Cap on voting rights in pvt banks to go Laws may be changed to scrap the 10% cap on voting rights in private banks and allow holding companies to own banks. This will help business houses lobbying for a banking licence. The FM also hinted at tabling the Bill to allow 49% FDI in insurance [...]
Union finance minister Pranab Mukherjee on Monday presented to Parliament the budget for the coming financial year beginning in April. The Finance Minister’s Speech Following are the highlights of the budget: Borrowing • Gross market borrowing for 2011-12 seen at Rs4.17 trillion (Reuters forecast Rs4.5 trillion) • Net market borrowing for 2011-12 seen at Rs3.43 [...]
Finance Minister Pranab Mukherjee presented Union Budget 2011-12 amid rising inflation, tight liquidity, high interest rate, industrial slowdown, delayed reforms and negative market sentiment. Finance Minister Pranab Mukherjee raised the housing loan limit to Rs 25 lakh for priority sector lending. He also said the government would liberalise scheme of interest subversion of 1% on [...]
The benchmark Sensex shed more than 300 points from day’s high due to profit booking, though it showed stellar performance by gaining over 500 points after the Union Budget 2011-12 speech delivered by Finance Minister Pranab Mukherjee. FM has announced various measures to boost infrastructure in the country and lowered the fiscal deficit target to [...]
It’s right time to buy a new car as the prices will remain unchanged with the Budget keeping the excise duty on automobiles intact. "With interest rates and raw material prices going up, the government decided to retain the current levels of excise duty," said Umesh Karne, analyst at Bric Securities . Automobile sales, which [...]
Medical bills will increase by 5%, as the Budget has levied service tax on hospital and diagnostic service providers. Pharmaceutical sector has expressed relief over continuation of concessions on excise duty provided during the global economic meltdown. Centralised air conditioned (AC) hospitals with more than 25 beds and even diagnostic service providers are brought under [...]
The branded apparel sector will have to cough up mandatory excise duty of 10% under the Union Budget 2011-12, another dampner as it struggles to deal with spiralling cotton prices. Excise duty on branded apparel was earlier voluntary. This means that apparel makers who did not opt to pay the duty could also could not [...]
The union budget 2011 is to be announced by the Finance Minister today and all eyes would be on the announcement with respect to technology and digital media. If you would like to track the budget live online you can do so on the following sites: Budget 2011 live streaming site The official [...]
Finance Minister Pranab Mukherjee is likely to accept exporters demand, like extension of concessional credit scheme, when he presents the General Budget in Parliament on Monday. While exports are showing healthy growth rate of over 29 percent, exporters are hoping that Mukherjee would not roll back the stimulus as demand in the western markets are [...]
By Vineet Agarwal, director, KPMG and Rajashree Sarna, manager, KPMG As the Budget day comes closer, many of us start having our expectations from the Budget. Everyone from the ‘aam aadmi’ to the ‘corporate honcho’ is waiting for finance minister Pranab Mukherjee to wave his magic wand from his red briefcase and assure the people [...]
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