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FINANCE MINISTER NEWS

Union Budget 2017-18: Passing mention about women's schemes

February 01, 2017 6:24 pm

While Jaitley mentioned the central government will commission railways lines of 3,500 kms this year, and even stressed on tiny details like certain trains would be dedicated for religious tourism -- there was no mention on how safety of women in these railways would be improved or looked into

India's economy 'stronger', trying to improve health of banks: Arun Jaitley

June 05, 2016 5:26 pm

Finance Minister Jaitley will have a meeting with CEOs of public sector banks on Monday, to discuss various key challenges facing the banking sector including growing non-performing assets.

Across the Aisle: An open letter in reply to the Finance Minister

August 09, 2015 12:00 am

Your letter pointedly refers to the dissent note submitted by three members of the Congress and rebukes them.

GST will lead to economic integration of India: Arun Jaitley

May 10, 2015 3:30 am

There were complaints that Mumbai, which generates maximum tax, for the government didn’t get enough for its development. This won’t be the case when GST comes into effect. India will become a uniform market with seamless transfer of goods, services

FinMin considers clubbing MFI & MUDRA Bank Bills

April 06, 2015 1:25 am

The Micro Units Development Refinance Agency (MUDRA) Bank Bill will now give finality to the plan for regulation of the sector.

Steel imports: FinMin to decide on Chinese ‘dumping’

April 04, 2015 3:01 am

SteelMin had pressed for raising import duty to protect domestic industry

New budget growth oriented, but short of big reforms: US media

February 28, 2015 9:00 pm

American media said the announcements made by Jaitley will boost investment and focus on infrastructure.

Budget: Finance Minister may announce policy plans to combat blackmoney

February 23, 2015 4:33 pm

An important recommendation of the SIT and probe agencies to amend the FEMA to confiscate assets based abroad may also be taken up.

Great expectations

February 05, 2015 12:39 am

The NDA’s first budget will set the tone for the rest of its term

Jaitley promises to attract investors ‘scared away’ by previous regime

January 13, 2015 12:00 am

Finance Ministry’s Mid-Year Economic Analysis had also suggested stepping up public investment to revive economic growth.

FINANCE MINISTER VIDEOS

Sensex rises 700 points after government sticks to its fiscal deficit target

March 01, 2016 11:14 am

Mumbai, Mar 01 (ANI): Sensex rose sharply on Tuesday a day after Finance Minister Arun Jaitley said the government would stick to its fiscal deficit target. The benchmark Sensex was trading 700 points higher where as Nifty was up by 220 points. Analysts said a commitment by Jaitley in the annual budget to meet the fiscal deficit target of 3.5 percent of the gross domestic product would raise confidence among foreign investors after heavy selling this year. A market expert, Sunil Shah, attributed the sudden jump in stock markets to the government decision to put money in farm sector to revive rural economy. Shah added that the coming monsoon will revive the growth and there will be a demand push because of the thrust given by the government towards the rural economy.

Petrol price reduced, diesel hiked

March 01, 2016 3:48 am

New Delhi, Mar 01 (ANI): The government on Monday lowered the price of petrol by Rs 3.02 per litre while the price of diesel was raised by Rs 1.47 per litre. The revised prices will take effect from the midnight of February 29 and March 1. The revision in fuel prices comes on a day when Finance Minister Arun Jaitley presented the Union Budget for 2015-16 in the Parliament. With this change, the price of Petrol in Delhi will become Rs. 56.61/litre while diesel will be available at Rs. 46.43/litre. People across the nation welcomed the reduction of petrol price, and hoped for further reduction in fuel price.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 3)

February 29, 2016 4:47 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

Prudence lay in adhering to fiscal targets: Arun Jaitley

February 29, 2016 4:47 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley while presenting the Union Budget 2016-17 said they were confronted with stress assets problem in public sector banks. He said that public money should reach the poor and deserving without any leakage. A bill on targeted delivery of financial services using Aadhar is also to be introduced. Jaitley also said that prudence lied in adhering to fiscal targets. He also increased allocation of Rs 1, 80,000 crores under PM MUDRA Yojana. He further added that fiscal deficit for fiscal 2016-17 have been targeted at 3.5 percent. Revenue deficit estimate for Financial Year 2015-16 has been down to 2.5 percent from earlier estimates.

Tax proposals to provide relief to taxpayers: Arun Jaitley (Part 1)

February 29, 2016 4:45 pm

New Delhi, Feb 29 (ANI): Finance Minister Arun Jaitley said that tax proposals will provide relief to small taxpayers through rebates. People who do not have any house of their own and don't get any house rent allowance from their employer will get a reduction of Rs.24000 per annum. There would be an increase in limit of deduction in respect of rent paid from Rs 24000 pa to Rs 60000 pa. Jaitley also said that service tax would be exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. He said that to lessen burden on individuals with income not exceeding Rs. 5 lakh, a proposed ceiling of tax rebate under sec 87A from Rs 2000 to Rs 5000 has been announced. The minister also said that a limited tax compliance window from Jun 1 - Sep 30 will be given for declaring undisclosed income at 45% inclusive of surcharge and penalties. He further added that excise duty on tobacco products would be raised by 10-15%. He also proposed to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year. Arun Jaitley even said that relief would be provided to differently-abled people on braille paper by exempting the duty levied on it. He also said that there would be no change in Income Tax slab.

There is no new idea in Budget 2016-17: P. Chidambaram

February 29, 2016 4:37 pm

New Delhi, Feb 29 (ANI): Congress Leader P. Chidambaram on Monday said that one big take away from Budget 2016-17 was that there is no new idea presented by Finance Minister Arun Jaitley, adding that NDA has followed its own brand of budget making. He further said that there is no major relief for tax payers, and the reduction of corporate tax rate from 30 percent to 29 percent for a very limited class, is laughable. He said that the only virtue of the budget is that it has left every section disappointed and he is happy that the UPA schemes have been continued with. He added that the government is boasting that they collected more tax than ever, but it was only due to excise on crude and not from corporate tax.

Everything about BJP is retrospective: Kapil Sibal

February 16, 2016 2:15 pm

New Delhi, Feb 16 (ANI): Commenting on the tax notice to telecom major Vodafone, Congress leader and former union minister Kapil Sibal on Tuesday said that the NDA Government has a habit of doing everything in retrospective. He recalled that current Finance Minister Arun Jaitley had once said that there should be no retrospective action in any matter, and now the government has gone back on that view. He said that when the Congress was in power, the opposition termed its actions as tax terrorism, and when the latter assumed power, it is being described as legitimate tax collection?

Haryana ministers criticise Krishna Kumar Bedi for abusing engineer

February 16, 2016 10:42 am

Chandigarh/ New Delhi, Feb 16 (ANI): Reacting over Haryana Minister Krishna Kumar Bedi allegedly abusing an engineer, Haryana Finance Minister Captain Abhimanyu on Monday said no one has the right to use abusive words for his workers or collogues. He added that even he makes sure that he never uses such kind of language. Echoing similar sentiments, Haryana Health Minister Anil Vij said people should mind their language before speaking to their workers. He also said that he can understand that Bedi might be disappointed over something, but he should have controlled his language before talking to anyone.

PM Modi calls all-party meet to discuss Budget Session

February 16, 2016 4:57 am

New Delhi, Feb 16 (ANI): Prime Minister Narendra Modi on Tuesday called an all-party meet of the leaders of Rajya Sabha and the Lok Sabha to discuss upcoming budget session. The Budget Session of Parliament will commence on February 23. The Rail Budget will be presented on February 25 and the Economic survey on February 26. Finance Minister Arun Jaitley will present the Union Budget for 2016-17 on February 29.

No need for 'exaggerated panic' among investors: Jaitley

February 12, 2016 11:55 am

New Delhi, Feb 12 (ANI): As the Bombay Stock Exchange (BSE) Sensex plunged around 800 point on Thursday, Finance Minister Arun Jaitley on Friday came out to calm the investors, saying that there was no need for an 'exaggerated panic' among investors. Jaitley emphasised that the investors should keep in mind the inherent strength of the Indian economy while investing. He added that the Government is fully committed to empower and support public sector banks by providing whatever capital requirements is required, adding that the problem of recovering bad loans from the borrowers will soon be ended.

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