Search Result for : Budget

The Dollar Business Bureau The DGFT issued a trade notification TRADE NOTICE NO.04/2018 on April 21, 2017, specifying that unrefined gold or dore can be imported only by those refineries that hold a valid licence from the Bureau of Indian Standards (BIS). This will be effective from June 1. India imported $381,006 million worth of dore in 2015-2016 and $308,813 million in FY 2017. On an average India imports nearly 200 tons of dore in a year. It should be recollected that the government had announced an increase in the excise duty on dore gold from 8% to 8.75% and excise duty from 9% to 9.5% thereby decreasing the duty differential with bullion that attracts an excise duty of 10%. Refineries in the ...

PTI  The government is examining the report of a committee which has recommended change in the financial year starting April 1, Finance Minister Arun Jaitley said on Friday. Replying to questions in the Lok Sabha, he said disclosing the recommendations of the committee and the prima facie view of the government on it at this stage would be unfair as it may amount to pre-judging the issue.  The government is examining the report of a committee which has recommended change in the financial year starting April 1, Finance Minister Arun Jaitley said on Friday. Responding to supplementaries during Question Hour, he said since the move has various implications for the Centre, the states and various local bodies, it is necessary ...

The Dollar Business Bureau  Trump has proposed historic hikes in defence spending for the upcoming $1.1 trillion US annual budget. True to his election campaign promises of waging war against terror and strengthening border security, Donald Trump is making egregious spending enhancements to 'rebuild the U.S. Armed Forces' and 'end the threat ISIS poses to the United States'.  The unprecedented hikes in defence spending are to be backed by cuts in funds for the state department, which mean lesser US engagement in foreign military aid. Pakistan, a recipient of significant US foreign aid is likely to be impacted by these cuts.  "So we have seen money move from soft power program such as foreign aid to more hard power programs. That allies can expect. That adversaries can expect," Director of the Office ...

The Dollar Business Bureau Telangana on Sunday presented a tax-free and welfare-oriented 2017-18 budget, focusing on improving irrigation and revitalising traditional occupations of the state’s backwards classes, with a proposed expenditure of about Rs.1.50 lakh crore. “An amount of Rs.1,49,646 crore is proposed as total expenditure consisting of an estimated committed expenditure of Rs.61,607.20 crore and an expenditure of Rs.88,038.80 crore under ‘expenditure on schemes’,” Telangana’s Finance Minister E Rajender said in his Budget speech. This year’s budget was in line with the Central Government’s decision to abandon the classification of expenditure into plan and non-plan and continue with “the Constitutional mandate of classifying expenditure into revenue and capital”. The budget has also envisaged enhancing irrigation facilities of one crore acres in the state ...

The Dollar Business Bureau  China on Sunday cut its growth target to 6.5% this year - a 25-year low - as the country drives through some painful reforms in order to address its debt concerns and seeks to control risks in the financial sector.  China is aiming to expand the economy by about 6.5% in 2017, said Premier Li Keqiang, while speaking at the opening of yearly meeting of the Parliament. The world’s second largest economy had targeted growth of 6.5-7% last year but finally achieved 6.7%, which was the slowest in the past 26 years.  A lending spree and raised government spending have led to worries among the top leadership of the country about increased debt levels and the overheating housing sector.  This year’s ...

Sneha Gilada Demonetisation has created the need for a shift to digital transactions, its surprise element depriving cash of the security and confidence it once enjoyed as a legal tender. Fintech startups have drawn enormous benefits from the Centre's mission of less-cash India. One such startup is Paynear that offers a one-stop affordable solution for vendors who want to accept payments digitally. Dearth of POS manufacturers in India has led to Indian POS device sellers like Paynear importing the hardware from countries like China. The recent exemption in custom duties on these devices, until the end of March 2017, has led to pricing benefits and subsequent burgeoning of demand. But there are concerns regarding such a measure proving detrimental to 'Make in India', in the long run. Currently, India, with a deployment of only 15 lakh POS machines, ...

Sairaj Iyer Legendary tax-lawyer Dinesh Vyas believes that cash-capping of political donations at Rs. 2000 will help in bringing better transparency and control corruption. Vyas a Senior Advocate at Supreme Court, was speaking at a post-budget analysis organised by the Indian Merchants Chamber at Mumbai. “Political parties will have to maintain accounts, file returns, in addition to these restrictions and controls,” he said. He believed that the scheme is also innovative as it involves issuance of electoral bonds which would further help retain the secrecy of donors. “Donors like business houses do not want their names to be revealed, which was hindering the process of transparency. Now with the announcement of issuance of electoral bonds controlled by RBI, subscribed either by cheque ...

Sairaj Iyer  Nihal Kothari, the ace taxman and Executive Director at Khaitan and Co. gave an account of the budget’s fine print while deliberating at an Assocham’s post-budget analysis today at Mumbai. Kothari observes the budget as one that has some benefits for foreign trade players. He began highlighting some of the key points in the budget. Speaking about export duties he said that a 50% export duty has been imposed on aluminium. Since India has rich bauxite reserves, it remains to be seen what impact the export duty could have in this sector “We have a large surplus of bauxite in the country and it needs a study to understand the impact.”   Secondly, the govt has doled out incentives in renewable ...