Diesel gets dearer by Rs 3/lt, LPG by Rs 50/cylinder
Posted Date : 24-Jun-2011 , 10:13:38 am | Posted By CASANSAAR
The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have been hiked by Rs 2 per litre while LPG rates have b...
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India Inc raises $2 bn in April through ECBs, FCCBs
Posted Date : 23-Jun-2011 , 09:51:34 am | Posted By CASANSAAR
India Inc raised over $ 2.06 billion from overseas markets in April through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), the Reserve Bank said. Around 55 companies raised over $ 1.54 billion for various projects through the automatic route, which does not req...
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FM to Address State Finance Ministers on Reforms in Financial Reporting
Posted Date : 21-Jun-2011 , 08:04:18 am | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims to trigger discussions on operational guidelines for...
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New CAG norms for govt accounting to be unveiled on Tuesday
Posted Date : 21-Jun-2011 , 07:58:06 am | Posted By CASANSAAR
The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday.
In line with the recommendations of the 12th and 13th Finance Commissions and the second Admini...
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FDI in retail: State to have final say in opening stores
Posted Date : 19-Jun-2011 , 04:56:43 am | Posted By CASANSAAR
In what could be a dampener to the global retail chains, the Centre is considering allowing 51 per cent FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said."The states' permission would be required, since the trade is ...
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DPE asks FinMin to make banks compete for PSUs' deposits
Posted Date : 19-Jun-2011 , 04:55:14 am | Posted By CASANSAAR
PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said.In a communication to the Finance Ministry, the DPE has written to the Finance Ministry arguing that the...
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Slowdown in corporate tax collection worries finance secretary
Posted Date : 17-Jun-2011 , 07:19:26 am | Posted By CASANSAAR
Finance secretary Sunil Mitra on Thursday expressed concern about slowdown in corporate tax collection. He said the rise in RBI policy rate has further compounded the problem.
"I am worried about the likelihood of a slight slowdown in the corporate tax growth rate. Now again, the RBI ...
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RBI by Raising Repo Rate by 25 Basis Points Seeks to Maintain an Interest Rate Environment That Moderates Inflation : FM
Posted Date : 16-Jun-2011 , 09:26:08 am | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance M...
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Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC)
Posted Date : 16-Jun-2011 , 08:00:13 am | Posted By CASANSAAR
Amid the growing chorus against black money and the government’s efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration. In a letter to Mukherjee, Moily said the two wings for tax collections in...
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Pranab calls for immediate end to secrecy at banks
Posted Date : 14-Jun-2011 , 07:21:59 am | Posted By CASANSAAR
India on Monday made a strong pitch to end banking secrecy and sought more teeth in multilateral measures to deal with abusive transfer pricing. "We cannot say with certainty that bank secrecy is over in all cases," Finance Minister Pranab Mukherjee said at a tax conference jointly organised by his ...
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DEPB to stay for 3 more months, but no more extensions: Finmin
Posted Date : 12-Jun-2011 , 09:38:59 am | Posted By CASANSAAR
The finance ministry has given a three-month extension to the popular export incentive scheme , the Duty Entitlement Passbook or DEPB, offering solace to its beneficiaries such as Bajaj Auto, TVS Suzuki , Reliance Industries and Bharat Forge . The ministry has, however, made it clear that it would n...
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Finance Ministry sets up another panel on black money
Posted Date : 08-Jun-2011 , 11:44:56 am | Posted By CASANSAAR
Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.The committee, set up by Central Board of Direct...
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FinMin overhauls intel mechanism to begin criminal prosecution
Posted Date : 08-Jun-2011 , 11:42:44 am | Posted By CASANSAAR
The Finance Ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security.The department will now train and designate its of...
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Govt approves 16 FDI proposals worth Rs 924 crore
Posted Date : 07-Jun-2011 , 08:37:40 pm | Posted By CASANSAAR
The government on Tuesday said it has cleared 16 foreign direct investment (FDI) proposals amounting to Rs 923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings.
A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but ...
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India's forex reserves rise by $1.68 billion to $310.21 billion
Posted Date : 04-Jun-2011 , 08:03:41 am | Posted By CASANSAAR
India's foreign exchange (forex) reserves rose by $1.68 billion to $310.21 billion for the week ended May 27 on the back of a sharp increase in foreign currency assets. This is the second consecutive weekly jump in the country's forex reserves kitty. The forex reserves had increased by $1.04 bil...
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Govt committed to achieve 2011-12 fiscal targets:Pranab
Posted Date : 02-Jun-2011 , 11:59:40 am | Posted By CASANSAAR
Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre today said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved."Efforts to get the economy on the path of fiscal prudence are on track... The government...
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Sunil Mitra takes charge as Finance Secy; replaces Nath
Posted Date : 01-Jun-2011 , 08:19:09 am | Posted By CASANSAAR
Sunil Mitra has been appointed as the Finanace Secretary with effect from today, replacing Sushama Nath, who superannuated yesterday.Mitra, a 1975-batch IAS officer from the West Bengal cadre, retains the charge of Revenue Secretary as well, according to an official statement.Sumit Bose is the ne...
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Haryana attracts investment of Rs 1 lakh cr: Hooda
Posted Date : 28-May-2011 , 08:41:14 am | Posted By CASANSAAR
With its land acquisition policy acclaimed outside the state, Haryana has attracted investment commitments worth Rs 1 lakh crore, Chief Minister Bhupinder Singh Hooda said today.With just about 1.6 per cent geographical area of the country and 1.9 per cent of its population, Haryana has been able...
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Govt cautious in allowing FDI in LLPs: Experts
Posted Date : 24-May-2011 , 06:44:22 am | Posted By CASANSAAR
The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today.The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under th...
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Govt to soon finalise disinvestment roadmap, says DoD official
Posted Date : 23-May-2011 , 11:29:07 am | Posted By CASANSAAR
The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal.It will include sale of equity in blue chip companies like SAIL and ONGC."Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAI...
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Finmin to set up criminal investigation unit by May
Posted Date : 22-May-2011 , 10:17:43 am | Posted By CASANSAAR
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month."A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black ...
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Inflationary pressures to continue: Pranab Mukherjee
Posted Date : 21-May-2011 , 09:38:55 am | Posted By CASANSAAR
The country will continue to face inflationary pressures due to the high global commodity and oil prices, Finance Minister Pranab Mukherjee today said."We are told that there could be pressure on commodity prices because of shortage in production of certain essential food items," Mukherjee told repo...
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SBI Q4 Net dips 99%; rights issue round the corner
Posted Date : 17-May-2011 , 09:43:49 pm | Posted By CASANSAAR
Hit by higher provisioning for bad loans and increased tax outgo, the net profit of the country's largest lender State Bank of India (SBI) tanked by about 99 per cent to Rs 20.8 crore for the fourth quarter ended March, 2011.SBI's profit plunged for the March quarter of the last fiscal from Rs 1,866...
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Govt signs up USD 150 mn loan with WB for e-gov
Posted Date : 16-May-2011 , 11:02:01 am | Posted By CASANSAAR
The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps."This loan will support critical policy measures within Government's overall e-Governance reform agenda leading to more robust implementation of NeGP, w...
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Govt set to allow FDI in LLPs
Posted Date : 10-May-2011 , 09:18:19 pm | Posted By CASANSAAR
The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership firms on Wednesday. "The proposal to allow FDI in LLPs in on the agenda of the Cabinet. It is likely to be approved," a source said. The move will enable LLPs to choose among domesti...
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FDI in multi-brand retail may go to Cabinet after poll results
Posted Date : 01-May-2011 , 11:21:35 am | Posted By CASANSAAR
Industry Ministry's proposal to open multi-brand retail for foreign investment is likely to go to the Cabinet soon after assembly election results of four states and a Union Territory, taking on board job-related concerns of the Labour Ministry, sources said.The Cabinet note, circulated by the Depar...
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Govt will notify new M&A rules by May 5, says CCI
Posted Date : 29-Apr-2011 , 11:14:17 am | Posted By CASANSAAR
The government will notify the new rules for corporate mergers and acquisitions on May 5, following which it will be mandatory for companies to seek the Competition Commission's approval for high voltage deals, Chairman Dhanendra Kumar said today."By May 3-4, the rules will be finalised and by May 5...
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Madras HC rejects Vodafone plea against Essar Tele, India Securities merger
Posted Date : 21-Apr-2011 , 09:25:10 pm | Posted By CASANSAAR
In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its order on whether UK-based telecom firm Vodafone has loc...
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Govt committed to FDI policy in retail: Scindia
Posted Date : 20-Apr-2011 , 11:19:25 am | Posted By CASANSAAR
The government today said it is committed to come out with a policy on FDI in retail but foreign investment must be linked with the development of back-end facilities."The policy we come out with must involve back-end to front-end linkages in terms of capacity augmentation and investment," Minister ...
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FinMin, industry to discuss Takeover Code tomm
Posted Date : 20-Apr-2011 , 11:18:46 am | Posted By CASANSAAR
Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow.The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor Kaushik Basu will discuss the amendments in the cod...
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