Tag: Finance Ministry

Committee recommends special resolution regime for financial firms

Newsroom24x7 Staff New Delhi: The Committee set up to draft a Code on Resolution of Financial Firms has drafted a Bill that envisages the setting up of a Resolution Corporation with its head office in Mumbai. A note released today by the Union Finance Ministry on the recommendations of the Committee to draft a Code

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Implementation of GST: Why involve a Private Limited Company in a Sovereign Function?

Lalit Shastri The directive by Union Finance Ministry to the Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT) to share data with Goods and Services Tax Network (GSTN) – a Section 25 non-Government, not-for-profit Pvt Ltd Company – has run into rough weather as serious objections are being raised about the

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GST: Finance Ministry commits blunder; now centre can levy and collect Excise duties only on petroleum and tobacco products

Lalit Shastri The Ministry of Finance Department of Revenue has committed a huge blunder by issuing a gazette notification fixing Friday September 16, 2016 as the date to enforce the provisions of all the Sections except Section 12¹ of the Constitution (One hundred and First Amendment) Act, 2016. With the publication of this gazette notification

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MP, Rajasthan Chief Ministers discuss process for allocation of Central funds to States

Newsroom24x7Staff New Delhi: Chief Minister of central Indian state Madhya Pradesj Shivraj Singh Chouhan along with Rajasthan CM Vasundhara Raje Scindia today held discussions with senior officers of Union Finance Ministry about the process to be adopted to allocate funds to states under Centrally sponsored schemes following the replacement of the now disbanded Planning Commission with

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Top level Customs and Excise department promotions leave many frustrated, pressure mounts on FM to intervene

Newsroom24x7 Desk New Delhi:  In its zeal to send a message that the Government is working across the administrative set up in the Customs & Central Excise department, the Department of Revenue under the Union Finance Ministry has finally promoted 63 officers in Commissioner grade to the grade of Principal Commissioner notified in 2013 but

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Finance Ministry welcomes RBI decision to cut Repo Rate by 25 basis point

Newsroom24x7 Desk New Delhi, Jan. 16: Union Ministry of Finance says that the 25 basis point Repo Rate cut announced by the Reserve Bank of India (RBI) is a welcome move and consistent with strong and ongoing disinflationary trends identified in the Ministry’s Mid Year Economy Analysis presented to the Parliament last month. The Finance Ministry further states that

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Finance Ministry grappling with fiscal deficit too early in the day

Newsroom24x7 Desk New Delhi, Jan. 9: The estimated primary deficit of Government of India as per budget estimates for 2014-15 was Rs. 104166 crore. Against this the actual primary deficit upto November 2014 has been Rs. 292484, which is 280.8 per cent more than the actual budget estimate. In terms of fiscal deficit, 98.9 per cent of

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