday cut by Rs 2 per litre, a partial rollback of the Rs 7.54 a litre increase affected more than a week ago. The reduction, a result of fall in international oil prices, will mean that petrol in Delhi will cost Rs 71.18 per litre from midnight tonight, as against Rs 73.18 at present.
Addressing the 3rd meeting of the Government-Industry Task Force, here today, The Union Minister of Commerce Industry and Textiles, Shri Anand Sharma said that difficult economic climate not only in the context of Indian economy but the global economic situation at large and extreme concerns with the moderation in industrial growth should not shock us into inactivity.
National Telecom Policy-2012 and Unified Licensing Regime The thrust areas of NTP – 2012 are; • Increase rural teledensity from the current level of around 39 to 70 by the year 2017 and 100 by the year 2020 • Repositioning of Mobile phone- as an instrument of empowerment • Broadband –’Broadband For All at a minimum download speed of 2 Mbps
The residential property market in India, particularly in the Tier I & II cities, has remained sluggish for the past 12 months, with significantly lower sale volumes, especially when compared to the high absorption rates of 2010. Home loan interest rates now seem to be declining from their cyclical highs but unforeseen tax levies have come at a time when the industry is facing its moment of reckoning.
The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it was purchased within the period of six months next preceding the date on which it was so surrendered. The stipulation of the period of six months prescribed in Section 54 is only for the purpose of seeking refund of the value of the unused stamp paper, and not for use of the stamp paper. Section 54 does not require the person who has purchased a stamp paper, to use it within six months. Therefore, there is no impediment for a stamp paper purchased more than six months prior to the proposed date of execution, being used for a document.