Govt to stick to Rs. 40,000 cr disinvestment target: Pranab
Posted Date : 18-Nov-2011 , 04:04:00 pm | Posted By CASANSAAR
The government today said it will stick to its disinvestment target of Rs. 40,000 crore for the 2011-12 financial year, but achieving this goal will hinge on many other factors.
"I am not revising it (the target) right now. We have fixed the target and we will try to achieve it, b...
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FII cap in Government, corporate debt hiked by $5 billion
Posted Date : 18-Nov-2011 , 08:35:14 am | Posted By CASANSAAR
The Finance Ministry on Thursday raised the foreign investment limit in government and corporate debt by $5 billion each, hoping to solve the issue of poor investor response to government debt and the rupee depreciation. The existing foreign investment limit in government debt has already been e...
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Govt oks changes in PFRDA Bill, allows 26% FDI in pension
Posted Date : 16-Nov-2011 , 03:31:34 pm | Posted By CASANSAAR
The government today approved amendments to the PFRDA Bill 2011 while agreeing to the proposed 26% foreign investment in the pension sector but refrained from providing assured returns to subscribers in the proposed law. The government had decided not to mention FDI cap in the legislation itself f...
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Bankers ask Kingfisher to infuse Rs 800 cr fresh equity
Posted Date : 14-Nov-2011 , 07:12:52 pm | Posted By CASANSAAR
The Kingfisher Board also had a crucial meeting in Mumbai to work out a debt restructuring plan on the eve of the announcement of its latest financial results. The bankers have asked the troubled airline to come out with a "credible" plan.The lenders--a 13-bank consortium led by SBI, who were yet to...
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Microfinance Bill likely in Winter Session
Posted Date : 04-Nov-2011 , 08:39:11 am | Posted By CASANSAAR
The government is likely to introduce a Bill that seeks to make it mandatory for all microfinance institutions to be registered with the Reserve Bank of India (RBI) and entrusts the task of regulating the sector to the central bank in the Winter Session of Parliament.
The Finance Ministry...
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Sustained efforts being made to unearth Black Money: FM
Posted Date : 20-Oct-2011 , 08:13:28 am | Posted By CASANSAAR
The government said it has started investigations into black money transactions by Indians. Inaugurating the Economic Editors' Conference in New Delhi on Wednesday, the Finance Minister Mr. Pranab Mukherjee said about ten thousand pieces of information have been received from different parts of the ...
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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved
Posted Date : 13-Oct-2011 , 08:24:47 pm | Posted By CASANSAAR
The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursemen...
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100% FDI for new pharma ventures to continue
Posted Date : 12-Oct-2011 , 08:19:31 am | Posted By CASANSAAR
India will continue to allow 100 percent Foreign Direct Investment for new ventures in the pharma sector. The decision was taken at a high level meeting chaired by Prime Minister Dr Manmohan Singh to discuss the FDI policy in drugs and pharmaceutical sector held in New Delhi last night. An official ...
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India and ADB Mark 25 years of Partnership with Eminent Persons’ Forum on “Realizing the Asian Century”
Posted Date : 11-Oct-2011 , 06:10:51 pm | Posted By CASANSAAR
India and the Asian Development Bank (ADB) will join hands to commemorate 25 years of their partnership at a forum that will discuss Asia’s remarkable economic growth and the challenges it still has to overcome to realize its full potential.Finance Minister Shri Pranab Mukherjee and ADB Presid...
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Government may allow 100% FDI in single-brand retail
Posted Date : 03-Oct-2011 , 05:23:24 pm | Posted By CASANSAAR
The government is considering allowing foreign companies to completely own single-brand retail stores in the country, after it was forced to put its plans of letting foreign retailers invest in multibrand outlets on the backburner due to lack of political consensus. At present, only 51% forei...
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Proposed Amendment of the Articles of Agreement of the International Monetary Fund on Reform of the Executive Board approved
Posted Date : 30-Sep-2011 , 05:20:50 pm | Posted By CASANSAAR
The Union Cabinet today gave its approval to certain amendments to the IMF`s Articles of Agreement on Reform of the Executive Board of the IMF.The amendments are part of a package of reforms on quotas and governance in the IMF. Along with the recent quota reforms in IMF (i.e., Fourteenth General Rev...
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Finance Minister’s Statement on 2G Note
Posted Date : 30-Sep-2011 , 07:42:09 am | Posted By CASANSAAR
The following is the text of the Finance Minister, Shri Pranab Mukherjee’s statement, made here today: “A number of stories on 2G Spectrum had appeared in the media in January 2011. A view was taken that a harmonized note based on facts should be produced for use by various represen...
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PSUs may be asked to buy back govt equity: Finmin
Posted Date : 28-Sep-2011 , 08:23:29 pm | Posted By CASANSAAR
Amid volatility in the stock market, the Finance Ministry today said it is exploring other options, like asking PSUs to buy back equity, to help the government achieve the Rs 40,000-crore disinvestment target in the current fiscal."There are other options. There can be equity shrinkage.Many, many po...
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Govt receives info about 7700 cases of blackmoney: FinMin
Posted Date : 07-Sep-2011 , 07:18:34 am | Posted By CASANSAAR
The government today said it has collected specific information from treaty countries on 7,704 cases where payments were received from non-residents in various countries over the past two years and was investigating the cases.
"In the last 24 months Income Tax Department have collected 7,704...
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Supreme Court notice to government on IFCI chief appointment
Posted Date : 06-Sep-2011 , 08:23:09 am | Posted By CASANSAAR
The Supreme Court on Monday issued notice to the central government on a plea challenging the appointment of Atul Kumar Rai as the chief executive officer and managing director of Industrial Finance Corporation of India (IFCI) despite his alleged involvement in "serious corrupt practices". T...
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Govt clears 123 FDI proposals worth 19,711 crore
Posted Date : 30-Aug-2011 , 07:28:08 am | Posted By CASANSAAR
The government on Monday said it has cleared 123 foreign direct investment (FDI) proposals worth over 19,711 crore rupees during the current fiscal till August 23. Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Lok Sabha that on August 23 this ...
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FM Reviews Economic Situation with RBI Governor and Chairman, Pmeac
Posted Date : 20-Aug-2011 , 12:13:32 pm | Posted By CASANSAAR
The Union Finance Minister, Shri. Pranab Mukherjee yesterday reviewed the global economic situation with RBI Governor, Dr. Subba Rao, and the Chairman of the Prime Minister’s Economic Advisory Council, Dr.C. Rangarajan. The discussions focused on the slow economic growth in the US and debt wor...
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Pranab rejects Moily proposal of merging CBEC & CBDT
Posted Date : 18-Aug-2011 , 08:09:08 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has rejected the proposal of former law minister M Veerappa Moily to merge Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) to curb black money generation.
In his capacity as the law minister, Moily in a letter to Mukherje...
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Govt debts crossed $41 trillion globally in 2010
Posted Date : 16-Aug-2011 , 01:02:16 pm | Posted By CASANSAAR
The total amount of debt incurred by governments across the world jumped to a staggering USD 41.1 trillion last year, accounting for 69 per cent of the global GDP, because of stimulus packages and anaemic economic growth, says a report. Many governments , especially in the developed world, have...
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Govt probing assets, payments of Indians received abroad: FM
Posted Date : 30-Jul-2011 , 10:03:36 pm | Posted By CASANSAAR
Details of assets and payments received by Indian citizens in several countries have "started flowing in" and are being investigated, Finance MinisterPranab Mukherjee disclosed on Saturday. Information about wealth stashed away in Swiss banks by Indians is expected by the government before the end o...
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Foreign retail investors must have PAN for investing in Mutual funds
Posted Date : 28-Jul-2011 , 02:34:39 pm | Posted By CASANSAAR
Individual foreign investors seeking entry into Indianstock markets will now have to acquirePermanent Account Number, or PAN, the passport to allfinancial transactions. The mandatory PAN was announced recently by the finance ministry while outlining the framework for foreign retail investment ...
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CCI clears RIL's buyout of Bharti stake
Posted Date : 27-Jul-2011 , 10:04:22 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) has cleared Reliance Industries' (RIL) buyout of Bharti group's 74% stake in insurance joint ventures with AXA of France.
"The monopoly watchdog has cleared the deal within 14 days of application as there was no anti-competition issue involved," a...
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India ranks 14th with $25 bn FDI in 2011: UN report
Posted Date : 26-Jul-2011 , 04:45:49 pm | Posted By CASANSAAR
India slipped to 14th spot in the list of countries that attracted the highest foreign direct investment last year, with inflows declining by about $10 billion to $25 billion, says a UN report.
India is ranked way below neighbouring China, which saw FDI inflows to the tune of $106 billion...
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India to allow foreign investment in mutual funds from August 1
Posted Date : 22-Jul-2011 , 04:29:10 pm | Posted By CASANSAAR
India will allow qualified foreign investors to invest up to $10 billion in domestic mutual funds from August 1, a senior finance ministry official said on Friday. The government expects good inflows from qualified financial institutions into mutual funds in this fiscal year to March 2012, Thom...
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R S Gujral appointed finance secy
Posted Date : 20-Jul-2011 , 07:11:01 am | Posted By CASANSAAR
Finance minister Pranab Mukherjee is nearly ready with his A-team for the next budget with the government on Tuesday appointing revenue secretary Raminder Singh Gujral as the new finance secretary.
Gujral, who is higher in the seniority list among his batchmates—expenditure secretary Sum...
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Govt clears FDI proposals worth Rs 3,845cr
Posted Date : 19-Jul-2011 , 09:29:13 pm | Posted By CASANSAAR
The Government today announced clearing of 31 FDI proposals worth Rs 3,844.7 crore, including that of Multiples Private Equity Fund and global tour operator Cox & Kings .
The Government's nod to Multiples Pvt Equity Fund -Scheme-1, Mumbai to bring in foreign funds worth Rs 1,000 c...
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PFC to raise Rs 22,000 cr through bonds
Posted Date : 19-Jul-2011 , 05:48:58 pm | Posted By CASANSAAR
State-run Power Finance Corporation (PFC) plans to raise Rs 22,000 crore through issuing infrastructure and tax-free bonds, among others, during the current financial year.
“Our borrowing target for the current financial year is Rs 30,000 crore, out of which we have already ra...
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Government Together With RBI to Take all Appropriate Steps to Reduce Inflation to a Comfortable Level: FM
Posted Date : 15-Jul-2011 , 07:55:40 am | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee said that inflation figures reported for the month of June 2011 continues to be matter of concern. The Finance Minister said that we are monitoring the price situation closely. He said that Government is working together with RBI to take appropriate steps...
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NTPC to receive Rs 10,000-crore loan from SBI: The Highest loan ever by SBI
Posted Date : 09-Jul-2011 , 12:26:41 pm | Posted By CASANSAAR
tate-run power producer NTPC today said it had signed a loan agreement of Rs 10,000 crore with State Bank of India for financing its new as well as ongoing projects. The loan amount would be the largest extended by SBI to any Indian or foreign company.
For the current financial year, NTPC...
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2G scam: ED slaps Rs 7,258 cr penalty on Etisalat DB for FDI norms violation
Posted Date : 09-Jul-2011 , 07:46:49 am | Posted By CASANSAAR
The Enforcement Directorate has issued showcause notices, under Foreign Exchange Management Act, to Etisalat DB Telecom and its five directors, including Shahid Usman Balwa and Vinod Goenka for alleged violations of FDI norms in the telecom sector. Besides Balwa and Goenka, copromoters of Swan Telec...
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