kmc_chacko
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I think no changes
Indian Budget 2016-17 .. Main Thread ..
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PARIKRAMA
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Ministry of Finance29-February, 2016 13:11 IST
Plan – Non Plan Classification To Be Done Away from Fiscal 2017-18
The Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit in having Plan and Non-Plan classification of Government expenditure. A broad understanding over the years has been that Plan expenditures are good and Non-Plan expenditures are bad resulting in skewed allocations in the Budget. This needs to be corrected to give greater focus to Revenue and Capital classification of Government expenditure. Mr. Jaitley said that the Finance Ministry will closely work with the State Finance Departments to align Central and State Budgets in this matter.
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Ministry of Finance29-February, 2016 13:13 IST
100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh
General Budget 2016-17 has proposed allocation of initial sums of Rs. 100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in 2017, the country will also celebrate the 70th Anniversary of our Independence. Government will chalk out milestones for nation’s journey beyond the 70th Anniversary of Independence.
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(Release ID :136997)
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Ministry of Finance29-February, 2016 13:14 IST
Fiscal Deficit Retained at 3.9 percent in RE 2015-16 and at 3.5 percent in BE 2016-17
Adhering to the fiscal targets, the fiscal deficit in RE 2015-16 and BE 2016-17 have been retained at 3.9% and 3.5% of GDP respectively. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that he has weighed the policy options of either in favour of fiscal consolidation and stability or for a less aggressive consolidation and for boosting growth. He has decided that prudence lies in adhering to the fiscal targets but while doing so, it has been ensured that the development agenda has not been compromised.
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DSM/GB/RC/nb/2016-17/
(Release ID :136998)
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Ministry of Finance29-February, 2016 13:11 IST
Plan – Non Plan Classification To Be Done Away from Fiscal 2017-18
The Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit in having Plan and Non-Plan classification of Government expenditure. A broad understanding over the years has been that Plan expenditures are good and Non-Plan expenditures are bad resulting in skewed allocations in the Budget. This needs to be corrected to give greater focus to Revenue and Capital classification of Government expenditure. Mr. Jaitley said that the Finance Ministry will closely work with the State Finance Departments to align Central and State Budgets in this matter.
*****
DSM/GB/RC/nb/2016-17/
(Release ID :136996)
+++
+++
Ministry of Finance29-February, 2016 13:13 IST
100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh
General Budget 2016-17 has proposed allocation of initial sums of Rs. 100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in 2017, the country will also celebrate the 70th Anniversary of our Independence. Government will chalk out milestones for nation’s journey beyond the 70th Anniversary of Independence.
*****
DSM/GB/RC/nb/2016-17/
(Release ID :136997)
+++
+++
Ministry of Finance29-February, 2016 13:14 IST
Fiscal Deficit Retained at 3.9 percent in RE 2015-16 and at 3.5 percent in BE 2016-17
Adhering to the fiscal targets, the fiscal deficit in RE 2015-16 and BE 2016-17 have been retained at 3.9% and 3.5% of GDP respectively. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that he has weighed the policy options of either in favour of fiscal consolidation and stability or for a less aggressive consolidation and for boosting growth. He has decided that prudence lies in adhering to the fiscal targets but while doing so, it has been ensured that the development agenda has not been compromised.
*****
DSM/GB/RC/nb/2016-17/
(Release ID :136998)
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Ankit Kumar
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A very important move.
Nearly ~4 billion dollars. I hope my village in Bihar gets one lol
Nearly ~4 billion dollars. I hope my village in Bihar gets one lol
kmc_chacko
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'Mixed Bag Budget With No Big Idea,' Says Manmohan Singh
New Delhi: Former Prime Minister Manmohan Singh today said the government had unveiled a "mixed bag Budget" with no big idea.
Dr Singh also said the government's announcement that farmers' income would be doubled in the next five years is an "impossible idea".
"There is no way of telling the country how it will be achieved," Dr Singh told NDTV in his first reaction to the Budget presented by Finance Minister Arun Jaitley.
Mr Jaitley's third budget reflects the government's emphasis on farmers and India's poorest ahead of a string of state polls.
"We need to think beyond food security to income security. We aim to double the income of farmers by 2022," said Mr Jaitley, announcing an allocation of Rs. 35,984 crore for farmers' welfare.
He also said Rs. 87,765 crore has been allocated for rural development.
Dr Singh, a renowned economist, was prime minister for 10 years till the Congress party lost power in the 2014 national election.
As finance minister in the 1990s, he was the architect of India's economic reforms. While his government is credited with major welfare measures like the job guarantee scheme MGNREGA, his second term as prime minister was mired by corruption allegations and a perception that the government failed to check the economic downslide.
Mixed Bag Budget With No Big Idea, Says Manmohan Singh – NDTV Profit
New Delhi: Former Prime Minister Manmohan Singh today said the government had unveiled a "mixed bag Budget" with no big idea.
Dr Singh also said the government's announcement that farmers' income would be doubled in the next five years is an "impossible idea".
"There is no way of telling the country how it will be achieved," Dr Singh told NDTV in his first reaction to the Budget presented by Finance Minister Arun Jaitley.
Mr Jaitley's third budget reflects the government's emphasis on farmers and India's poorest ahead of a string of state polls.
"We need to think beyond food security to income security. We aim to double the income of farmers by 2022," said Mr Jaitley, announcing an allocation of Rs. 35,984 crore for farmers' welfare.
He also said Rs. 87,765 crore has been allocated for rural development.
Dr Singh, a renowned economist, was prime minister for 10 years till the Congress party lost power in the 2014 national election.
As finance minister in the 1990s, he was the architect of India's economic reforms. While his government is credited with major welfare measures like the job guarantee scheme MGNREGA, his second term as prime minister was mired by corruption allegations and a perception that the government failed to check the economic downslide.
Mixed Bag Budget With No Big Idea, Says Manmohan Singh – NDTV Profit
Ankit Kumar
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Another one, on black money. I feel a good move, but a lot more needs to be done.
PARIKRAMA
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Ministry of Finance 29-February, 2016 13:15 IST
Important Announcements made by Union Finance Minister Shri Arun Jaitley in his Budget speech 2016-17
1.Big Focus on Agriculture and Farmer’ Welfare
2.Rs. 27,000 crore including State’s share to be spent on PMGSY in 2016-17. Target date of completion of PMGSY advanced from 2021 to 2019.
3.Rs. 9 lakh crore will be given as Agricultural credit in 2016-17.
4.FCI will undertake online procurement of food grains. This will bring transparency and convenience to farmers through prior registration and monitoring of procurement.
5.Pashudhan Sanjeevani, an animal wellness programme, will be undertaken. Nakul Swasthya Patras to be issued.
6.Rural Sector
7.Targeted Delivery of Government subsidies and benefits to ensure that they reach the poor and the deserving.
8.MUDRA – Loan target of 1,80,000 crore in 2016-17.
9.Social Sector
10.Education
11.Skills
12.Job Creation
13.Measures in the sectors of Infrastructure, Investment, Banking, Insurance etc.
14.‘Ek Bharat Shreshtha Bharat’ will be launched to link States and Districts.
15.Technology Driven Platform for Government procurement of goods and services will be set up by DGS&D. This will improve transparency, efficiency and reduce cost of procurement.
16.Fiscal Discipline
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(Release ID :136999)
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Ministry of Finance 29-February, 2016 13:15 IST
Important Announcements made by Union Finance Minister Shri Arun Jaitley in his Budget speech 2016-17
1.Big Focus on Agriculture and Farmer’ Welfare
(i) Farmer’s income to be doubled by 2022.
(ii) 28.5 lakh hectares will be brought under irrigation under Pradhan Mantri Krishi Sinchai Yojana.
(iii) 89 irrigation projects, requiring Rs. 86,500 crore in next five years, to be fast tracked. 23 of these projects to be completed before 31st March, 2017.
(iv) Dedicated Long Term Irrigation Fund will be created in NABARD with initial corpus of Rs. 20,000 crore.
(v) Total outlay on irrigation including market borrowings is R. 12,157 crore.
(vi) Major programme for Sustainable Ground Water management proposed for multilateral funding at a cost of Rs. 6,000 crore.
(vii) 5 lakh farm ponds and dug wells in rain-fed areas and 10 lakh copost pits for production of organic manure will be taken up.
(viii) Soil Health Cards will be given to 14 crore farm holdings by March, 2017.
(ix) &nbs p; 2,000 model retail otlets of fertilizer companies with soil and seed testing facilities, will be opened in the next three years.
(x) Unified Agricultural Marketing E Platform to be dedicated to the Nation on the Birthday of Dr. Ambedkar on 14th April, 2016.
(ii) 28.5 lakh hectares will be brought under irrigation under Pradhan Mantri Krishi Sinchai Yojana.
(iii) 89 irrigation projects, requiring Rs. 86,500 crore in next five years, to be fast tracked. 23 of these projects to be completed before 31st March, 2017.
(iv) Dedicated Long Term Irrigation Fund will be created in NABARD with initial corpus of Rs. 20,000 crore.
(v) Total outlay on irrigation including market borrowings is R. 12,157 crore.
(vi) Major programme for Sustainable Ground Water management proposed for multilateral funding at a cost of Rs. 6,000 crore.
(vii) 5 lakh farm ponds and dug wells in rain-fed areas and 10 lakh copost pits for production of organic manure will be taken up.
(viii) Soil Health Cards will be given to 14 crore farm holdings by March, 2017.
(ix) &nbs p; 2,000 model retail otlets of fertilizer companies with soil and seed testing facilities, will be opened in the next three years.
(x) Unified Agricultural Marketing E Platform to be dedicated to the Nation on the Birthday of Dr. Ambedkar on 14th April, 2016.
2.Rs. 27,000 crore including State’s share to be spent on PMGSY in 2016-17. Target date of completion of PMGSY advanced from 2021 to 2019.
3.Rs. 9 lakh crore will be given as Agricultural credit in 2016-17.
4.FCI will undertake online procurement of food grains. This will bring transparency and convenience to farmers through prior registration and monitoring of procurement.
5.Pashudhan Sanjeevani, an animal wellness programme, will be undertaken. Nakul Swasthya Patras to be issued.
6.Rural Sector
(i) R. 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municpalities as per the recommendations of the 14th FC. This translates to Rs. 81 lakh per gram panchayat and over Rs. 21 crore per Municipality.
(ii) Every Block in drought and rural distress areas will be taken up under Deen Dayal Antoyodaya Mission.
(iii) 300 Rurban Clusters will incubate growth Centres in Rural Area.
(iv) All villages will be electrified by 1st May, 2018.
(v) A new Digital Literacy Mission scheme will be launched for rural India to cover around 6 crore households in next three years.
(vi) Modernisation of Land Records through revamped National Land Records Programme.
(vii) Rashtriya Gram Swaraj Programme to be launched.
(ii) Every Block in drought and rural distress areas will be taken up under Deen Dayal Antoyodaya Mission.
(iii) 300 Rurban Clusters will incubate growth Centres in Rural Area.
(iv) All villages will be electrified by 1st May, 2018.
(v) A new Digital Literacy Mission scheme will be launched for rural India to cover around 6 crore households in next three years.
(vi) Modernisation of Land Records through revamped National Land Records Programme.
(vii) Rashtriya Gram Swaraj Programme to be launched.
7.Targeted Delivery of Government subsidies and benefits to ensure that they reach the poor and the deserving.
(i)New law fpr targeted delivery of financial and other subsidies etc. using Aadhar framework will be enacted.
(ii)DBT in fertilizer will be launced on pilot basis.
(iii)Of the total 5.35 lakh fair price shops in the country, 3 lakh shops to be automated by March,2017.
(ii)DBT in fertilizer will be launced on pilot basis.
(iii)Of the total 5.35 lakh fair price shops in the country, 3 lakh shops to be automated by March,2017.
8.MUDRA – Loan target of 1,80,000 crore in 2016-17.
9.Social Sector
(i) Massive Mission to provide LPG connection to poor households will be launched. 1.5 crore poor households will benefit in 2016-17. Scheme will continue for two more years to cover a total of 5 crore BPL households. LPG connection to be given in the name of woman member of the family.
(ii) New Health Protection scheme will be launched. Health cover up to Rs. 1 lakh per family and additional Rs. 30,000 for senior citizens to be provided.
(iii) 3000 stores under Prime Minister’s Jan Aushadhi Yojana will be opened in 2016- 17.
(iv) National Dialysis Services Programme will be launched. Tax exemptions given to certain parts of dialysis equipments.
(v) A new Eco System for SC/ST entrepreneurs will be set up. SC/ST Hub to be set up in MSME Ministry.
(ii) New Health Protection scheme will be launched. Health cover up to Rs. 1 lakh per family and additional Rs. 30,000 for senior citizens to be provided.
(iii) 3000 stores under Prime Minister’s Jan Aushadhi Yojana will be opened in 2016- 17.
(iv) National Dialysis Services Programme will be launched. Tax exemptions given to certain parts of dialysis equipments.
(v) A new Eco System for SC/ST entrepreneurs will be set up. SC/ST Hub to be set up in MSME Ministry.
10.Education
(i) 62 new Navaodaya Vidyalayas to be opened in remaining uncovered districts in next two years.
(ii) An enabling regulatory architecture will be provided to 10 public and 10 private institutions to emerge as world class teaching and research institutions.
(iii) Higher Education Financing Agency will be set up with an initial capital base of Rs. 1,000 crore.
(iv) Digital Depository will be set up for educational certificates, mark-sheets, awards etc.
(ii) An enabling regulatory architecture will be provided to 10 public and 10 private institutions to emerge as world class teaching and research institutions.
(iii) Higher Education Financing Agency will be set up with an initial capital base of Rs. 1,000 crore.
(iv) Digital Depository will be set up for educational certificates, mark-sheets, awards etc.
11.Skills
(i) 1500 Multi Skill Training Institutes will be set up under Pradhan Mantri Kaushal Vikas Yojana
(ii) National Board for Skill Development Certification will be set up in partnership with industry and academia.
(iii) Entrepreneurship education and training will be provided in 2200 colleges, 300 schools, 500 govt. it is and 50 vocational training centres through open online courses.
(ii) National Board for Skill Development Certification will be set up in partnership with industry and academia.
(iii) Entrepreneurship education and training will be provided in 2200 colleges, 300 schools, 500 govt. it is and 50 vocational training centres through open online courses.
12.Job Creation
(i) Government of India will pay EPS contribution of 8.33% for all new employees enrolling in EPFO for the first three years of employment. Applicable to those with salaries of Rs. 15,000 per month
(ii) Section 80 JJAA of Income Tax Act being amended to broaden the scope of employment generation incentives.
(iii) Interlinking of State Employment Exchanges with National Career Service Platform.
(iv) Small and medium shops to be permitted to remain open all 7 days a week on voluntary basis. New jobs in retail sector.
(ii) Section 80 JJAA of Income Tax Act being amended to broaden the scope of employment generation incentives.
(iii) Interlinking of State Employment Exchanges with National Career Service Platform.
(iv) Small and medium shops to be permitted to remain open all 7 days a week on voluntary basis. New jobs in retail sector.
13.Measures in the sectors of Infrastructure, Investment, Banking, Insurance etc.
(i)Rs. 2,18,000 crore will be spent on capital expenditure of roads and railways in 2016-17.
Includes: Rs. 27,000 crore PMGSY
55,000 crore Road Transport and highway
15,000 crore NHAI Bonds
1,21,000 crore Railways
(ii) Unserved and underserved airstrips to be revived by AAI and also in partnership with State Governments.
(iii) Road transport sector (passenger segment) to be opened up by removing permit system. This will benefit the poor and middle class, encourage new investment, promote start up entrepreneurs and create new jobs. This is a major reform measure.
(iv)Discovery and exploration of fas in difficult areas will be incentivized by giving them calibrated marketing freedom. This is a major reform measure.
(v)To promote private participation in infrastructure projects, Public Utility (Resolution of Disputes) Bill will be introduced; and guidelines for renegotiation of PPP agreements will be issued, without compromising transparency.
(vi) Changes in FDI Policy.
(vii) For the benefit of farmers, 100% FDI through FIPB route will be permitted for marketing of food products, produced and manufactured in India. This will give big encouragement to food processing industry and create new jobs.
(viii) Guidelines for strategic disinvestment have been approved and will be spelt out.
(ix) Individual units of CPSEs can be disinvested to raise resources for investment in new projects.
(x) In the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together will the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a big reform measure.
(xi) SARFAESI Act to be amended to strengthen Asset Reconstruction Companies. This will help in dealing with stressed assets of Banks.
(xii) Public Sector Banks (PSB) – (a) Recapitalisation of PSBs; (b) roadmap to be spelt out for consolidation of PSBs; (c) considering reduction of Government equity in IDBI Bank to 49% of below; (d) DRTs to be strengthened with computerized processing of court cases.
(xiii) General Insurance Companies will be listed in stock exchanges for improving transparency, accountability and efficiency.
(xiv) Comprehensive Central legislation to deal with Illicit Deposit Taking schemes will be enacted.
Includes: Rs. 27,000 crore PMGSY
55,000 crore Road Transport and highway
15,000 crore NHAI Bonds
1,21,000 crore Railways
(ii) Unserved and underserved airstrips to be revived by AAI and also in partnership with State Governments.
(iii) Road transport sector (passenger segment) to be opened up by removing permit system. This will benefit the poor and middle class, encourage new investment, promote start up entrepreneurs and create new jobs. This is a major reform measure.
(iv)Discovery and exploration of fas in difficult areas will be incentivized by giving them calibrated marketing freedom. This is a major reform measure.
(v)To promote private participation in infrastructure projects, Public Utility (Resolution of Disputes) Bill will be introduced; and guidelines for renegotiation of PPP agreements will be issued, without compromising transparency.
(vi) Changes in FDI Policy.
(vii) For the benefit of farmers, 100% FDI through FIPB route will be permitted for marketing of food products, produced and manufactured in India. This will give big encouragement to food processing industry and create new jobs.
(viii) Guidelines for strategic disinvestment have been approved and will be spelt out.
(ix) Individual units of CPSEs can be disinvested to raise resources for investment in new projects.
(x) In the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together will the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a big reform measure.
(xi) SARFAESI Act to be amended to strengthen Asset Reconstruction Companies. This will help in dealing with stressed assets of Banks.
(xii) Public Sector Banks (PSB) – (a) Recapitalisation of PSBs; (b) roadmap to be spelt out for consolidation of PSBs; (c) considering reduction of Government equity in IDBI Bank to 49% of below; (d) DRTs to be strengthened with computerized processing of court cases.
(xiii) General Insurance Companies will be listed in stock exchanges for improving transparency, accountability and efficiency.
(xiv) Comprehensive Central legislation to deal with Illicit Deposit Taking schemes will be enacted.
14.‘Ek Bharat Shreshtha Bharat’ will be launched to link States and Districts.
15.Technology Driven Platform for Government procurement of goods and services will be set up by DGS&D. This will improve transparency, efficiency and reduce cost of procurement.
16.Fiscal Discipline
(i) Fiscal deficit target of 3.5% of GDP in 2016-17
(ii) Committee for review of FRBM Act.
(iii) Removal of -/Non Plan classification from 2017-18
(iv) Rationalisation of Central Plan Schemes. More than 1500 Central Plan schemes have been restructured to about 300 Central sector and 30 centrally sponsored Schemes.
(ii) Committee for review of FRBM Act.
(iii) Removal of -/Non Plan classification from 2017-18
(iv) Rationalisation of Central Plan Schemes. More than 1500 Central Plan schemes have been restructured to about 300 Central sector and 30 centrally sponsored Schemes.
****
DSM/GB/2016-17/MAM/AK
(Release ID :136999)
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kmc_chacko
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Impact of the Budget across sectors
A look at the highlights of the Budget by sector.
Citing that the government is committed to ease of doing business in India, Finance Minister Arun Jaitley presented the Union Budget 2016-17 in the Parliament on Monday. Here is a look at how different sectors have benefited from the Budget.
Agriculture and rural sector
- Allocation for agriculture is Rs. 35, 984 crore.
- Allocation under Pradhan Mantri Gram Sadak Yojana increased to Rs. 19,000 crore.
- Allocation for rural sector is Rs. 87,765 crore.
- A sum of Rs. 38,500 crore allocated for MGNREGS.
- 100 per cent village electrification by May 1, 2018.
- Agricultural credit target of Rs. 9 lakh crore. Govt to allocate Rs 5,500 crore for crop insurance scheme.
- Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.
Social sector
- Allocation for social sector including education and health care is Rs. 1,51,581 crore.
- A new health protection scheme for health cover upto Rs. 1 lakh per family. Senior citizens will get additional healthcare cover of Rs. 30,000.
- 3,000 stores to be set up for generic drugs.
- Rs. 9,000 crore for Swachch Bharat Abhiyan.
- National dialysis service programme under PPP model. LPG connection for women members of rural homes.
Education and jobs
- 62 new Navodaya Vidyalayas will be opened
- Higher Education Financing Agency to be set-up with initial capital base of Rs. 1000 crore.
- 10 public and 10 private educational institutions to be made world-class. Digital repository for all school leaving certificates and diplomas.
- Allocation for skill development is Rs. 1804 crore.
- Govt. will pay EPF contribution of 8.33 per cent for all new employees for first three years.
Infrastructure
- Total investment in the road sector, including PMGSY allocation, would be Rs. 97,000 crore.
- Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore.
- Allocation of Rs. 55,000 crore in the Budget for Roads. Additional Rs. 15,000 crore to be raised by NHAI through bonds.
- 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads.
- New greenfield ports to be developed on east and west coasts. Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity
- Plan to augment nuclear power in the next 15-20 years.
- Reforms in FDI policy in the areas of Insurance and Pension, Asset Reconstruction Companies, Stock Exchanges.
Financial sector
- Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.
- Allocation of Rs. 25,000 crore towards recapitalisation of Public Sector Banks.
- General Insurance Companies owned by the Government to be listed in the stock exchanges.
Personal finance
- People with income less than Rs. 5 lakh to get deduction of Rs 5,000 under section 87A, up from Rs 2,000 last year. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a.
- 40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.
- Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
- No changes have been made to existing income tax slabs.
The impact of the Budget across sectors - The Hindu
A look at the highlights of the Budget by sector.
Citing that the government is committed to ease of doing business in India, Finance Minister Arun Jaitley presented the Union Budget 2016-17 in the Parliament on Monday. Here is a look at how different sectors have benefited from the Budget.
Agriculture and rural sector
- Allocation for agriculture is Rs. 35, 984 crore.
- Allocation under Pradhan Mantri Gram Sadak Yojana increased to Rs. 19,000 crore.
- Allocation for rural sector is Rs. 87,765 crore.
- A sum of Rs. 38,500 crore allocated for MGNREGS.
- 100 per cent village electrification by May 1, 2018.
- Agricultural credit target of Rs. 9 lakh crore. Govt to allocate Rs 5,500 crore for crop insurance scheme.
- Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.
Social sector
- Allocation for social sector including education and health care is Rs. 1,51,581 crore.
- A new health protection scheme for health cover upto Rs. 1 lakh per family. Senior citizens will get additional healthcare cover of Rs. 30,000.
- 3,000 stores to be set up for generic drugs.
- Rs. 9,000 crore for Swachch Bharat Abhiyan.
- National dialysis service programme under PPP model. LPG connection for women members of rural homes.
Education and jobs
- 62 new Navodaya Vidyalayas will be opened
- Higher Education Financing Agency to be set-up with initial capital base of Rs. 1000 crore.
- 10 public and 10 private educational institutions to be made world-class. Digital repository for all school leaving certificates and diplomas.
- Allocation for skill development is Rs. 1804 crore.
- Govt. will pay EPF contribution of 8.33 per cent for all new employees for first three years.
Infrastructure
- Total investment in the road sector, including PMGSY allocation, would be Rs. 97,000 crore.
- Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore.
- Allocation of Rs. 55,000 crore in the Budget for Roads. Additional Rs. 15,000 crore to be raised by NHAI through bonds.
- 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads.
- New greenfield ports to be developed on east and west coasts. Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity
- Plan to augment nuclear power in the next 15-20 years.
- Reforms in FDI policy in the areas of Insurance and Pension, Asset Reconstruction Companies, Stock Exchanges.
Financial sector
- Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.
- Allocation of Rs. 25,000 crore towards recapitalisation of Public Sector Banks.
- General Insurance Companies owned by the Government to be listed in the stock exchanges.
Personal finance
- People with income less than Rs. 5 lakh to get deduction of Rs 5,000 under section 87A, up from Rs 2,000 last year. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a.
- 40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.
- Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
- No changes have been made to existing income tax slabs.
The impact of the Budget across sectors - The Hindu
Ankit Kumar
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@PARIKRAMA try find about this. Any thing about Jaitpura?
PARIKRAMA
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Ministry of Finance 29-February, 2016 13:16 IST
FM: GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year. This was possible notwithstanding the contraction of global exports by 4.4% compared to 7.7% growth in the world exports during the last three years of the previous Government. He said that the Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and the global trade had contracted. Amidst these global events, the Indian economy held its ground firmly, due to the inherent strengths and policies of the present Government.
The Finance Minister Shri Jaitley said that the IMF has hailed India as a ‘bright spot’, amidst a slowing global economy. The World Economic Forum has commented that India’s growth is ‘extraordinarily high’. He said that it could be achieved inspite of inheriting an economy of low growth, high inflation and zero investor confidence in Government ‘s capability to govern.
The Finance Minister Shri Jaitley further said that CPI inflation which was 9.4% during the last three years of the previous Government had come down to 5.4%. This was accomplished despite monsoon shortfall of 13% for two consecutive years. Calling India’s external situation as robust, Shri Jaitley said that the Current Account Deficit had declined from 18.4 billion US dollars in the first half of last year to 14.4 billion this year, projected to be 1.4% of GDP by the end of this year. India’s foreign exchange reserves are at the highest level of about 350 billion of US dollars.
The Finance Minister affirmed the principle that money with Government belongs to the people and the Government has the sacred responsibility to spend it prudently and wisely for the welfare of people, especially for the poor and the downtrodden. He said that the Plan expenditure at RE stage has been increased in 2015-16 in contrast to the usual practice of reducing it. Shri Jaitley pointed-out three serious implications facing the Indian economy. Firstly, we must strengthen our firewalls against the risks of further global slowdown and turbulence by ensuring macroeconomic stability and prudent fiscal management. Secondly, since foreign markets are weak, we must rely on domestic demand and Indian markets to ensure that India’s growth does not slow down. And thirdly, we must continue with the pace of economic reforms and policy initiatives to change the lives of people for the better.
The Finance Minister said that the Government has also to prioritise its expenditure for the Financial Year 2016-17 on account of the recommendations of 7th Central Pay Commission and the implementation of Defence OROP. Also, the 14the Finance Commission has reduced the Central share of taxes to 58% from 68%. Shri Jaitley said that the government wished to enhance expenditure in the farm and rural sector, the social sector, the infrastructure sector and provide for recapitalisation of banks as these sectors need immediate action.
The Finance Minister Shri Jaitley also said that the Government will undertake three major schemes to help the weaker section of the society. The Pradhan Mantri Fasal Bima Yojana (PMFBY) will help to protect the farmers from the natural disasters. The farmer will pay a nominal amount of insurance premium and get the highest ever compensation the event of any loss suffered. A health insurance scheme which protect about one-third of India’s population against hospitalization expenditure will also be announced. A new initiative to ensure BPL families are provided with cooking gas connection, supported by a Government subsidy, will also be launched.
Shri Jaitley asserted that the priority of the government is to provide additional resources for vulnerable section, rural areas and social and physical infrastructure creation. He said the Government shall also endeavour to continue with the ongoing reforms and ensure passage of Constitutional amendments to enable implementation of GST, passage of Insolvency and Bankruptcy law and other pending reform measures. He also added that the Government shall enact a law to ensure that all benefits given by the government are conferred upon persons who deserve it, by a statutory backing to AADHAR platform. He added, significant reforms like changes in the legislative framework relating to transport sector, incentivizing gas discovery and exploration, enactment of law to deal with resolution of financial firms, legal framework dispute resolution in PPP projects and public utility contracts, important banking sector reforms and public listing of general insurance companies and significant changes in FDI policy are also on Government’s agenda.
The Union Finance Minister Shri Jaitley set the agenda for the Financial Year 2016-17 as ‘Transform India’.
*******
DSM/GB/2016-17/RG/AC
(Release ID :137000)
+++
+++
Ministry of Finance 29-February, 2016 13:17 IST
FM: Tax Proposals are aimed at Boosting Economic Growth and Employment Generation
The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote measures for moving towards a pensioned society and for promoting affordable housing.
Such provisions to boost economic growth and employment include-100% deduction of profits for 3 out of 5 years for start-ups, during April, 2016 to March 2019, with certain riders. Similarly to promote innovation, a special patent regime with 10% rate of tax on income from worldwide exploitation of patents developed and registered in India was proposed.
Non-banking financial companies shall be eligible for deduction to the extent of 5 % of its income in respect of provision for bad and doubtful debts.
The corporate income tax rate for the next financial year of relatively small enterprises i.e companies with turnover not exceeding Rs. 5 crores (in the financial year ending March 2015) is proposed to be lowered to 29 % plus surcharge and cess. The new manufacturing companies which are incorporated on or after 1.3.2016 are proposed to be given an option to be taxed at 25% plus surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation.
Service tax on services provided under Deen Dayal Upadhyay Grameen Kaushalya Yojana and services provided by Assessing Bodies empanelled by Ministry of Skill Development and Entrepreneurship are also proposed to be exempted.
The determination of residency of foreign company on the basis of Place of Effective Management (POEM) is deferred by one year.
To get more investment in Asset Reconstruction Companies (ARCs), which play a very important role in resolution of bad debts, a complete pass through income-tax to securitization trusts including trusts of ARCs has been proposed. The income will be taxed in the hands of the investors instead of the trust.
The Finance Minister also enunciated a plan for phasing-out various exemptions as the corporate tax is proposed to be reduced from 30% to 25 % over a period. Such graduated plan includes
a)The accelerated depreciation provided under IT Act will be limited to maximum 40 % from 1.4.2017.
b)The benefit of deductions for Research would be limited to 150% from 1.4.2017 and 100% from 1.4.2020
c)The benefit of section 10AA to new SEZ units will be available to those units which commence activity before 31.3.2020.
d)The weighted deduction under section 35CCD for skill development will continue up to 1.4.2020.
Other objectives enunciated for his tax proposals are: Additional resource mobilization for agriculture, rural economy and clean environment, use of technology for creating accountability, simplification and rationalization of taxation and reduction in litigation for providing certainty in taxation.
*****
DSM/GB/KSP/SBP2016-17/
(Release ID :137001)
+++
Ministry of Finance 29-February, 2016 13:16 IST
FM: GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year. This was possible notwithstanding the contraction of global exports by 4.4% compared to 7.7% growth in the world exports during the last three years of the previous Government. He said that the Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and the global trade had contracted. Amidst these global events, the Indian economy held its ground firmly, due to the inherent strengths and policies of the present Government.
The Finance Minister Shri Jaitley said that the IMF has hailed India as a ‘bright spot’, amidst a slowing global economy. The World Economic Forum has commented that India’s growth is ‘extraordinarily high’. He said that it could be achieved inspite of inheriting an economy of low growth, high inflation and zero investor confidence in Government ‘s capability to govern.
The Finance Minister Shri Jaitley further said that CPI inflation which was 9.4% during the last three years of the previous Government had come down to 5.4%. This was accomplished despite monsoon shortfall of 13% for two consecutive years. Calling India’s external situation as robust, Shri Jaitley said that the Current Account Deficit had declined from 18.4 billion US dollars in the first half of last year to 14.4 billion this year, projected to be 1.4% of GDP by the end of this year. India’s foreign exchange reserves are at the highest level of about 350 billion of US dollars.
The Finance Minister affirmed the principle that money with Government belongs to the people and the Government has the sacred responsibility to spend it prudently and wisely for the welfare of people, especially for the poor and the downtrodden. He said that the Plan expenditure at RE stage has been increased in 2015-16 in contrast to the usual practice of reducing it. Shri Jaitley pointed-out three serious implications facing the Indian economy. Firstly, we must strengthen our firewalls against the risks of further global slowdown and turbulence by ensuring macroeconomic stability and prudent fiscal management. Secondly, since foreign markets are weak, we must rely on domestic demand and Indian markets to ensure that India’s growth does not slow down. And thirdly, we must continue with the pace of economic reforms and policy initiatives to change the lives of people for the better.
The Finance Minister said that the Government has also to prioritise its expenditure for the Financial Year 2016-17 on account of the recommendations of 7th Central Pay Commission and the implementation of Defence OROP. Also, the 14the Finance Commission has reduced the Central share of taxes to 58% from 68%. Shri Jaitley said that the government wished to enhance expenditure in the farm and rural sector, the social sector, the infrastructure sector and provide for recapitalisation of banks as these sectors need immediate action.
The Finance Minister Shri Jaitley also said that the Government will undertake three major schemes to help the weaker section of the society. The Pradhan Mantri Fasal Bima Yojana (PMFBY) will help to protect the farmers from the natural disasters. The farmer will pay a nominal amount of insurance premium and get the highest ever compensation the event of any loss suffered. A health insurance scheme which protect about one-third of India’s population against hospitalization expenditure will also be announced. A new initiative to ensure BPL families are provided with cooking gas connection, supported by a Government subsidy, will also be launched.
Shri Jaitley asserted that the priority of the government is to provide additional resources for vulnerable section, rural areas and social and physical infrastructure creation. He said the Government shall also endeavour to continue with the ongoing reforms and ensure passage of Constitutional amendments to enable implementation of GST, passage of Insolvency and Bankruptcy law and other pending reform measures. He also added that the Government shall enact a law to ensure that all benefits given by the government are conferred upon persons who deserve it, by a statutory backing to AADHAR platform. He added, significant reforms like changes in the legislative framework relating to transport sector, incentivizing gas discovery and exploration, enactment of law to deal with resolution of financial firms, legal framework dispute resolution in PPP projects and public utility contracts, important banking sector reforms and public listing of general insurance companies and significant changes in FDI policy are also on Government’s agenda.
The Union Finance Minister Shri Jaitley set the agenda for the Financial Year 2016-17 as ‘Transform India’.
*******
DSM/GB/2016-17/RG/AC
(Release ID :137000)
+++
+++
Ministry of Finance 29-February, 2016 13:17 IST
FM: Tax Proposals are aimed at Boosting Economic Growth and Employment Generation
The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote measures for moving towards a pensioned society and for promoting affordable housing.
Such provisions to boost economic growth and employment include-100% deduction of profits for 3 out of 5 years for start-ups, during April, 2016 to March 2019, with certain riders. Similarly to promote innovation, a special patent regime with 10% rate of tax on income from worldwide exploitation of patents developed and registered in India was proposed.
Non-banking financial companies shall be eligible for deduction to the extent of 5 % of its income in respect of provision for bad and doubtful debts.
The corporate income tax rate for the next financial year of relatively small enterprises i.e companies with turnover not exceeding Rs. 5 crores (in the financial year ending March 2015) is proposed to be lowered to 29 % plus surcharge and cess. The new manufacturing companies which are incorporated on or after 1.3.2016 are proposed to be given an option to be taxed at 25% plus surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation.
Service tax on services provided under Deen Dayal Upadhyay Grameen Kaushalya Yojana and services provided by Assessing Bodies empanelled by Ministry of Skill Development and Entrepreneurship are also proposed to be exempted.
The determination of residency of foreign company on the basis of Place of Effective Management (POEM) is deferred by one year.
To get more investment in Asset Reconstruction Companies (ARCs), which play a very important role in resolution of bad debts, a complete pass through income-tax to securitization trusts including trusts of ARCs has been proposed. The income will be taxed in the hands of the investors instead of the trust.
The Finance Minister also enunciated a plan for phasing-out various exemptions as the corporate tax is proposed to be reduced from 30% to 25 % over a period. Such graduated plan includes
a)The accelerated depreciation provided under IT Act will be limited to maximum 40 % from 1.4.2017.
b)The benefit of deductions for Research would be limited to 150% from 1.4.2017 and 100% from 1.4.2020
c)The benefit of section 10AA to new SEZ units will be available to those units which commence activity before 31.3.2020.
d)The weighted deduction under section 35CCD for skill development will continue up to 1.4.2020.
Other objectives enunciated for his tax proposals are: Additional resource mobilization for agriculture, rural economy and clean environment, use of technology for creating accountability, simplification and rationalization of taxation and reduction in litigation for providing certainty in taxation.
*****
DSM/GB/KSP/SBP2016-17/
(Release ID :137001)
+++
Ankit Kumar
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kmc_chacko
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FDI norms relaxed in insurance, pension, ARCs, stock exchanges
FDI norms relaxed in insurance, pension, ARCs, stock exchanges | Business Standard News
FDI norms relaxed in insurance, pension, ARCs, stock exchanges | Business Standard News
PARIKRAMA
SENIOR MEMBER
- Joined
- Jan 5, 2014
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+++
Ministry of Finance 29-February, 2016 13:09 IST
Initiatives to Ensure Targetted Disbursement of Government Subsidies and Financial Assistance to Actual Beneficiaries
Three specific initiatives have been proposed to achieve the objective of targeted disbursement of Government subsidies and financial assistance to the actual beneficiaries.
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that this is the critical component of minimum government and maximum governance. The three initiatives are:
First, a bill for Targeted Delivery of Financial and other subsidies, benefits and services by using the Aadhar framework. A social security platform will be developed using Aadhar to accurately target beneficiaries.
+
Second, Direct Benefit Transfer (DBT) is proposed to be introduced on pilot basis for fertilizer in a few districts across the country.
Third, of the 5.35 lakh Fair Price Shops in the country, automation facilities will be provided in 3 lakh Fair Price Shops by March, 2017.
*****
DSM/GB/RC/nb/2016-17/
(Release ID :136990)
+++
+++
Ministry of Finance 29-February, 2016 13:09 IST
1500 Multi Skill Training Institutes to be set-up across the country, Rs.1,700 crore provided in the Budget 2016-17
Government to pay EPS contribution of 8.33% for all new employees for first three years of employment; Rs 1,000 crore earmarked in the Budget
100 Model Career Centres to be made operational by end of 2016-17
State Employment Exchanges to be linked with National Career Service Platform
The Government has decided to set-up 1500 Multi Skill Training Institutes across the country for which Rs 1,700 crore has been set aside in the Budget 2016-17. Announcing this in his Budget Speech in the Parliament here today, the Minister of Finance, Corporate Affairs and Information and Broadcasting, Shri Arun Jaitley said that it is the endeavour of the Government to bring entrepreneurship to the doorstep of youth through Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
The Finance Minister said that Skill India Mission seeks to capitalize our demographic advantage. Since its launch, the National Skill Development Mission has created an elaborate skilling eco-system and imparted training to 76 lakh youth. He said that we have decided to set-up a National Board for Skill Development Certification in partnership with the industry and academia .We propose to further scale- up Pradhan Mantri Kaushal Vikas Yojana to skill one crore youth over the next three years, the Minister said.
The Finance Minister Shri Jaitley also stated that Entrepreneurship, Education and training will be provided in 2200 colleges, 300 schools, 500 government ITIs and 50 Vocational Training Centres through Massive Open Online Courses. Aspiring entrepreneurs, particularly those from remote parts of the country, will be connected to mentors and credit markets. (pg12/para66)
In another important announcement, Shri Jaitley said that in order to incentivize creation of new jobs in the formal sector, Government of India will pay the Employee Pension Scheme contribution of 8.33% for all new employees enrolling in EPFO for the first three years of their employment. The Scheme will be applicable to those with salary up to Rs.15,000 per month and a budget provision of Rs.1000 crore has been made for this.
Further, the Finance Bill, 2016 proposes to broaden and liberalize the scope of the employment generation incentive available under section 80JJAA of the Income Tax Act.
A National Career Service was launched in July, 2015. Already 35 million jobs seekers have registered on this platform. In the new Budget, the Government proposes to make 100 Model Career Centres operational by the end of 2016-17. It also proposes to inter-link State Employment Exchanges with the National Career Service platform.
********
DSM/NB/GB/UD/2016-17/
(Release ID :136991)
+++
Ministry of Finance 29-February, 2016 13:09 IST
Initiatives to Ensure Targetted Disbursement of Government Subsidies and Financial Assistance to Actual Beneficiaries
Three specific initiatives have been proposed to achieve the objective of targeted disbursement of Government subsidies and financial assistance to the actual beneficiaries.
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that this is the critical component of minimum government and maximum governance. The three initiatives are:
First, a bill for Targeted Delivery of Financial and other subsidies, benefits and services by using the Aadhar framework. A social security platform will be developed using Aadhar to accurately target beneficiaries.
+
Second, Direct Benefit Transfer (DBT) is proposed to be introduced on pilot basis for fertilizer in a few districts across the country.
Third, of the 5.35 lakh Fair Price Shops in the country, automation facilities will be provided in 3 lakh Fair Price Shops by March, 2017.
*****
DSM/GB/RC/nb/2016-17/
(Release ID :136990)
+++
+++
Ministry of Finance 29-February, 2016 13:09 IST
1500 Multi Skill Training Institutes to be set-up across the country, Rs.1,700 crore provided in the Budget 2016-17
Government to pay EPS contribution of 8.33% for all new employees for first three years of employment; Rs 1,000 crore earmarked in the Budget
100 Model Career Centres to be made operational by end of 2016-17
State Employment Exchanges to be linked with National Career Service Platform
The Government has decided to set-up 1500 Multi Skill Training Institutes across the country for which Rs 1,700 crore has been set aside in the Budget 2016-17. Announcing this in his Budget Speech in the Parliament here today, the Minister of Finance, Corporate Affairs and Information and Broadcasting, Shri Arun Jaitley said that it is the endeavour of the Government to bring entrepreneurship to the doorstep of youth through Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
The Finance Minister said that Skill India Mission seeks to capitalize our demographic advantage. Since its launch, the National Skill Development Mission has created an elaborate skilling eco-system and imparted training to 76 lakh youth. He said that we have decided to set-up a National Board for Skill Development Certification in partnership with the industry and academia .We propose to further scale- up Pradhan Mantri Kaushal Vikas Yojana to skill one crore youth over the next three years, the Minister said.
The Finance Minister Shri Jaitley also stated that Entrepreneurship, Education and training will be provided in 2200 colleges, 300 schools, 500 government ITIs and 50 Vocational Training Centres through Massive Open Online Courses. Aspiring entrepreneurs, particularly those from remote parts of the country, will be connected to mentors and credit markets. (pg12/para66)
In another important announcement, Shri Jaitley said that in order to incentivize creation of new jobs in the formal sector, Government of India will pay the Employee Pension Scheme contribution of 8.33% for all new employees enrolling in EPFO for the first three years of their employment. The Scheme will be applicable to those with salary up to Rs.15,000 per month and a budget provision of Rs.1000 crore has been made for this.
Further, the Finance Bill, 2016 proposes to broaden and liberalize the scope of the employment generation incentive available under section 80JJAA of the Income Tax Act.
A National Career Service was launched in July, 2015. Already 35 million jobs seekers have registered on this platform. In the new Budget, the Government proposes to make 100 Model Career Centres operational by the end of 2016-17. It also proposes to inter-link State Employment Exchanges with the National Career Service platform.
********
DSM/NB/GB/UD/2016-17/
(Release ID :136991)
+++
Ankit Kumar
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- Mar 13, 2015
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One of the good outcomes.
PARIKRAMA
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Ministry of Finance 29-February, 2016 13:10 IST
Comprehensive Code on Resolution of Financial Firms to be Enacted
Allocation of Rs. 25,000 Crore Towards Recapitalisation of PSBS
Target of Amount Sanctioned Under Pradhan Mantri Mudra Yojana is Proposed to be Increased to Rs 1,80,000 Crore
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together with the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a major reform measure. Announcing more financial sector reforms, he said new derivative products will be developed by SEBI in the commodity derivatives market. Statutory basis will be provided for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016. A Financial Data Management Centre will also be set up to facilitate integrated data aggregation and analysis in the financial sector.
SARFAESI Act is to be amended to strengthen Asset Reconstruction Companies. This will help in dealing with stressed assets of Banks. In the plan for revamping of Public Sector Banks (PSB), he announced :–
a.allocation of Rs. 25,000 crore towards recapitalisation of PSBs;
b.roadmap to be spelt out for consolidation of PSBs;
c.considering reduction of Government equity in IDBI Bank to 49% of below;
d.Debt Recovery Tribunals (DRTs) to be strengthened with computerized processing of court cases.
Target of amount sanctioned under Pradhan Mantri Mudra Yojana is proposed to increased to Rs 1,80,000 crore. General Insurance Companies will be listed in stock exchanges for improving transparency, accountability and efficiency. Comprehensive Central legislation to deal with Illicit Deposit Taking schemes will be enacted.
To provide better access to financial services, especially in rural areas, the government will undertake a massive nationwide rollout of ATMs and Micro ATMs in Post Offices over the next three years, Shri Jaitley announced.
*****
DSM/GB/2016-17/Financial Sector/YSK/
(Release ID :136992)
+++
+++
Ministry of Finance 29-February, 2016 13:10 IST
Simplification and Rationalization of Taxation
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17.
In order to reduce multiplicity of taxes, associated cascading and to reduce cost of collection, abolition 13 cesses, levied by various Ministries in which revenue collection is less than Rs.50 crore in a year, is proposed.
Measures to rationalize TDS provisions for Income Tax have been proposed to improve cash flow position of small tax payers who get their funds blocked due to current TDS provisions. Also, Non-residents without PAN are currently subjected to a higher rate of TDS, however with amendment to relevant provision will allow that on furnishing of alternative documents, such higher rate will not apply. The facility for revision of return hitherto available to service tax assesses only will be extended to Central Excise assesses also.
Additional options for reversal of input tax credits with respect to non-taxable services provided by banking companies and financial institutions, including NBFCs, by way of extending deposits, loans and advances are proposed in Budget 2016-17.
Government of India has taken steps to reduce the cargo release time and transaction costs of EXIM trade. Shri Jaitley also proposed to amend the Customs Act so as to provide for deferred payment of customs duties for importers and exporters with proven track record.
Indian Customs Single Window Project would be implemented at major ports and airports starting from beginning of next financial year. Also, customs baggage for international passengers are simplified as filing of baggage declaration will be required only for those passengers who carry dutiable goods.
*****
DSM/RT/GB/2016-17 .
(Release ID :136993)
+++
Ministry of Finance 29-February, 2016 13:10 IST
Comprehensive Code on Resolution of Financial Firms to be Enacted
Allocation of Rs. 25,000 Crore Towards Recapitalisation of PSBS
Target of Amount Sanctioned Under Pradhan Mantri Mudra Yojana is Proposed to be Increased to Rs 1,80,000 Crore
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together with the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a major reform measure. Announcing more financial sector reforms, he said new derivative products will be developed by SEBI in the commodity derivatives market. Statutory basis will be provided for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016. A Financial Data Management Centre will also be set up to facilitate integrated data aggregation and analysis in the financial sector.
SARFAESI Act is to be amended to strengthen Asset Reconstruction Companies. This will help in dealing with stressed assets of Banks. In the plan for revamping of Public Sector Banks (PSB), he announced :–
a.allocation of Rs. 25,000 crore towards recapitalisation of PSBs;
b.roadmap to be spelt out for consolidation of PSBs;
c.considering reduction of Government equity in IDBI Bank to 49% of below;
d.Debt Recovery Tribunals (DRTs) to be strengthened with computerized processing of court cases.
Target of amount sanctioned under Pradhan Mantri Mudra Yojana is proposed to increased to Rs 1,80,000 crore. General Insurance Companies will be listed in stock exchanges for improving transparency, accountability and efficiency. Comprehensive Central legislation to deal with Illicit Deposit Taking schemes will be enacted.
To provide better access to financial services, especially in rural areas, the government will undertake a massive nationwide rollout of ATMs and Micro ATMs in Post Offices over the next three years, Shri Jaitley announced.
*****
DSM/GB/2016-17/Financial Sector/YSK/
(Release ID :136992)
+++
+++
Ministry of Finance 29-February, 2016 13:10 IST
Simplification and Rationalization of Taxation
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17.
In order to reduce multiplicity of taxes, associated cascading and to reduce cost of collection, abolition 13 cesses, levied by various Ministries in which revenue collection is less than Rs.50 crore in a year, is proposed.
Measures to rationalize TDS provisions for Income Tax have been proposed to improve cash flow position of small tax payers who get their funds blocked due to current TDS provisions. Also, Non-residents without PAN are currently subjected to a higher rate of TDS, however with amendment to relevant provision will allow that on furnishing of alternative documents, such higher rate will not apply. The facility for revision of return hitherto available to service tax assesses only will be extended to Central Excise assesses also.
Additional options for reversal of input tax credits with respect to non-taxable services provided by banking companies and financial institutions, including NBFCs, by way of extending deposits, loans and advances are proposed in Budget 2016-17.
Government of India has taken steps to reduce the cargo release time and transaction costs of EXIM trade. Shri Jaitley also proposed to amend the Customs Act so as to provide for deferred payment of customs duties for importers and exporters with proven track record.
Indian Customs Single Window Project would be implemented at major ports and airports starting from beginning of next financial year. Also, customs baggage for international passengers are simplified as filing of baggage declaration will be required only for those passengers who carry dutiable goods.
*****
DSM/RT/GB/2016-17 .
(Release ID :136993)
+++
Ankit Kumar
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- Mar 13, 2015
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