Corporate philanthropy lesser known in India: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said that conventionally corporate philanthropy was lesser known in India, but it has begun well as an institutionalised mechanism in the form of corporate social responsibility (CSR).

"Conventionally corporate philanthropy lesser known in India. But it has begun well as institutionalised mechanism," Jaitley said here in his keynote a

Government may cross Rs 45.5K cr divestment target this fiscal

The government hopes to overshoot the Rs 45,500 crore disinvestment target for the current fiscal amid strengthening of equity markets, reported PTI. Media reports said the Finance Ministry cleared disinvestment in two more PSUs last week.

"The response to recent disinvestment offers has been very good. It seems the disinvestment target for the current fiscal may be exceeded,&quo

GST Council clears law to compensate states for revenue loss

Inching towards rolling out of GST, the GST Council approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting, reported PTI.

The all-powerful GST Council will meet again on March 4 and 5to approve the legally vetted draft of the supporting legislations for Central GST (C-GST

GST Council has cleared draft compensation law: Jaitley

Finance Minister Arun Jaitley on Saturday said the Goods and Services Tax (GST) Council has cleared the draft compensation law -- one of the four enabling laws under the GST constitutional amendment - and hoped the remaining ones will be cleared in the next meeting ahead of the second half of Parliament's Budget Session.

"The GST's compensation law states that if any stat

Dry ATMs rebut Jaitley's claim of swift recovery post note ban

Despite the claim of Union Finance Minister Arun Jaitley that printing of new money was done efficiently after the November note ban and things were "normalised" in a few weeks, on Friday many ATMs here were found gasping for cash.

As IANS went around the ATMs in the national capital, it found that the situation had only marginally improved from what it was in the thick of t

Normalcy in currency operations restored: Arun Jaitley

Finance Minister Arun Jaitley said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation and there is no shortage of notes in market, reported PTI.

Currency note printing presses of Reserve Bank of India as well as Security Printing and Minting Corporation of India Ltd (SPMCIL) have worked without a break to remo

Government restored normalcy post-note ban in a few weeks: Jaitley

Applauding the security printing presses for their efficiency, Finance Minister Arun Jaitley on Friday said that while people were estimating that it will take a year or seven months for printing adequate number of notes, the situation was normalised in a few weeks.

"People used to guess it will take a year or seven months for remonetisation. But in a few weeks things were normal

Tourism & education could be new areas for investment: Arun Jaitley

Union Finance Minister Arun Jaitley today said Jharkhand has a stable government and tourism and education could be the areas for new investments in the state.

He said it was natural that investment would come in traditional areas but investments in new sectors like tourism and education would also come in Jharkhand. Jaitley, who was here as chief guest for the inaugural ceremony of G

Jharkhand can exceed national growth average by 4-5%: Finance Minister

Finance Minister Arun Jaitley has said that BJP-led Jharkhand can now exceed the national economic growth average by 4-5 per cent. Commenting on the issue, Finance Minister Arun Jaitley told the media, "Jharkhand has a potential today with its natural resources, and potential for investment to grow at least 4-5 per cent ahead of the national average.

Today, it is marginally 1 per

Remonetisation situation almost normal now: Finance Minister

The Indian Government has said that the remonetisation situation with regard to replenishing the scrapped currency is almost normal now and the Reserve Bank is monitoring the supply on a daily basis. Commenting on the issue, Finance Minister Arun Jaitley told the media, "As far as remonetisation is concerned, the situation is almost normal and RBI is monitoring the currency supply position

Health group urges for higher taxes on bidi products under GST

Several public health groups, including the Voluntary Health Association of India, on Thursday urged Finance Minister Arun Jaitley to ensure that all tobacco products especially bidis are taxed at uniformly high rates under the new GST framework.

The public group, which also includes Tata Memorial Hospital, says that the total tax burden currently is at 53 per cent, 19.5 per cent and

Jaitley appeals to industry to invest in Jharkhand

 Union Finance Minister Arun Jaitley on Thursday appealed to business organisations to invest in Jharkhand as the state has an investor-friendly government.

"We have a stable government in the state which has made economic development as its core issue. Jharkhand is one of the few states of the country which has immense potential in growth in different sectors like manu

Situation is almost normal after note ban: Jaitley

Union Finance Minister Arun Jaitley on Thursday said the situation in the country is "almost normal" after the November 8 demonetisation move.

"The situation in the country is almost normal after demonetisation," Jaitley said at a press conference here. He was in Ranchi to take part in the Global Investors Summit(GIS) 'Momentum Jharkhand'.

Currency in surplus, ATMs being monitored daily: Finance Minister

Finance Minister Arun Jaitley said the currency is in surplus and the ministry is monitoring status of ATMs on a daily basis to sort out operational issues, reported PTI. "The Department of Financial Services is collecting details about money in ATMs. There might be a few operational issues in some locations... I get report on a daily basis... we are monitoring it so that these kinds of si

No shortage of cash, assures Arun Jaitley

Union Finance Minister Arun Jaitley on Wednesday said that there is no shortage of cash and some ATMs could be dry due to operational reasons.

Jaitley, who was briefing the media after a meeting of the Union Cabinet, was asked on reports of shortage of cash at several ATMs in different parts of the country.

"We are monitoring the situation, so that such complaints don&#

India awards 31 oil and gas blocks

NEW DELHI - India has approved the award of operating licences for 31 small oil and gas fields, Finance Minister Arun Jaitley told reporters on Wednesday.

The world's third biggest oil consumer had received bids for 34 of 46 oil and gas fields that were auctioned in May in India's push to tap its energy resources.

(Reporting by Nidhi Verma; Edit

Government hasn’t waived off a paisa of any industrialist: Finance Minister

The Indian Government has said that it has not waived even a single paisa of any industrialist and Rahul Gandhi is levelling false allegations in this regard. Commenting on the issue, Union Finance Minister Arun Jaitley told the media, "Rahul Gandhi, in his rallies, has been alleging that the Central government has waived over Rs one lakh crore loan of 50 top industrial houses in the count

Finance Minister reels off statistics, says data call for rating upgrade

Citing sound macroeconomic parameters, finance ministry officials on Tuesday pitched for a rating upgrade in their meeting with global rating agency Fitch, reported PTI. The officials also sought to understand how it rates sovereigns as rating agencies have been denying an upgrade citing stress on balance sheets of both banks and corporates.

The ministry also explained the representat

Demonetisation to purge system of prevalent ills: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday defended the November 8 demonetisation, saying the Centre took the decision with a larger objective of cleansing the system of excessive cash.

The scrapping of the high-value currency notes was taken with the larger objective of ridding the system of excessive cash, which is at the root of every illegality and crime, be it organised crime

No proposal to levy 5% service tax on healthcare services: Finance Minister

Settling the rumors spread in social media, the Central Government on Monday clarified that it does not intend to levy any additional service tax on healthcare services.

“The Central Government has clarified that there is no proposal in the Union Budget 2017-18 to levy 5 per cent service tax on healthcare services, as reported in certain social media circles,” according to

No impact of global slowdown on India: Arun Jaitley

India remained unaffected by global slowdown and the rhetoric of protectionism in developed economies, said Union Finance Minister Arun Jaitely on Monday.

"Unpredictable global slowdown and the rhetoric of protectionism in developed economies have not affected India," he said at the 'Make in India - Karnataka' conference here.

Asserting that the government

Government focus on clean economy, bold decisions: Finance Minister

The Modi government's emphasis is on bold decision making and a clean economy with business friendly environment, the returns of which can be spent on the poor, Finance Minister Arun Jaitley said as per the PTI report. He also said the fundamental problem during the UPA rule was that its Prime Minister (Manmohan Singh) was not a natural leader of the ruling party or the government that comm

UBI will be set in motion over next 1 year: Finance Minister

Finance Minister Arun Jaitley hoped that the Universal Basic Income (UBI) scheme mooted by the Economic Survey will be implemented over the next one year in some parts of the country at least on experimental basis, reported PTI. The Economic Survey, authored by Chief Economic Advisor Arvind Subramanian, had suggested that the Centre may come out with UBI scheme under which the government should

P. Chidambaram asks FM Jaitley to cut indirect taxes immediately

Former finance minister P Chidambaram, who feels the Union Budget for 2017-18 is "aimless and directionless", has said that the government should immediately cut indirect taxes across the board to revive the sagging economy.

Demonetisation, he said, damaged India's GDP growth in 2016-17. Further, he fears that its shadow will fall on 2017-18 and some parts of 2018-19.

Expected RBI to cut interest rates: Finance Minister

Finance Minister Arun Jaitley has said that he expected the RBI to cut interest rate but respect its decision to hold status quo. Commenting on the issue, Finance Minister Arun Jaitley told the media, "All finance ministers have a perpetual desire (of lower rate) but at the end of the day we all respect the decision that the RBI takes."

"One of the board members did ask