GST to be launched on June 30 midnight in Parliament

 The Goods and Services Tax (GST) regime will be launched on the midnight of June 30 at the Central Hall of Parliament, Finance Minister Arun Jaitley announced on Tuesday.

President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh will be among those who will attend the special event, Jaitley told the media 

Gold slips as UK election surprise benefits dollar

By Jan Harvey

LONDON - Gold fell for a third day on Friday after British elections failed to deliver a clear majority for Prime Minister Theresa May, knocking the pound sharply lower and helping lift the dollar index to its highest since late May.

The snap poll wiped out May's par

Government to unveil separate law for bankruptcy in financial sector

The Indian Government has said that it is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs. Commenting on the issue, a senior finance ministry official told the media, “The proposed bill will cover all financial service providers that include banks, NBFCs and microfinance i

Government planning to amend NIA in monsoon session: Reports

The Indian Government has said that it is looking to amend the Negotiable Instruments Act (NIA) in the upcoming monsoon session in a push for less-cash economy. As per reports, a draft Bill in this regard is being readied.

Commenting on the issue, a Government Official told the media, "We have worked out something. It will go for Cabinet approval and we are hoping to introduce it

Relief map for Greek debt? Not without a fight or two

ATHENS - Pretty much everyone agrees that Greece needs debt relief; what they don't agree on is what debt relief means.

Easing Greece's fiscal path forward is likely to be the next great struggle in the country's agonising, seven-year, three-package bankruptcy saga now that a bailout pact has opened the door a crack to discussions on relief.


Rs 7.57 lakh cr farm credit disbursed in April-December of FY16

Farm credit worth Rs 7.57 lakh crore was disbursed by banks during the first nine months (Apr-Dec) of the 2016-17 fiscal which is likely to surpass the target, Parliament was informed. The agri-credit target for 2016-17 fiscal is Rs 9 lakh crore, while for the current year it is Rs 10 lakh crore. "The actual achievement of ground level credit flow has surpassed the targets in 2014-15 and 2

Ensure good food for paramilitary troopers, Rajnath tells officials

Union Home Minister Rajnath Singh on Wednesday directed chiefs of all paramilitary forces to ensure good food for their respective troopers, an official said.

The Minister gave the direction while presiding over a meeting where Directors General of the Central Reserve Police Force, the Border Security Force, the Central Industrial Security Force, the Sashastra Seema Bal and the Indo-T

Par panel asks Rlys to speed up station redevelopment projects

A parliamentary committee has expressed concern that no land and airspace in and around the stations have so far been commercially developed as part of the station redevelopment programme, reported PTI. Railway Convention Committee (RCC) in its latest report has asked the Railways to look into the matter with a sense of urgency so as to ensure that the station redevelopment programme as announc

CBEC to be renamed, reorganised for GST regime

The Central Board of Excise and Customs (CBEC) will be reorganised for the implementation of the Goods and Services Tax (GST) regime and will be renamed the Central Board of Indirect Taxes and Customs (CBIC) following Parliamentary approval.

"Reorganisation of the field formations of CBEC for the implementation of GST has been approved by Finance Minister Arun Jaitley. The existi

I-T searches yielded Rs 49,247 crore: Minister

Income Tax Department searches resulted in unearthing undisclosed income and assets worth Rs 49,247 crore in the last four years, Parliament was informed on Friday.

The department searched 2,534 groups of persons from 2013-14 to 2015-16 and until January 2017, which led to admission of undisclosed income of about Rs 45,622 crore apart from seizure of undisclosed assets (cash, jeweller

No plans to print Rs 5,000, Rs 10,000 notes: Government

The government is not planning to print Rs 5,000 and Rs 10,000 currency notes, Parliament was informed on Friday.

"The matter was examined in consultation with the Reserve Bank of India and it has not been found suitable to introduce Rs 5,000 and Rs 10,000 notes," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha.


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