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Finance Bill 2023     Finance Minister's Speech     MP BUDGET 2023-24 AT A GLANCE

aa Reserve Bank of India, has initiated Ombudsman Speak’ campaign onWorld Consumers Rights Day being celebrated on March 15, 2022 to spread awareness on rights of bank customers and alternate grievance redressal system under RBI integrated Ombudsman Scheme 2021 through media interaction and interviews.
Bhopal:MMNN: 14 March 2023

Press release
Reserve Bank of India, has initiated Ombudsman Speak’ campaign onWorld Consumers Rights Day being celebrated on March 15, 2022 to spread awareness on rights of bank customers and alternate grievance redressal system under RBI integrated Ombudsman Scheme 2021 through media interaction and interviews.This year also, Reserve Bank of India Ombudsman Bhopal, willbe spreading awareness among bank customers about salient features of RBI Integrated Ombudsman Scheme 2021, through television and radio, as part of ‘Ombudsman Speak’ campaign.
Reserve Bank of India had issued a Charter of Consumer Rights on 03rd December 2014.The Charter contains basic rights of bank customers andhighlights the responsibilities of bank towards their customers. Five basic rights covered in charter are right to fair treatment, right to transparency, right to suitability, right to privacy and right to grievance redressal and compensation. Reserve Bank- Integrated Ombudsman scheme 2021 is one more step towards protecting customer’s right to grievance redressal and compensation.
Reserve Bank- Integrated Ombudsman Scheme 2021 was launched on November12, 2021. The scheme was formedby integrating three prevalent Ombudsman schemes for different regulated entities. This integrated scheme aims to resolve customer grievances in relation to services provided by entities regulated by Reserve Bank of India in an expeditious and cost-effective manner The Scheme covers the following regulated entities:

  1. All Commercial Banks, Regional Rural Banks (RRBs), Scheduled Primary Urban Co-operative Banks (UCBs) and Non-Scheduled UCBs with deposit size of ₹50 crore and above as on the date of the audited balance sheet of the previous financial year;
  2. All Non-Banking Financial Companies (NBFCs) (excluding HFCs) which (a) are authorized to accept deposits; or (b) have customer interface, with assets size of ₹100 crore or above, as on the date of the audited balance sheet of the previous financial year, excluding Core Investment Company (CIC), Infrastructure Debt Fund-Non-Banking Financial Company (IDF-NBFC), Non-Banking Financial Company - Infrastructure Finance Company (NBFC-IFC), a company in resolution or winding up/liquidation, or any other NBFC specified by the RBI
  3. All Payment System Participants.
  4. All Credit Information Companies.
Under the principle of 'One Nation One Ombudsman', a Centralized Receipt and Processing Centre has been set up at Chandigarh which receives complaints through letters and e-mails. A contact centre has also been set up with a toll-free number (14448) to help the complainants register complaints in ten regional languages besides Hindi and English and obtain information related to other aspects of their grievances/redressal mechanism.
A complaint against any regulated entity involving ‘deficiency in service’ can be filed under the RB-IOS, 2021 through any of the following methods:
  1. Online - The complaint will be registered online under the scheme at
  2. Letter - Physical complaint (letter/post) may be sent at “Centralised Receipt and Processing Centre, 4th Floor, Reserve Bank of India, Sector -17, Central Vista, Chandigarh – 160017”
  3. Complaints against regulated entities not covered under the RB-IOS, 2021 can be lodged at the Consumer Education and Protection Cells (CEPCs) set up at 30 Regional Offices of RBI.

aa Key Highlights of Union Budget 2019-20
Bhopal:MMNN: 5 July 2019

The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows:
10-point Vision for the decade

  1. Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
  2. Achieving green Mother Earth and Blue Skies through a pollution-free India.
  3. Making Digital India reach every sector of the economy.
  4. Launching Gaganyan, Chandrayan, other Space and Satellite programmes.
  5. Water, water management, clean rivers.
  6. Blue Economy.
  7. Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
  8. Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
  9. Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Towards a 5 Trillion Dollar Economy
  • "People's hearts filled with Aasha (Hope), Vishwas (Trust), Aakansha (Aspirations)", says FM.
  • Indian economy to become a 3 trillion dollar economy in the current year.
  • Government aspires to make India a 5 trillion dollar economy.
  • “India Inc. are India’s job-creators and nation’s wealth-creators”, says FM.
  • Need for investment in:
-Digital economy.
-Job creation in small and medium firms.
- Initiatives to be proposed for kick-starting the virtuous cycle of investments.
- Common man’s life changed through MUDRA loans for ease of doing business.
- Measures related to MSMEs:
* Pradhan Mantri Karam Yogi Maandhan Scheme
* Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
* Enrolment to be kept simple, requiring only Aadhaar, bank account and a self-declaration.
* Rs. 350 crore allocated for FY 2019-20 for 2% interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.
* Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.
- India’s first indigenously developed payment ecosystem for transport, based on National Common Mobility Card (NCMC) standards, launched in March 2019.
- Inter-operable transport card runs on RuPay card and would allow the holders to pay for bus travel, toll taxes, parking charges, retail shopping.
- Massive push given to all forms of physical connectivity through: * Pradhan Mantri Gram Sadak Yojana.
* Industrial Corridors, Dedicated Freight Corridors.
* Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes.
- State road networks to be developed in second phase of Bharatmala project.
- Navigational capacity of Ganga to be enhanced via multi modal terminals at Sahibganj and Haldia and a navigational lock at Farakka by 2019-20, under Jal Marg Vikas Project.
- Four times increase in next four years estimated in the cargo volume on Ganga, leading to cheaper freight and passenger movement and reducing the import bill.
- Rs. 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.
- Public-Private-Partnership proposed for development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services.
- 657 kilometers of Metro Rail network has become operational across the country.
- Policy interventions to be made for the development of Maintenance, Repair and Overhaul (MRO), to achieve self- reliance in aviation segment.
- Regulatory roadmap for making India a hub for aircraft financing and leasing activities from Indian shores, to be laid by the Government.
- Outlay of Rs. 10,000 crore for 3 years approved for Phase-II of FAME Scheme.
- Upfront incentive proposed on purchase and charging infrastructure, to encourage faster adoption of Electric Vehicles.
- Only advanced-battery-operated and registered e-vehicles to be incentivized under FAME Scheme.
- National Highway Programme to be restructured to ensure a National Highway Grid, using a financeable model.
- Power at affordable rates to states ensured under ‘One Nation, One Grid’.
- Blueprints to be made available for gas grids, water grids, i-ways, and regional airports.
- High Level Empowered Committee (HLEC) recommendations to be implemented:
* Retirement of old & inefficient plants.

* Addressing low utilization of gas plant capacity due to paucity of Natural Gas.
- Cross subsidy surcharges, undesirable duties on open access sales or captive generation for industrial and other bulk power consumers to be removed under Ujjwal DISCOM Assurance Yojana (UDAY).
- Package of power sector tariff and structural reforms to be announced soon.
- Reform measures to be taken up to promote rental housing.
- Model Tenancy Law to be finalized and circulated to the states.
- Joint development and concession mechanisms to be used for public infrastructure and affordable housing on land parcels held by the Central Government and CPSEs.
- Measures to enhance the sources of capital for infrastructure financing:
* Credit Guarantee Enhancement Corporation to be set up in 2019-2020.
* Action plan to be put in place to deepen the market for long term bonds with focus on infrastructure.
* Proposed transfer/sale of investments by FIIs/FPIs (in debt securities issued by IDF-NBFCs) to any domestic investor within the specified lock-in period.
- Measures to deepen bond markets:
* Stock exchanges to be enabled to allow AA rated bonds as collaterals.
* User-friendliness of trading platforms for corporate bonds to be reviewed.

* Social stock exchange:
* Electronic fund raising platform under the regulatory ambit of SEBI.
* Listing social enterprises and voluntary organizations.
* To raise capital as equity, debt or as units like a mutual fund.
- SEBI to consider raising the threshold for minimum public shareholding in the listed companies from 25% to 35%.
- Know Your Customer (KYC) norms for Foreign Portfolio Investors to be made more investor friendly.
- Government to supplement efforts by RBI to get retail investors to invest in government treasury bills and securities, with further institutional development using stock
exchanges. - Measures to make India a more attractive FDI destination:
* FDI in sectors like aviation, media (animation, AVGC) and insurance sectors can be opened further after multi-stakeholder examination.
* Insurance Intermediaries to get 100% FDI.
* Local sourcing norms to be eased for FDI in Single Brand Retail sector.
- Government to organize an annual Global Investors Meet in India, using National Infrastructure Investment Fund (NIIF) as an anchor to get all three sets of global players (pension, insurance and sovereign wealth funds).
- Statutory limit for FPI investment in a company is proposed to be increased from 24% to sectoral foreign investment limit. Option to be given to the concerned corporate to limit it to a lower threshold.
- FPIs to be permitted to subscribe to listed debt securities issued by ReITs and InvITs.
- NRI-Portfolio Investment Scheme Route is proposed to be merged with the Foreign Portfolio Investment Route.
- Cumulative resources garnered through new financial instruments like Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) as well as models like Toll-Operate-Transfer (ToT) exceed Rs. 24,000 crore.
- New Space India Limited (NSIL), a PSE, incorporated as a new commercial arm of Department of Space.
- To tap the benefits of the Research & Development carried out by ISRO like commercialization of products like launch vehicles, transfer to technologies and marketing of space products.
Direct Taxes
- Tax rate reduced to 25% for companies with annual turnover up to Rs. 400 crore
- Surcharge increased on individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above.
- India’s Ease of Doing Business ranking under the category of ‘paying taxes’ jumped from 172 in 2017 to 121 in the 2019.
- Direct tax revenue increased by over 78% in past 5 years to Rs. 11.37 lakh crore
Tax Simplification and Ease of living - making compliance easier by leveraging technology:
- Interchangeability of PAN and Aadhaar
* Those who don’t have PAN can file tax returns using Aadhaar.
* Aadhaar can be used wherever PAN is required.
- Pre-filling of Income-tax Returns for faster, more accurate tax returns * Pre-filled tax returns with details of several incomes and deductions to be made available.
* Information to be collected from Banks, Stock exchanges, mutual funds etc.
- Faceless e-assessment
* Faceless e-assessment with no human interface to be launched.
* To be carried out initially in cases requiring verification of certain specified transactions or discrepancies.
Affordable housing

aa Mr. Anshul Mittal, Chairman, CII Madhya Pradesh State Council on Madhya Pradesh State Annual Budget 2018-19
Bhopal:MMNN: 28 February 2018

Annual state Budget of Madhya Pradesh state for the fiscal year 2018-19 has significantly addressed core sectors like agriculture, infrastructure, health, and education which in turn will act as a growth catalyst for all other sectors. Construction of new roads and improvised power infrastructure will enhance Ease of Doing business for industries in state and would lead to a series of initiatives that will aid in job creation.

aa State budget a public welfare budget: CM Shri Chouhan
Bhopal:MMNN: 28 February 2018

Chief Minister Shri Shivraj Singh Chouhan has termed the states budget as historic and a public welfare budget. He said that the budget keeps in mind all sections of the society and is a budget particularly of women empowerment, employment, farmer, poor, youth and children. For the first time, the budget has crossed over Rs 2 lakh crores. Shri Chouhan was addressing the media during budget presentation in the states Vidhan Sabha. CM Shri Chouhan said that in the budget the works undertaken in infrastructure particularly irrigation and agriculture are the basis of the states prosperity. Provision has been made of Rs 37 thousand 498 for agriculture and related works and Rs 17 thousand crore for energy. This will increase the growth rate besides increasing per capita income. At the end of the day it is the state that flourishes. Provision of Rs 650 crore has been made for Mukhya Mantri Bhavantar Bhugtan Yojana to provide security to the farmers from fall in market price of crops. Onion has been included in Bhavantar. The budget ensures adequate arrangement of food, clothes, shelter, education, medicines to the poor. Adequate fund has been provided for Mukhya Mantri Medhavi Vidyarthi Yojana. There is provision of scholarship, hostel for Scheduled Caste, Tribe, Other Backward Class and Minority section. He told that Mukhya Mantru Rin Samadhan Yojana has been implemented for farmers, who besides being defaulter, are not able to take loan on zero percent interest. The government will pay the interest amount under the scheme. The farmers will be able to pay the principal amount in installments and will be able to take loan on zero percent interest. The Chief Minister said that provision of Rs 18 thousand 165 crore is no less than a boon for rural development. A network of rural roads will be laid under various schemes which is an attempt to connect each village with roads. There is provision of Rs 11 thousand 932 crores for urban development. The work of group drinking water schemes for availability of drinking water during drought is commendable. Adequate provision has been made for technical education for skill upgradation of 7.5 lakh youths and connecting 7.5 lakh youths to self-employment in the efforts of employment generation under Chief Ministers Youth Empowerment Mission. He told that a new scheme has been launched under Public Health Family Welfare to promote government health services in private sector in rural areas. On investment in health sector, the private sector will be provided capital subsidy of 40 percent in rural areas and 50 percent in Scheduled Tribe sector. Effective steps have been taken for employee welfare in the budget.

PMs Statement on Union Budget 2018-19
MMNN:1 February 2018

I congratulate the Finance Minister Shri Arun Jaitley for this budget. This budget strengthens the foundation stone of New India. The budget focus is on issues ranging from agriculture to Infrastructure. On one hand, budget covers aspects such as health plans to address the concerns of the poor and middle class, while on the other hand it has plans to increase the wealth of small entrepreneurs in the country. Other aspects range from food processing to fiber optics, from road to shipping, concerns of youth and the senior citizens, from rural India to Ayushman India and Digital India to Start up India. This budget is expected to give a boost to hopes and aspirations of 125 crore people of the country. It is expected to accelerate the development process of the country. It is farmer friendly, common man friendly, business environment friendly as well as development friendly. Ease of Doing Business as well as Ease of Living are in focus in this budget. More savings for the middle class, new generation infrastructure for 21st Century India and better health assurance - all are concrete steps towards Ease of Living. Our farmers have contributed in a big way towards the progress of the country with a record production of fruits and vegetables. Several steps have been proposed in this budget to give a boost to the farmers and enhancing their income. A record allocation of Rs. 14.5 lakh crores has been made for rural development and agriculture. Dalits, oppressed and disadvantaged sections of the society will be benefited with out of 51 Lakh new homes, more than 3 lakh kilometers of roads, about 2 crore toilets, electricity connections in 1.75 crore households. These initiatives will create new opportunities especially in the rural areas. I appreciate the decision to provide for one and a half times remunerative price for the cost incurred by the farmers for his produce. Center will put in place a sound system in consultation with the states to ensure that the farmers can avail full benefits from this decision. 'Operation Greens' will prove to be an effective instrument in this direction especially for the farmers engaged in producing vegetables and fruits. We have seen how Amul was instrumental in ensuring of fair price to the farmers engaged in the dairy sector. We are also familiar with the cluster based approach for the development of the industry in our country. Now, keeping in mind the agricultural produce in different districts, agricultural cluster approach will be adopted in different districts across the country. I welcome the plan to develop the storage, processing and marketing facilities for a particular agricultural produce after identifying the districts. In our country, the cooperative societies are exempted from paying income tax. But the 'Farmer Producer Organization' -FPO, that is similar to the cooperative societies, does not get this benefit. Therefore, income tax exemption for the 'Farmer Producer Organization' -FPO, which mint for the welfare of the farmers, is a welcome step. By providing the linkages between the Self Help Groups for women engaged in organic, aromatic and herbal cultivation and the 'Farmer Producer Organizations' the income of the farmers will be increased. Similarly, the Gobar-Dhan Yojana will help in keeping the village clean, while increasing the income of farmers and cattle herders. In our country farmers take up different occupations along with the farming. Some are associated with pisciculture, animal husbandry, poultry or bee-keeping. Farmers have faced difficulty in accessing loans from banks for such additional activities. Arranging loan for pisciculture and animal husbandry by Kisan Credit Card is a very effective step. There are about 7000 blocks in more than 700 districts of India. In these blocks, emphasis has been laid on modernization of infrastructure of 22 thousand rural business centers, on innovation and on increasing connectivity in the villages. In the days to come, these centers will be able to increase the income of farmers, creates employment opportunities and will become new hubs of agro based rural and agricultural economy. Under Pradhan Mantri Gramin Sadak Yojna, now the villages will be connected to rural haats (markets), higher education centers and hospitals. This will make life easier for the people in the villages. We have seen an extension of the spirit of the Ease of Living in Ujjwala Yojana. The scheme has not only provided a relief to the poor women from the smoke but also become a huge source of their empowerment. I am happy to note that the target for Ujjawala has been enhanced from 5 crore families to 6 crore families. A large number of dalit, tribal and backward class families have been benefited from this scheme. This budget provides for allocation of about Rs 1 lakh crores for the welfare of scheduled castes and scheduled tribes. Medical treatment and its cost has always been a cause of concern for the lower middle class and poor sections of the society. The new scheme 'Ayushman Bharat', presented in the budget, will address this serious concern. This scheme will be available to nearly 10 crore poor and lower middle class families of the country. It means it will provide coverage to 45-50 crore people. Under the scheme these families will get free treatment up to Rs. 5 lakhs per annum in the identified hospitals. This is by far, the world's largest health insurance plan for which government will bear the cost. The idea of setting up 1.5lakh Health Wellness Centers spread over all the major panchayats of the country is commendable. This will provide easy access to health care services to the people living in the villages. Establishment of 24 new medical colleges across the country will not only facilitate the treatment of the people but also help to impart medical education to the youngsters. It is our endeavor to have at least one medical college for covering three parliamentary constituencies across the country. Several important decisions have been taken in this budget keeping in mind the concerns the Senior Citizens. Now the Senior Citizens will be entitled to have minimum interest of 8% on amount up to Rs 15 lakh under the Pradhan Mantri Vaya Vandan Yojana. No tax will be levied on interest up to Rs 50,000 on their Banks and Post Office deposits. Health insurance premium worth Rs 50,000 will exempt from the Income tax. Besides, relief from the Income Tax has been provided on expenditure up to Rs 1 lakh incurred on treatment of serious diseases. For a long time, the small and medium enterprises or the MSME in our country had to pay higher taxes than the big industries. In a bold in this budget, the government has reduced the tax rate for MSME by 5% now they will have to pay 25% tax in place of 30% which was the practice earlier. Credit seeking facility from the banks and NBFCs has been eased to ensure the required working capital for MSME industries. It will give a boost to the mission of Make in India. MSME sector has been experiencing stress due to NPA in big industries. The small entrepreneurs must not suffer because of the fault of others. Therefore, the government will soon announce corrective measures to resolve the problems related to NPA and Stressed Account in the MSME sector. In order to promote the employment and to provide social security to the employees the government has taken a far reaching decision. This will give impetus to the shift from the informal to formal sector and it will generate new job opportunities. Now the government will contribute 12% in the EPF Account of the new laborers for a period of 3 years. Besides, the contribution of new women employees in the EPF for a period of 3 years is being reduced from the existing 12% to 8% so that their take home salary increases and more employment opportunities are available for the women. However, the employer contribution will be maintained at 12%. This is a major step towards empowerment of working women. In order to realize the dream modern India, to enhance the Ease of Living of the common man and to ensure stability in development, India requires a Next Generation Infrastructure. Special emphasis has been given to the development of infrastructure related to Digital India. Allocation of Rs. 6 lakh crores has been made which is Rs. 1 lakh crore more than the previous year. These schemes will enhance the employment opportunity manifold in country. I congratulate the Finance Minister for the tax concession to the salaried and the middle class. This budget will live up to the expectation of every Indian Citizen. The budget has ensured the following remunerative price of the crop to the farmer, upliftment of the poor with the welfare schemes, respecting the honesty of the tax paying citizen, support to the spirit of entrepreneurs with a right tax structure and hailing the contribution of senior citizens for the country. Once again my heartfelt congratulation to the Finance Minister and his team for presenting a budget which enhances the ease of living and laying a strong foundation for the New India.

MMNN:1 February 2018

1.Union Budget
Union Budget is the most comprehensive report of the Government's ?nances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next ?scal year called Budgeted Estimates.
2.Direct and Indirect Taxes
Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.
The constitution de?nes "Goods and Services Tax" means any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption. goods means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply services means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged
4.Customs Duty
These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.
5.Fiscal Deficit
When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money form the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.
6.Revenue Deficit
The difference between revenue expenditure and revenue receipt is known as revenue de?cit. It shows the shortfall of government's current receipts over current expenditure.
7.Primary Deficit
The primary deficit is the ?scal de?cit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments.
8.Fiscal policy
It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented though the budget and is the primary means by which the government can in?uence the economy.
9.Monetary Policy
This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy, or change the interest rates.
A sustained increase in the general price level. The in?ation rate is the percentage rate of change in the price level.
11.Capital Budget
The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties.
12.Revenue Budget
The revenue budget consists of revenue receipts of the Government and it expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.
13.Finance Bill
The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget.
14.Vote on Account
The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of new ?nancial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.
15.Excess Grants
If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go though the whole process as in the case of the Annual Budget, i.e. through presentation of Demands for Grants and passing of Appropriation Bills.
16.Budget Estimates
Amount of money allocated in the Budget to any ministry or scheme for the coming ?nancial year.
17.Revised Estimates
Revised Estimates are mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order.
Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the ?nancial year to which such grant or appropriation relates. The Comptroller & Auditor General and the Public Accounts Committee reviews these re- appropriations and comments on them for taking corrective actions.
19.Outcome Budget
From the ?scal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.
Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.
21.Cut Motions
Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.
22.Consolidated Fund of India
All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law.
23.Contigency Fund of India
A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure.
24.Public Account
Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund ?ows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament.
25.Corporate Tax
This is the tax paid by corporations or ?rms on the incomes they earn.
26.Minimum Alternative Tax (MAT)
The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits.
27. Disinvestment
By disinvestment we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

Surevin IPO opens on July 28
MMNN:25 July 2017

Leading BPO services provider surevin is a Bhopal based IT company ,it is ready to go public through SME platform .Talking exclusively to Metromirror,Abhishek Gupta ,Promoter-MD Surevin said"We would utilise the funds for capacity building and technology upgradation .Presently our revenue is 50% through government .We also handle CM Helpline ." He said that the future of IT companies is bright and skilled IT Professionals would always find the right job.

*Face value of the share Rs.10/
*Price band of shares Rs.38-40/
*9,12,000 equity shares will be floated,8,64,000 shares are being offered to the public.

*Secured resources of revenue for the next 7 years.
*25.97 is the cumulative growth rate in revenue of the company over the past 4years.
*Aspiring to enter into newage technologies .
More details on

GST : Great Instrument to Help Poor Move up the Ladder
MMNN:3 Jul 2017
A short and crisp video unveiled by President Shri Pranab Mukherjee and Prime Minister Shri Narendra Modi for the launch of the Goods and Services Tax in the majestic Central Hall of Parliament captured the clear objective behind countrys most important tax reform till date. Unlike what economists and other commentators have been telling us as to how the GST would push the countrys Gross Domestic Product and make life easier for the trade and industry, the launch film showed a much broader aspect of the modern taxation that has the country people, especially those economically less privileged at its core. In his inspirational speech at midnight of June 30, minutes before the roll out, PrimeMinister, referred to GST as a life changing instrument for the poor particularly in easternUttar Pradesh,other eastern states and the North East. Even as they are blessed with rich natural resources, these states have not been able to fully exploit the same for their development. On face of it, one might ask, how is GST going to be of great benefits to the poor of the country, or is it that the same old trickle down theory is supposed to play a role , via trade and industry. To an extent, it could be so, but the very character of the GST would ensure in realising what the Prime Minister said before the countrys most distinguished audience. The countrys mature polity and cooperative federalism has finally delivered a system, which is people centric and not necessarily manufacturer centric. Unlike the excise or other levies, the GST that subsumes seven Central and eight state taxes, is not source or manufacturer based but a destination or consumer centric. In plain and simple language, the states which have more consumers would stand to gain immensely in terms of tax buoyancy that would then be channelled in the welfare schemes for the people and overall economic development of the states. Surely, states of Uttar Pradesh, Bihar, Odisha, West Bengal and North East, which did not have much of a manufacturing base and were losing on revenue would stand to gain while the developed and manufacturing hubs would be compensated at least for five years of the GST launch. More the consumers, higher is the tax collection in a state though the consumers need to be economically empowered The growth impetus to these states which could not keep pace with the states like Maharashtra, Gujarat, Tamil Nadu or Karnataka in manufacturing, would come from trade which in turn would generate huge resources for ploughing back into development efforts. Such a vibrancy would then lead to interest of investors, both domestic and global, into manufacturing and related service sectors, opening vistas for job creation for millions of people. GST is a system that ends the imbalances in the countrys trade. It also boosts the exports of the country. This system not only provides impetus to already developed states but also provides the opportunity to the backward states to develop. Our states are enriched with natural resources look at Bihar, eastern UP, West Bengal, the north east, Odisha. They are all brimming with natural resources. When they will get a single tax regime I can see clearly that whatever deficiency is there those will be removed and this art of the country will move ahead. All the states of India will get equal opportunity for development, the PM put the context right. Besides, the one nation onetax from Ganga Nagar to Itanagar in the words of Shri Modi would surely make life easier for the industry, trade and common person in different ways, encouraging honest way for the economic transactions. This is why, the GST has been dubbed as Good and Simple Tax that would bring in a new governance culture. Both the PM and the President gave full credit to different political parties and governments at the Centre and the states in making the GST a reality. This is not a Sidhi(realisation) of one government or a party it is a fruit of common efforts, the Prime Minister said. The President, who had himself played a pivotal role in the progressive journey of the GST as Finance Minister in the previous government, had some apt words: The new era in taxation is the result of a broad consensus arrived at between the Centre and States. This consensus took not only time but also effort to build. The effort came from persons across the political spectrum who set aside narrow partisan considerations and put the nations interests first. It is a tribute to the maturity and wisdom of Indias democracy. One of the principal advantages of the new tax regime would be doing away with the cascading effect resulting from tax on tax. Through a robust IT infrastructure, the system of input credit ensures that it gets passed and adjusted against the tax liabilities. This wouldonly help the consumers. “Theprices of goods and services will come down. In the earlier system, the credit for excise duty, service tax, VAT and other indirect taxes didnot get passed to the last vendor. But, in the GST, such credit goes to the supplier at the last stage of the value chain which then gets transferred to the consumers, said noted tax expert ShriBrijBhushan. Finance Minister Shri Arun Jaitley too has been impressing upon the industry to pass on any gains which accrue following the GST roll out. He hoped that the government may not have to use the powers vested in it through the Anti-Profiteering Authority to ensure that the benefits get passed on to the common citizens. While even the President Shri Mukherjee said that there could be disruptions in the initial stage, such a thing would be constructive disruption. Once we are through the teething troubles and initial period of adjustment, GST would prove to be a people-centric, capable of transforming lives

GST rollout to be very smooth, assures FM
MMNN:1 Jul 2017

We will be very liberal in the first two months. For two months we have given a lot of laxity since we are getting into a new order,Arun Jaitley/ Finance Minister. New Delhi : Finance Minister Arun Jaitley on Friday held out the assurance of a very smooth transition into the Goods and Services Tax (GST) regime, promising that the administration will be very liberal and not implement it very strictly in the first two months. Acknowledging that there will be some minor problems when a massive change takes place, he said that things will smoothen out in the times to come I think the roll-out will be very smooth, as smooth as possible. All systems are in place. When massive change takes place there is an element of uncertainty of the unknown and when there is unknown there is fear. The whole process will change. There will be some minor problems.I think that will be a matter of days, he said. He was replying to a question at the Aaj Tak GST Conclave on how smooth he expected the transition into the new indirect tax regime. Asked if he would give a time-frame by when things will smoothen out, he said the process of registration is on. People will get attuned to the system, reports IANS. We will be very liberal in the first two months. For two months we have given a lot of laxity since we are getting into a new order, he said.There may be glitches because of lack of awareness. In any technology, glitches are possible. But glitches are rectifiable almost immediately, Jaitley said. This is a formal launch, because the switch over will be from 12 midnight. Its an idea of the government, he said when asked why the midnight hour was chosen for the launch. Jaitley said that the July 1 roll-out date was not his decision. It was the GST Councils decision. Last years constitutional amendment was valid till September 15. After September 15, we would have been a tax-less society. The Constitution does not allow this. There would be anarchy if we postponed it by six months, he said. On the whole, he said, the new law will bring in the principle of equivalence and equity in the indirect tax regime. Indirect tax is regressive. For a product, rich or poor has to pay same tax. To bring equity in indirect tax, the product being used by common man is being taxed at lesser rate. Single slab tax not possible in India. It may be possible in a developed country, he said. There is a need to bring equity in indirect taxation, otherwise rich and poor will be paying the same tax. The Finance Minister said that the multiple tax slabs were chosen to keep a tab on inflation. Multiple tax rates necessary to check inflation. To prevent inflationary impact, 12, 18 per cent tax rate was necessary. At some later stage, they may be converged into 15 per cent. If you see the overall tax rate and the goods basket, the revenue will go up but the burden will come down, he said.

GST Launch 2017 Live: A milestone in cooperative federalism, says PM Modi in Parliament
MMNN:1 Jul 2017

New Delhi: The much-awaited Goods and Services Tax (GST) was rolled out from midnight tonight from the historic Central Hall of Parliament in the presence of President Pranab Mukherjee, Prime Minister Narendra Modi, finance minister Arun Jaitley and other Cabinet ministers, many chief ministers and senior government officials. The Congress and the Left parties have decided to skipped the launch though some opposition parties attended the event. The GST has replaced more than a dozen central and state taxes or Value Added Tax (VAT) with an aim to create a seamless unified market for the $2 trillion Indian economy. Here are the live updates to the GST launch: President Pranab Mukherjee, Prime Minister Narendra Modi press button to officially launch GST. (PTI) President Pranab Mukherjee said the ambitious central tax is a tribute to the maturity and wisdom of Indias democracy. The new era in taxation, which we are about to initiate in a few minutes, is the result of a broad consensus arrived at between the Centre and states, Mukherjee said minutes before the GST roll-out in his speech at a special function in the central hall of Parliament. This consensus took not only time but also effort to build. The effort came from persons across the political spectrum who set aside narrow partisan considerations and put the nations interests first. It is a tribute to the maturity and wisdom of Indias democracy, he said. The President termed the GST a disruptive change. It is also a moment of some satisfaction for me because, as the Finance Minister, I had introduced the Constitution Amendment Bill on 22 March 2011 he said. It is similar to the introduction of VAT when there was initial resistance. When a change of this magnitude is undertaken, however positive it may be, there are bound to be some teething troubles and difficulties in the initial stages, he said. Mukherjee said these issues have to be solved with understanding and speed to ensure that they do not impact the growth momentum of the economy. Success of such major changes always depends on their effective implementation. In the months to come, based on the experience of actual implementation, the GST Council and the Central and state governments should continuously review the design and make improvements, in the same constructive spirit as has been displayed till now, he said. (PTI) Prime Minister Narendra Modi today termed the GST as a good and simple tax which will end harassment of traders and small businesses while integrating India into one market with one tax rate. In the historic Central Hall of Parliament, Modi said the indirect tax reform is a result of combined efforts of various political parties at different points of time. GST, he said, is an example of cooperative federalism as the centre and states together thrashed out the new law with consensus. Besides being a transparent and fair system that will end generation of black money and corruption, GST will promote new governance culture that will end harassment at the hand of tax officials. Touching upon initial teething troubles that may be witnessed because of unification of more than a dozen central and state levies into one and switching over to a new online return filing system, Prime Minister said even eyes have to adjust for a couple of days when a sight corrective spectacles are worn. Modi said GST will eliminate the compounding effects of multi-layered tax system. (PTI) Finance minister Arun Jaitley today said rollout of the GST will ease inflation, make tax avoidance difficult and boost GDP growth. Addressing the midnight launch event of the GST in the Central Hall of Parliament, Jaitley said the implementation of the landmark unified tax should be seen as the beginning of a new journey that will expand the countrys economic horizon. He further said that 17 transaction taxes in states and centre and 23 cesses would be subsumed in GST. An assessee will have to file only one return. Inflation will come down, tax avoidance will be difficult, Indias GDP will be benefited and extra resources will be used for welfare of poor and weaker section, Jaitley said. India is making history with the launch of GST, which is the biggest and most ambitious tax and economic reform in its history, the finance minister said. The old India was economically fragmented. New India will create one tax, one market, one nation. It will be in India where Centre and states work together towards the common goal of shared prosperity, Jaitley said. Terming GST as an important achievement for the country, he said not only will India write a new destiny, the new tax regime would also strengthen federalism. The Constitution says India is a union of states. The union is strong if both Centre and states are strong. That is the real meaning of cooperative federalism.While enacting the GST, neither the states nor Centre gave up their sovereignty. They have pooled their sovereignty to make joint decisions in indirect taxation, the finance minister said. In a large and complex federal system of multi-party democracy with Centre and 29 states and 2 UTs, Jaitley said India has implemented a constitutional amendment and brought in a large tax reform. We have done this at a time when world is facing a slow growth, isolationism and lack of structural reforms. With the GST, India has showed that these forces can be overcome through display of inclusion, openness and boldness, he said. He appreciated the efforts of all members of parliament, state finance ministers and officials in making GST a reality when many had expressed doubts whether it could be implemented from 1 July. Jaitley also recalled the initiatives taken by his predecessors, including the then finance minister Pranab Mukherjee. He recalled the contribution of former finance Yashwant Sinha and former economic affairs secretary Vijay Kelkar. All decisions of GST Council were taken uninamously.We did not want to burden common man and weaker section, Jaitley said. President Pranab Mukherjee, PM Narendra Modi, VP Hamid President Pranab Mukherjee, PM Narendra Modi, VP Hamid Ansari arrive in Central Hall of Parliament for launch of GST. (PTI) Rollout of the Goods and Services Tax is historical as it will bring about a revolutionary change in the country, Maharashtra Chief Minister Devendra Fadnavis said today, hours ahead of the high-profile event in Delhi to mark the transition to the new tax reform. One nation, one tax, one market will come into effect with the rollout of GST. The taxation system will make trading easier. While Maharashtra will benefit from GST, other states too will benefit a lot and our economy will get a boost, Fadnavis said in a statement issued. (PTI) With the Goods and Services Tax (GST) coming into effect from tomorrow, rail passengers will have to pay a little more to travel AC and first class. Service tax on AC ticket charges will be hiked from 4.5% to 5%, an increase of 0.5%, after the GST implementation. Similarly, GST on transport of goods by rail will be 5% in place of service tax of 4.5% levied earlier with exemption for essential goods like milk and agriculture produce. Service tax is levied only on AC and first class fares in the Railways. (PTI) Retailers offered steep discounts before shutting shop for software updates before GST launch at midnight on Friday. Read more Union minister M Venkaiah Naidu today said there would be some initial hiccups in rolling out the Goods and Services Tax (GST), but those can be addressed. (PTI) Consumers will have to shell out more for banking services, insurance premium payments and credit card bills with GST rollout from Saturday. ATM withdrawals, debit card transactions, fund transfers too will cost more. read more Restaurants will present diners with two bills in some places on Friday one before midnight, and one after that to reflect the tax change after GST launch. read more Retailers on an overdrive to clear stocks before the GST launch at midnight kicked in, as they wanted to minimise their pre-tax regime inventory. Prices of branded garments would go up from Saturday in line with the 12% GST rate on garments priced above Rs1,000. Those that cost less than Rs1,000 will be taxed at 5% and could be priced lower. What was driving the discounts was the fact that traders will get only 60% credit for taxes paid by them while sourcing their stocks for meeting the GST liability on the sales they make, if invoices for taxes paid previously are not available. If documents proving taxes paid previously are available, full tax credit will be granted under the GST regime. Power Minister Piyush Goyal today said that GST rollout is a transformational move aimed at increasing revenues that will bring down the taxes in future. (PTI) The Delhi BJP today said it will organise camps to help trader organisations and the common people on problems and misconceptions related to the Goods and Services Tax (GST). Delhi BJP president Manoj Tiwari said finance minister Arun Jaitley will address a GST-related meeting at the Talkatora Stadium on 6 July.


23 Aug. 2016
RBI Governor need not have a rock star status to be successful and India's ratings would depend on its policies and not any specific personality, Fitch Ratings said on Sunday.
Fitch's comment comes in the backdrop of government elevating RBI Deputy Governor Urjit Patel as the Governor of the Reserve Bank.
"A central bank governor does not need to have a rock star status to be successful in reigning in inflation or cleaning up the banking sector," Fitch Ratings Director, Asia-Pacific Sovereigns Group, Thomas Rookmaaker said.
US-based rating agencies Moody's and Fitch also said that Patel as the next RBI Governor signals a likelihood of policy continuity.
"We assume continuity of the RBI's policies under the new Governor, Patel," Moody's Investors Service SVP, Sovereign Risk Group Marie Diron said.
Fitch said outgoing Governor Raghuram Rajan has set in positive transformation starting with recognition of high inflation and weak bank balance sheets problems.
Echoing similar views, Rookmaaker said: "Patel's appointment as the next RBI governor signals a strong likelihood of policy continuity."
From rating perspective, policies are more important than personalities, he added.
The positive transformation set in motion by Rajan, starting with the recognition of the problems associated with both high inflation and weak bank balance sheets, is not yet complete.
"Having served as deputy governor in the past three years, Patel is well-positioned to further institutionalise these policy changes in the period ahead," Rookmaaker said.
The government on Saturday elevated Patel as the 24th Governor of the Reserve Bank.
Springing a surprise, Rajan in a letter to RBI staff in June had announced that he would return to academia and not seek a second term. Rajan, who was often called the rock star central banker, demits office on September 4.
Diron further said two sets of policies and decisions by the Reserve Bank would be relevant to India's sovereign credit profile.
"First, efficient transmission of credible monetary policy fosters a stable macroeconomic environment with inflation at moderate levels.
Second, banking sector risk weighs on India's sovereign credit profile. The clean-up of banks' balance sheet has started and it would be credit positive from a sovereign perspective, if it led to improved bank capitalisation levels, renewed loan growth and robust risk processes," Diron said.
She said future inflation developments will provide further indications of monetary policy credibility.
"We expect inflation to remain broadly stable around recent levels although there are sources of upside risks," Diron said, adding Pay Commission award could stoke food inflation posing a challenge to RBI.

Kotak's Twitter banking: Ground breaking or gimmicky?
12th May 2016
Around this time two years ago, Kotak Mahindra Bank had announced the launch of Jifi. It allowed users to authenticate their Twitter accounts with the bank and perform regular banking transactions via the medium, in a jiffy. This was the time when Instagram had just started commercially picking up in the country and Snapchat got nary a mention in any conversation around digital. Twitter was the 'it' thing back then with brands from several categories flocking to it. They still do, and some (read: few) do it well. But most of it is centered around grievance and reputation management and broadly PR.
To offer banking services via Twitter was definitely unique and Kotak had claimed to offer 20 banking services that could be carried through the micro-blogging platform. Security issues would have been the first to put people off the service. But Jifi didn't offer fund transfers, and every request would've been routed via mobile banking, so the service did get some Tweeters valuing its ease. However, the numbers aren't great even two years after it started, admits Karthi Marshan, Sr EVP and head - group marketing, Kotak Mahindra Bank.
Was it Kotak's way of striking another medium off the laundry list then? For Marshan, it was really the fear of missing out on a potential medium, he says. "In the digital era, one has no choice but to try many things. You don't know what may click. You don't know when the network effect may kick in." Marshan takes a moment here to tell us about Finalta. It's a McKinsey solution, one of the market leaders in the financial services benchmarking space. In Finalta's June'15 benchmarking result, Kotak ranks the highest in Mobile login and mobile transaction frequency in India. On an average, the global leader gets over 11 logins on its app in a month. Kotak got nine in June 2015 highest in India and Asia. "Kotak's banking app has the highest rating (4.4) among all BFSI players on the Google Play Store. Monthly rating went up from 4.34 in Nov'15 to 4.51 in Mar'16," he further tells us.
"But just because the core banking app is doing well for the brand doesn't mean we don't do anything else," he says. And Kotak's not the only one now. Shortly after Jifi, France's second largest bank Group BPCE announced their own Twitter payment service. Back home, ICICI announced their Twitter banking facility around January last year. Called 'icicibankpay', the service allows users to transfer money via Twitter Direct Messaging. Twitter itself has been reportedly trying to venture into the payments space in a bid to look beyond advertising for revenue. But none of these developments have been able to bring about any revolution in the Twitter banking landscape. Perhaps the platform itself is not conducive for something as personal and critical as banking, feels Lakshmipathy Bhat, app-maker Robosoft's VP - corp comm, and a prolific twitterati at @bhatnaturally.
It's not even solving any fundamental problem, he points out. You have the bank's site to go to when you're on desktop, and app to use on your mobile. Why would you go on Twitter to do banking? Well, you may, if you don't want to download the app, or make the effort of logging in to the site, going through several layers just to order a chequebook. So, use cases are there. Especially for the young and the restless digitally savvy consumers who Marshan wanted to lure through Twitter in the first place. So, the challenge is to communicate how Twitter is a 'more convenient' medium for some set of users to do most of their bank-related chores. You combat that challenge and you're back from 'no show' to 'good show' on Twitter. *Hashtag You Can Win*

SEBI Chairman urges Industry to understand the intention behind new disclosure and governance norms

Its time Industry takes steps tostrengthen Capital Markets: U K Sinha, Chairman, SEBI

“Corporates should run their own Pension Funds for their non-EPFO category employees and invest funds in the equity market”, urged Mr U K Sinha, Chairman, Securities& Exchange Board of India while speaking at CII’s 5th Capital Markets Summit. Mr Sinha suggested that this would make reliable,long-term capital available for investment. He further explained that it is not easy for the Government to make drastic changes and requested industry to come forward and take steps to improve market depth.
While acknowledging regulatory hurdles to IPOs, Chairman also pointed out that reluctance on part of companies to comply with prescribed governance norms is equally responsible for the lack-lustre IPO market. He advised companies not to push back but project best practices to attract domestic and international investors.
Mr Sinha announced that SEBI is adopting measures to ensure that filing of information just once with SEBI would be adequate compliance through Annual Information Memorandum. This should be operational within three months. On adoption of other facilitative initiatives, Mr Sinha announced that KYC across the Financial Sector would be integrated with the co-operation of all other financial sector Regulators.
Mr Sinha also announced that revised ESOP Guidleines which would soon be issued by SEBI would be progressive and would resolve existing anomalies. He also mentioned that minimum public shareholding norms would be made neutral vis-à-vis ownership.
Speaking at the Summit Mr. Nimesh Kampani, Chairman, CII National Committee on Capital Markets & Chairman, JM Financial Group suggested some exclusive tax benefits be offered on mutual fund investments, instead of clubbing them under 80C. Tax exemptions that will help channelize savings into the system as well as providing long term funds should be granted.
He further added whether Investor awareness, financial literacy could be one of the constituents of the mandatory CSR that the companies now have to undertake under the Companies Act.
Ms Chitra Ramakrishna, Managing Director & CEO, National Stock Exchange, upheldthe recent Corporate Governance rules as the next stage of governance model which will help instil confidence amongst investors and said that CII and the exchanges could work together to implement the new Corporate Governance norms. Mr Ashishkumar Chauhan, Managing Director & CEO, Bombay Stock Exchange, said FTA framework looks promising and was of the view that India should haveDouble Taxation Agreements with far-east Countries will help increase foreign retail investor participation, since they have a large Indian Diaspora.

Mr.Atul Joshi, Managing Director and CEO , India Ratings & Research suggested that India should consider raising municipal bonds to deepen & widen bond markets in India.

4 June 2014 Mumbai
CII Capital Markets Summit

"Fostering Growth of the Indian Economy through Capital Markets"
Please find attached the exclusive photographs of CII Capital Markets Summit, inaugurated by Mr U K Sinha, Chairman, Securities & Exchange Board of India In Financial Capital of India – in Mumbai.

Photo Caption: SEBI Chief at CII Capital Markets Summit

Mr Ashishkumar Chauhan, Managing Director & CEO, Bombay Stock Exchange
Ms Chitra Ramkrishna, Managing Director & CEO, National Stock Exchange
Mr U K Sinha, Chairman, Securities & Exchange Board of India
Mr Nimesh Kampani, Chairman, CII National Committee on Capital Markets & Chairman, JM Financial Group

Strong reforms may not push growth to 7-8%: Moody's

NEW DELHI: Global ratings agency Moody's has said the Indian economy is unlikely to return to previous growth rates of around 7-8% in the near future even if the new government pursues a strong reform agenda due to the "depth of the issues to be addressed".
In its Global Macro Outlook for 2014-15, the agency said the growth prospects for India are hampered by a lack of reforms in recent years. It said the economy is expected to grow by 4.5-5.5% in 2014 and then to 5-6% in 2015,
"The country is also vulnerable to capital outflows given a history of sizeable current account deficits. Although the current account deficit was reduced to 0.3% of gross domestic product at the end of 2013, some of the narrowing is unlikely to be sustained once restrictions on gold imports are lifted," Moody's Investor Service said in its report.
Expectations of a stable government after the national polls in mid-May have stoked expectations of a rush in economic reforms and efforts to rebuild the faltering economy, which has seen growth slowing to a decade low of 4.5%. Several factors including policy delays have hurt growth and critics have slammed the government for mismanaging the economy. The government says the steps taken by the administration in recent months have helped revive growth prospects.
Moody's said high inflation at more than 8% in March 2014 implies that the central bank has no room to ease monetary policy in the short term and may even need to tighten further.

McKinsey pegs poverty line at Rs 1,336 per month

NEW DELHI: A Global consultancy firm pegged a new level for poverty or empowerment line — at Rs 1,336 per month per person as against the poverty line prescribed by the government at around Rs 870 per month per person.
McKinsey, in a report, said the empowerment line determines the level of consumption required for an individual to fulfill his/her basic need for food, energy, housing, drinking water, sanitation, health care, education and social security at a level sufficient to achieve a modest standard of living.
According to the report — From poverty to empowerment: India's imperative for jobs, growth, and effective basic services — 56% of the population lacks the means to meet essential needs as consumption level falls below Rs 1,336 per person per month or almost Rs 6,700 per month for a family of five. This translates to 680 million people whose consumption levels across both rural and urban area of the country fall short of this mark.
The report said India can bring more than 90% of its people above the empowerment line in a decade by implementing inclusive reforms. Steps are needed to stimulate investment, job creation, farm productivity and improve the delivery of basic services. These reforms, the report said, could potentially allow India to achieve an average GDP growth of 7.8% between 2012-22. This could lift 580 million people above the empowerment line, leaving 100 million or 7% of the population below it in 2022 and 17 million or about 1% below the official poverty line.
But, if inclusive reforms do not happen, the report said, around 470 million Indians or 36% of the population would remain below empowerment line in 2022 and 12% of the population would be languishing below the official poverty line.
If inclusive reforms are implemented, 115 million non-farm jobs would be created by 2022, which will increase the spending power of those persons who migrated from agricultural sector. The inclusive reforms will also increase the farm productivity from the present level of 2.3 tonnes per hectare to about 4 tonness per hectare by 2022.
However, the inclusive growth, cannot be realized without public spending going up substantially. According to the report, the public spending on social services must double from Rs 5.7 lakh crore in 2012 to Rs 10.9 lakh crore in 2022 to fill the critical gap in the social infrastructure.

New Code on Corporate Governance based on Consultative Paper Soon: UK Sinha, Chairman SEBI
Corporates Should Quickly Adapt to Changing Social & Political Structures: UK Sinha, Chairman SEBI

CII- Deloitte Report - ‘Global Trends in Corporate Governance – since the financial crisis’ released by Mr U K Sinha

“The world has changed dramatically in the last five years. There is a strong upsurge towards democracy, accountability and transparency. The corporate world cannot ignore these social and political happenings in the larger society because the considerations that govern the rest of society, the same guiding principles will also govern corporates,” said Mr. U K Sinha, Chairman, Securities & Exchange Board of India (SEBI) at CII’s 9th International Corporate Governance Summit.
“Adding to this is the US financial crisis where it was found that many corporations acted recklessly took too much risk, went for short term gains, had lax monitoring and had policies not in the best interest of shareholders. These have led to shareholder impatience and the strengthening of regulatory actions against corporates,” Mr Sinha explained.
Responding to the submission by Mr Chandrajit Banerjee, Director General, CII that the regulations should not be framed keeping the outliers in mind, Mr Sinha responded that non-compliance was becoming quite rampant. Chairman, SEBI also pointed out that many companies are not complying with the Listing Agreement - Clause 40A on minimum public shareholding and Clause 49 on Corporate Governance and that SEBI would we well within its right to take action against them.

Mr Sinha also alluded to another trend recently visible globally; the alliance between investors, especially institutional investors and activists, which is taking up issues on a major scale.
Mr. Sinha also referred to international corporate governance practices with the intention of driving the need to be in sync with the rest of the world and for corporates to go beyond how business is done in India and adopt international best practices in a globalised world.
Mr. Sinha urged companies to be extra conscious about compliance to the Companies Act and comply in sprit rather than the letter. Mr. Sinha informed that the new set of corporate governance guidelines for listed companies are being finalized and are expected to be announced shortly.

Mr K V Kamath, Past President and Chairman, National Council on Corporate Governance & Regulatory Affairs, CII advised that corporate governance is a naturally evolving process and should be internalized. He further added that the regulatory nudge in the offing may turn out to be a hard shout to turn such practices from mere form to a due process.
A joint CII- Deloitte publication titled ‘Global Trends in Corporate Governance – since the financial crisis’ was released by Mr. U K Sinha at the summit. The paper gives an overview not only of the national trends but also global trends in corporate governance.
Earlier while welcoming Chairman, SEBI; Mr Chandrajit Banerjee, Director General, CII, highlighted CII initiatives in the domain and suggested that the new regulations that would soon be in place under the newly legislated Companies Act, 2013 should not be implemented in a manner that would be disruptive to business.


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any enquiries about the Code please contact:

Indian Banks' Association

Centre 1, 6th floor, World Trade Centre
Cuffe Parade
Mumbai 400 005
Telephone 022-22174040
Fax: 022-22184222

ICICI Home Loan Utsav

ICICI Bank Home Loan organized a Mega Home Loan Mela at the Dussehra Maidan, Bhopal.All leading property developers have participated in the show.Exclusive offers by the bank & property developers were the main attraction for the loan seekers & property purchasers.

Holding Minimum Balance Is Compulsory - ICICI
Now Corporate-Salary-Account Holders will have to maintain a minimum balance in their accounts or they will be charged with a penalty on an average 3-months basis. The ICICI is shortly going to nullify the 'Exemption from minimum balance' enjoyed by its CSAH till now.

Saving ICICI, HDFC, UTI 7 CITY BANK make Corporate-Salary-Account available without any condition for their customers. These Banks transfer their employees' salaries direct to their accounts.

The new decision of ICICI does not favour this Time-Consuming & Less-Expensive process & thus the customers are going to be troubled.

ADB grants MP Rs 1030 cr.
The ADB (Asian Development Bank) has conceded to lend MP state Rs. 1030 cr. for Water supplying Projects. All the requisite conversations have been held between MP state & ADB & only the signing the Agreement is to be made.

SBI Brings 'Prashasan Plus'

For the Central & State government officers & employees the SBI has launched 'Prashasan Plus'. The scheme provides special discounts on different kinds of loan such as Home loan, Car loan, Personal loan, Festival loan etc.
Home loan will be provided on 7.5 to 8.25 % interest for 5 to 20 years. With Home loan & Car loan there will not be charged any processing fee.

RBI orders to change grubby & torn notes
The RBI has ordered the commercial banks to exchange grubby & torn notes with new & spotless ones. For conducting the process Eighty -five branches of different banks have been marked such as- 16 of Bank of Baroda, 5 of Bank of India, 14 of Centrle bank, 6 of Corporation bank, 2 of Indian bank, 6 of India overseas bank, 3 of oriental bank of commerce, 10 of Punjab national bank, 7 of Punjab & Sindh bank, 14 of State bank & 2 of Syndicate bank.

Syndicate bank gives dividend
The Syndicate bank gave the Government of India an amount of Rs. 34.69 cr as interim dividend. The cheque of the amount was handed over to the Centrle banking secretary NS Sisodia by the President & MD of the bank Mr. Mickle Waystian in a function.

Sensex crosses 6000 points
The Indian Stock Market got a surprisingly encouraging jerk when the sensex crossed 6000 points & raised up to 6026.59 points. Before this, the sensex had gone through the highest level of 6150. 69 on February 14, 2000 though it latter fell down at 5924.31.

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