GST Bills to be introduced in Parliament next week: Finance Minister

Finance Minister Arun Jaitley said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week, reported PTI. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are introduced in Parliament and the GST Council cleared those four bills only last week.

94 infrastructure projects facing delay, cost overrun: Government

Big infrastructure projects worth Rs 150 crore and above are running behind schedule and have cost overrun, Parliament was informed today. As many as 1,186 such projects were under the monitoring of the ministry at the end of December 2016, Minister of Statistics and Programme Implementation D V Sadananda Gowda said in a written reply in Lok Sabha. "Of these 1,186 projects, 94 projects are

Demonetisation to augment economic activity: Government

The government's demonetisation move is set to augment the economic growth as interest rates have come down as a result of increased deposits in banks, Parliament was informed as per the PTI report. It is noteworthy that the government is being targeted constantly from across the quarters for nullifying old Rs 500/1,000 notes from circulation in November, contending it would impact the econ

Income of CPSEs declines by over 10% in FY16: Survey

The total income of central public sector enterprises in the country reduced by over 10 per cent even as their losses widened in 2015-16, according to the Public Enterprises Survey tabled in Parliament, reported PTI. The report, tracking the performance of CPSEs in 2015-16, showed their total income stood at Rs 17,64,754 crore compared to Rs 19, 65,657 crore in 2014-15, registering a 10.22 per

Shortage of funds, manpower to hit implementation of schemes: Par panel

The Ministry of Skill Development and Entrepreneurship is facing acute shortage of manpower and funds, which will adversely affect the implementation of some of its flagship schemes, a Parliamentary panel has observed as per the PTI report. In its report on the demands for grants related to the Ministry of Skill Development and Entrepreneurship, the committee headed by BJP MP Kirit Somaiya said

RIL's KG-D6 gas output falls, costs disallowed: Dharmendra Pradhan

Further fall in natural gas output from Reliance Industries' (RIL) KG basin D6 block in the eastern offshore has forced the government to disallow the operators $2.756 billion in costs, Parliament was informed on Monday.

The Mukesh Ambani-led RIL and its consortium partners produced less than 16 per cent of the 31,793.28 million standard cubic metres (mmscm) of gas target from KG-

India should revive IPI gas pipeline: Panel

A Parliamentary panel has said that India should consider reviving the long-delayed Iran-Pakistan-India (IPI) gas pipeline following easing of sanctions on Tehran. As per reports, India had almost abandoned the IPI pipeline in 2008 following the US sanctions against Iran over its suspected nuclear programme and has instead pursued a rival line from Turkmenistan, passing through Afghanistan and

Government should fix upper limit of airfares: Parl Panel

A parliamentary panel has said that the Government should consider fixing upper limit for airfares across sectors as pricing mechanism followed in the developed world may not suit Indian conditions. As per reports, there have been concerns expressed in various quarters about airlines charging high ticket prices. Against this backdrop, the panel said the Civil Aviation Ministry should consider f

Par panel asks Centre to consider capping airfares

A Parliamentary panel has suggested the Central Government to look at capping airfares and control the artificially created exorbitant prices in the Gulf sector, as per the media reports. The move comes amid persisting concerns among certain quarters that airlines are levying high air ticket prices, especially during festival seasons, said the PTI report.

The panel said that the, Civi

'No proposal to replace income tax with transaction tax'

 There is no proposal to replace income tax with the banking cash transaction tax, Parliament was informed on Friday.

"In the present there is no such proposal under consideration," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha, in reply to a query as to whether the government was considering replacement of income tax with

Rs 8,040 cr loan given to Vijay Mallya in 2004, declared NPA in 2009

Loans totalling over Rs 8,000 crore were given to absconding industrialist Vijay Mallya during the tenure of the previous UPA government at the Centre, Parliament was informed on Friday.

In response to a supplementary on the matter, Minister of State for Finance Santosh Gangwar, without naming Mallya, told the Lok Sabha during Question Hour that the loan of Rs 8,040 crore to the indus

Govt seeks House nod for additional spending of Rs 11.35 lk cr

The government today sought Parliament's approval for the third and final batch of Supplementary Demands for Grants for the current fiscal entailing an additional expenditure of Rs 11.35 lakh crore. The net cash outgo, however, will be only Rs 14,786 crore. The rest will be matched by savings of the ministries/ departments or by enhanced receipts/recoveries aggregates.

The current

Sick PSUs should be given chance for revival: Panel

A Parliamentary panel has suggested the government to tread with caution in strategic divestment and shutting down sick public sector units and also asked it to provide reasonable and financially prudent chances for their revival, said media reports. In its report, the Department Related Parliamentary Standing Committee on Industry said it is always prudent to keep in mind that Central Public S

I-T Department planning real-time issuance of PAN: Finance Minister

The Income Tax Department is considering issuance of Permanent Account Number (PAN) on a real-time basis using Aadhaar, the government informed Parliament on Friday.

"The Income Tax Department is considering to issue PAN cards on a real-time basis using Aadhaar's e-Know Your Customer facility. The proposal is at an initial stage of consideration," Minister of State for F

Lok Sabha passes bill to raise maternity leave to 26 weeks

Women working in the organised sector will now be entitled to paid maternity leave of 26 weeks, up from 12 weeks, as Parliament on Thursday passed a bill in this regard that will benefit about 1.8 million women. The new law will apply to all establishments employing 10 or more people and the entitlement will be for only up to first two children.

For third child, the entitlement will b

Trinamool Cong stage dharna against killings of Indians in US

Trinamool Congress (TMC) MPs on Thursday staged a dharna in front of the Mahatma Gandhi statue in the Parliament complex against the killings of Indians in the United States, said the PTI report. Carrying placards with slogans such as “All Indians are our brothers and sisters, stop attacking them in the USA”, Parliamentarians from both the Houses demanded a strong response from the

Exclusive: Norway's wealth fund may blacklist firms over emissions, corruption risk

By Gwladys Fouche

LYSAKER, Norway  - The ethics watchdog for Norway's $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas.

Carbon emissions are a new criteria for the fund, which was built up from the procee

GST Council vets CGST, IGST laws; 5% tax on small hotels

The GST Council has fixed a 5 per cent tax rate on small hotels and restaurants and approved draft of key supporting legislations to enable rollout of the new indirect tax regime from July 1, reported PTI. The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its ne

UK PM May's Brexit plan suffers hitch in parliament

By William James and Kylie MacLellan

LONDON  - Britain's upper parliamentary house dealt a defeat to Theresa May's government on Wednesday, voting for a change to her Brexit plan that says she can only trigger divorce talks if she promises to protect EU citizens' rights.

The defeat is a blow to the Prime Minister, who had hoped to pass her B

Fake currency smuggling halted post note ban: FinMin to PAC

Finance Ministry informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10, reported PTI.

According to the media reports, in its response to the Public Accounts Committee over queries on demonetisation, the Finance Mini

British House of Commons passes Brexit bill

 The parliamentary bill empowering the British government to begin the formal process of leaving the European Union completed its passage on Wednesday night in the House of Commons.

Prime Minister Theresa May's government succeeded in crossing the final crucial hurdle with 494 votes to 122 -- a majority of 372, Xinhua news agency reported.

May sat in the chamber alo

167 bank officials suspended for note ban irregularities: FinMIn

A total of 167 bank officials have been suspended and 41 transferred for their involvement in irregularities relating to demonetisation, Parliament was informed on Tuesday.

"As part of their staff accountability mechanisms, on the basis of prima facie involvement in irregularities relating to demonetisation, Public Sector Banks (PSBs) are so far reported to have placed 156 offici

No final view on Katoch panel recommendations: Government

Government is yet to take a final view on implementation of recommendations of the Katoch Committee which was formed to suggest ways to reduce bulk drug imports from China, Parliament was informed, reported PTI.

"No final view has been taken about implementation of Katoch Committee recommendations yet," Minister of State for Chemicals and Fertilisers Mansukh L Mandaviya said

Internal committee at defence ministry to study recommendations of Shekatkar committee

An internal committee has been set up by the Defence Ministry to study the recommendations of the Shekatkar committee on defence spending, Parliament was told on Friday.

"An internal committee has been constituted within the Ministry to analyse the report, identify the recommendations to be accepted and to frame the key action points as well as a roadmap for their implementation,

Home Ministry allocated Rs 97,187 cr in budget

The Union Home Ministry has been allocated Rs 9,7187.17 crore in the 2017-18 Union Budget, a steep hike of 5.1 per cent, with most of the funds earmarked for police including Central Armed Police Forces (CAPFs), responsible for internal security and border guarding duties.

Presenting the Union Budget in Parliament, Finance Minister Arun Jaitley on Wednesday announced an outlay of Rs 9