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Committing to expedite the financial sector reforms, Finance Minister Pranab Mukherjee today exuded confidence that India will achieve over 9 per cent economic growth rate in the coming years. “With strong macro-economic fundamentals and the resilience shown… by the economy in face of adversities, I am confident that we are headed for a 9 per cent plus growth in the coming years”, Mukherjee said while addressing a award function organised by Bloomberg UTV television channel.
Direct Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha Indirect Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha
Parliament’s Public Accounts Committee chairperson M M Joshi on Thursday indicated that overlapping of functions of the panel and the JPC into 2G spectrum scam was not a matter of concern and his powers went beyond the CAG report. In an interaction with the media, Joshi said the Public Accounts Committee has a “constitutional mandate” and its functions extend to areas other than CAG reports.
Shri Kapil Sibal, Union Minister for Human Resource Development inaugurated, here today, a new web-based application for the All India Council for Technical Education (AICTE) that will provide for the information and data as filled in by the institutions to be available in the Public Domain. This is a bid to promote transparency and accountability in its functioning. Interested stake holders can thus view the information pertaining to any institution in the Public Domain.
The Karnataka State Budget for the year 2011-12 was presented on 24 February, 2011. In line with the earlier budgets, Karnataka State Budget has proposed many changes in stamp duty rates. One of the key proposed changes is the reduction in the stamp duty rate on court order sanctioning the merger / demerger of companies. We have highlighted below, two of the key amendments concerning the Mergers and Acquisitions.
The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be “ineligible” for getting them. Based on the report of the CAG, the Department of Telecom (DoT) has “issued show cause notices to 13 companies for termination of the 85 new licences issued in 2008. The companies have given their replies which are under examination,” DoT said in its reply to PAC’s questionnaire.
Parliament today completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the Finance Bill 2011 and Appropriation Bills to the Lok Sabha, thus signalling the completion of the Budgetary exercise.
The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in his budget speech of 2010-11 to rewrite and harmonise financial sector legislations, rules and regulations. This had become necessary as the institutional framework governing India’s financial sector was built over a century.
The Finance Bill, 2011 (the Bill) was introduced by the Finance Minister (FM) in the Lok Sabha yesterday. The FM has proposed certain amendments to the Bill in the Lok Sabha. Here we are giveing a snapshot of the key amendments proposed to the provisions of the Bill as passed by the Lok Sabha. It may be noted that these proposals will become law only after they are passed by the Rajya Sabha and thereafter receive assent of the President of India.
After almost two years of planning, the National Payments Corporation has at last finalised the proposed unique India Card which once commercially launched would be an domestic alternative to the global real-time payment processing firms like Visa and MasterCard . “We have finalised name of the proposed card as Rupay at our board meeting here today. We have also finalised the logo for the same,” a senior official of the RBI-set up National Payments Corporation of India (NPCI), told media this evening. The official sought not to be named.
