Arun Jaitley

Oil Min proposes gas price of $6-6.5 per unit, RIL may be denied new price

Reliance Industries LimitedNew Delhi: Reliance Industries Ltd's two producing fields off the Andhra coast will not get revised natural gas prices until it makes up the shortfall in gas production, a daily newspaper has reported.

The oil ministry is looking at new gas pricing regime for domestic producers at a price of $6-6.5 per unit, as per the paper's report.

With the government delaying a revision in prices, Reliance and its partners BP Plc of the UK and Canada's Niko Resources had on June 17 served an arbitration notice on the government naming London-based Sir David Steel as its counsel.

4.1% fiscal deficit target a daunting challenge: Jaitley

Arun-JaitleyNew Delhi: Finance Minister Arun Jaitley on Friday said the fiscal deficit target of 4.1 percent of GDP for the current fiscal is a "daunting" task and announced the subsidy bill will be reduced progressively.

"As far as the fiscal deficit is concerned, I have already said that it is a daunting challenge.

"I have accepted the figures and I moved on the presumption that the figures given in the Vote-on-Account of the Interim Budget by my predecessor (P Chidambaram) are correct. Therefore, I have maintained those figures in the larger interest of the economy," he said in Lok Sabha.

FM hopes for 'political solution' to end Prez rule in Delhi

Arun-JaitleyNew Delhi: The Centre on Thursday hoped that "some political solution" would emerge paving the way for formation of a popular government in Delhi as political parties questioned the delay in this regard and said it was hurting infrastructure in the national capital.

"I hope some political solution will come out to help in government formation or fresh elections will be held in Delhi," Finance Minister Arun Jaitley said while replying to a debate on the Delhi Budget in the Rajya Sabha. The Rs 36,766 crore Delhi Budget was returned by the Upper House by voice vote, a day after Lok Sabha passed it.

Cabinet approves 49 percent FDI in insurance sector

FDI-in-insurance-sectorNew Delhi, July 24 : The Union Cabinet on Thursday gave its approval to the proposal of raising the foreign direct investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.

Finance Minister Arun Jaitley, while presenting his maiden budget in Parliament, had proposed raising the FDI cap in insurance sector from 26 percent to 49 percent.

However, the management control of insurance companies will be with the Indian companies only.

The move to increase FDI limit is set to benefit private sector insurance companies, which require a huge amount of capital. (ANI)

World Bank chief to meet Jaitley Tuesday, Modi on Wednesday

Jim-Yong-KimNew Delhi: World Bank Group President Jim Yong Kim will on Tuesday meet Finance Minister Arun Jaitley and thereafter Prime Minister Narendra Modi on Wednesday to review key development priorities.

Kim, who reached India today, visited the state of Tamil Nadu. "Tamil Nadu continues to be a source of development knowledge for projects across the world," Kim said.

Kim would meet the Finance Minister tomorrow and the Prime Minister day after, a source said. The World Bank group feels urbanisation can improve lives as 10 million people move into towns and cities every year in India.

Revenue collection expected to exceed target in FY15: Jaitley

Arun-JaitleyNew Delhi, July 21 : Union Finance Minister Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.

The current year target for Direct Tax collections is Rs. 7,36,221/- crore. The Finance Minister said that in order to achieve this target, the officers of Income Tax Department will have to work with highest standard of ethics. He said that credibility of the Department is its biggest asset.

Arun Jaitley says India needs to create productive environment for investors

Arun-JaitleyNew Delhi, July 19 : Finance Minister, Arun Jaitley, said here on Saturday that India needs to create such a productive environment for investors, that makes them feel that doing business in India is profitable.

Jaitley said that the essence of economy starts from investment.

Arun Jaitley presents Rs 36,776 crore Delhi Budget 2014-15

Arun-JaitleyNew Delhi, July 18 : Finance Minister Arun Jaitley today presented the Delhi budget proposals for 2014-15 in parliament, where he announced Rs. 260 crore for power subsidy providing Rs 0.80 to Rs 1.20 per unit to small power consumers whose monthly consumption does not exceed 400 units.

A subsidy of Rs. 1.20 per unit has been provided for electricity consumption between 0 to 200 units and subsidy of Rs. 0.80 per unit has been provided for consumption between 200 to 400 units.

Jaitley had also proposed no new taxes and more night shelters in the National Capital Territory (NCT).

Security concerns over raising defence FDI will be taken care of: Jaitley

Arun-JaitleyNew Delhi, July 15 : Defence Minister Arun Jaitley today said all security concerns related to the raising of the cap on foreign investment in defence will be taken care of, and added that a security manual has been prepared for private sector defence item manufacturing units.

In a written reply to Dr. Bhalchandra Mungekar in Rajya Sabha, Jaitley said: "Since defence companies having foreign investment will have Indian management and control and foreign investment in such companies will be approved through FIPB route, security concerns are duly taken care of.

More tax concessions when economy improves: Finance Minister

Arun-JaitleyNew Delhi: Finance Minister Arun Jaitley today promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose.

"I think there was never a Union Budget since 1947, which gave relief up to Rs 50,000 across all three classes of tax payers -- right from lower to the middle and higher income brackets," he told a news channel, according to a release issued by the channel.

Branded petrol price cut by over Rs 5/litre

PetrolNew Delhi: Price of branded or premium petrol was on Thursday cut by over Rs 5 per litre after Finance Minister Arun Jaitley slashed excise duty on the fuel.

Central Excise duty on Branded Petrol was cut from Rs 7.50 per litre to Rs 2.35 per litre.

Branded petrol, which contains special performance enhancing additives, attracted higher duties than normal petrol.

The differential excise duty led to huge difference in price of normal and branded fuel, resulting in sales of the premium version dropping to almost nil.

The removal of excise duty would bring the two fuel at par.

Budget 2014: More funds for war memorial and national police memorial

Arun-JaitleyNew Delhi, July 10 : Announcing the setting-up of a war memorial at Princes Park, New Delhi, Union Finance Minister Arun Jaitley said that it will be supplemented by a war museum.

Making this announcement while presenting his first budget in the Lok Sabha today, the Minister allocated a sum of Rs 100 crore for the projects.

Jaitley said that country is deeply indebted to the officers and the jawans of the armed forces for having made huge sacrifices to defend its honour. In doing so, a very large number of them gave up their lives. He said "It is a privilege for the nation to erect a befitting memorial in their memory".

Legislative, administrative changes proposed to reduce litigation in direct taxes

Arun-JaitleyNew Delhi, July 10 : The NDA Government has proposed certain legislative and administrative changes with a view to reducing litigation in direct taxes.

Announcing this in his maiden budget speech in Parliament today, Finance Minister Arun Jaitley said that resident tax payers can now obtain an advance ruling in respect of their income tax liability above a defined threshold.

He has also proposed to strengthen the authority for advance rulings by constituting additional benches. The scope of the Income Tax Settlement Commission shall be enlarged so that taxpayers may approach the Commission for settlement of disputes.

Govt. hopes to reduce fiscal deficit to 4.1 percent for 2014-15: Jaitley

Arun-JaitleyNew Delhi, July 10 : Finance Minister Arun Jaitley on Thursday announced that the NDA Government would set itself a target of limiting the fiscal deficit for 2014-15 to 4.1 per cent, and would further attempt to reduce it to 3.6 per cent and 3 per cent for fiscal 2015-16 and fiscal 2016-17 respectively.

In his maiden budget speech presented today in the Lok Sabha , Jaitley said that considering the fact that of low GDP growth for the last two yuears, static industrial growth, large subsidy burden and not so encouraging tax buoyancy, these targets are daunting.

Sensex falls over 250 points as Jaitley presents budget

Sensex falls over 250 points as Jaitley presents budgetMumbai, July 10 - The BSE Sensex fell over 250 points after Finance Minister Arun Jaitley began presenting his maiden General Budget for the year 2014-15 on Thursday.

Market expectations were high from the budget ahead of Jaitley's speech, and the benchmark Sensex was raised by nearly 75 points.

However, market predictions failed, as investors did not see any big announcements in Jaitley's speech.

Jaitley began presenting the budget proposals for fiscal 2014-15 with the permission of Lok Sabha Speaker Sumitra Mahajan at 11 a. m.

Retro tax amendment to be undertaken with extreme caution: FM

Arun JaitleyNew Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley today said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee.

However, the existing tax disputes, arising out of Retrospective Amendment to the Income tax Act, 1961, and are pending in Courts, will be allowed to reach their logical conclusions, he said.

"The sovereign right of the government to undertake retrospective legislation in unquestionable.

Arun Jaitley to present Union Budget 2014-15 tomorrow

Arun-JaitleyNew Delhi: Finance Minister Arun Jaitley will present his maiden Budget Thursday in a bid to turn around the economy that is growing at a decade low.

Arun Jaitley is expected to take bold steps amidst high hopes that the new government will raise tax slabs and also significantly hike the annual tax exemption limit to provide a much-needed relief to salaried class, which is reeling under the stubbornly high inflation.

For boosting investment, Jaitley is expected to announce tax incentives for industry.

Growth forecast for next fiscal to remain between 5.4 to 5.9 pct: Economic Survey

Growth forecast for next fiscal to remain between 5.4 to 5.9 pct: Economic SurveyNew Delhi, July 9 - The Indian economy is likely to grow in the range of 5.4 to 5.9 per cent in 2014-15, overcoming the sub-5 per cent growth of Gross Domestic Product (GDP) witnessed over the last two years.

The growth slowdown in the last two years was broad based, affecting in particular the industry sector. Inflation too declined during this period, but continued to be above the comfort zone, owing primarily to the elevated level of food inflation.

'Congress worsened matters, wants to pass on blame': Jaitley on price rise

Arun-JaitleyNew Delhi, July 7 : Finance Minister Arun Jaitley on Monday held the previous Congress-led UPA government solely responsible for the price rise, saying that the party which brought the economy to this state, now wants put the blame on someone else today.

"Even we are concerned about price rise, and hence, we had no hesitation in discussing the issue in Parliament. What surprises me is that the party which brought the economy to this state, wants to put the blame on someone else today," said Jaitley in the Rajya Sabha.

State finance ministers meet Jaitley ahead of budget presentation

Arun-JaitleyNew Delhi, July 3 : Finance ministers of states met Union Finance Minister Arun Jaitley on Thursday to seek clarifications on some issues and to discuss various confidence building measures that may be considered for inclusion in the proposed fiscal 2014-15 budget to be presented on July 10.

Among those present in the meeting were West Bengal Finance Minister Amit Mitra, Jammu and Kashmir Finance Minister Abdul Rahim Rather and Punjab Finance Minister Parminder Singh Dhindsa.

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