Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India’s External Debt for the quarters ending September and December every year. This press release relates to India’s externa..

Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India’s External Debt for the quarters ending September and December every year. This press release relates to India’s external debt at end-December 2013. 2. At end-December 2013, India’s total external debt stock stood at US$ 426.0 billion, recording an increase of US$ 21.1 billion (5.2 per cent) over the level at end-March 2013. India’s external debt to GDP ratio stood at 23.3 per cent at end-December 2013 vis-à-vis 21.8 per cent at end-March 2013. The rise in external debt during the period was due to long-term debt particularly NRI deposits. A sharp increase in NRI deposits reflected the impact of fresh FCNR(B) deposits mobilized under the swap scheme during September-November 2013.

A 18-member high-level official delegation led by HE Sultan bin Rashid Al Khater, Under Secretary in the Ministry of Economy and Commerce, Government of Qatar visited New Delhi on 25th and 26th  March, 2014.  The two delegations had cord..

A 18-member high-level official delegation led by HE Sultan bin Rashid Al Khater, Under Secretary in the Ministry of Economy and Commerce, Government of Qatar visited New Delhi on 25th and 26th  March, 2014.  The two delegations had cordial and productive discussions in the framework of the historically close and friendly relations, and the multi-dimensional and growing cooperation between India and Qatar. Both sides discussed issues and proposals of mutual interest in a number of sectors including investment; banking and finance; energy; petrochemicals and fertilizers; civil aviation and tourism. Besides delegation level talks, bilateral meetings between counterparts from the two sides were also held. Among members of the visiting delegation were Qatar’s Ambassador to India, and senior officials of Qatar including Ministry of Economy & Commerce, Civil Aviation, Qatar Holding / Qatar Investment Authority, Hassad Food, Qatar Central Bank, Qatar Petroleum International, Qatar Airways, Muntajat and Katara Hospitality.

Under the Pilot Projects Initiative, three (3) Department of Economic Affairs (DEA)-supported projects have been launched in the market, between the 26th February - 3rd March 2014, for the commencement of the PPP bid processes. These three project..

Under the Pilot Projects Initiative, three (3) Department of Economic Affairs (DEA)-supported projects have been launched in the market, between the 26th February - 3rd March 2014, for the commencement of the PPP bid processes. These three projects include Mumbai Solid Waste Management Processing and Disposal Facility (Waste to Energy and Scientific Landfill) PPP Pilot Project, Lonavala 24x7 Water Supply PPP Pilot Project, Ichalkaranji Non Revenue Water Reduction and 100% Metering PPP Pilot Project. Approximate project costs for the aforesaid three (3) projects are around Rs 390 cores and government funds for the project are expected to leverage in a cumulative private sector funding of around Rs 250 crores. 

Government of India/the Reserve Bank of India will continue to have the flexibility to modify the notified amount and timing for auction of Treasury Bills depending upon the requirements of the Government, evolving market conditions and other rele..

Government of India/the Reserve Bank of India will continue to have the flexibility to modify the notified amount and timing for auction of Treasury Bills depending upon the requirements of the Government, evolving market conditions and other relevant facto` Thus, the calendar is subject to change, if circumstances so warrant including for reasons such as intervening holidays. Such changes, if any, will be communicated through regular press releases. The auction of Treasury Bills will be subject to the terms and conditions specified in the General Notification No. F2(12)-W&M/97 dated March 31, 1998 issued by the Government of India, as amended from time to time. 

Under the Pilot Projects Initiative, three (3) Department of Economic Affairs (DEA)-supported projects have been launched in the market, between the 26th February - 3rd March 2014, for the commencement of the PPP bid processes. These three project..

Under the Pilot Projects Initiative, three (3) Department of Economic Affairs (DEA)-supported projects have been launched in the market, between the 26th February - 3rd March 2014, for the commencement of the PPP bid processes. These three projects include Mumbai Solid Waste Management Processing and Disposal Facility (Waste to Energy and Scientific Landfill) PPP Pilot Project, Lonavala 24x7 Water Supply PPP Pilot Project, Ichalkaranji Non Revenue Water Reduction and 100% Metering PPP Pilot Project. Approximate project costs for the aforesaid three (3) projects are around Rs 390 cores and government funds for the project are expected to leverage in a cumulative private sector funding of around Rs 250 crores.

Empowered Institution (EI) in its Fifty-third (53rd) meeting granted approval to five (5) projects worth Rs. 1369.51 crore. Two (2) Projects granted in-principle approval were from Government of Madhya Pradesh for setting-up of 50,000 MT Modern Fo..

Empowered Institution (EI) in its Fifty-third (53rd) meeting granted approval to five (5) projects worth Rs. 1369.51 crore. Two (2) Projects granted in-principle approval were from Government of Madhya Pradesh for setting-up of 50,000 MT Modern Food Silos at Indore and Bhopal each. The EI also granted final approval to three projects approving a total Viability Gap Funding (VGF) of Rs. 260.92 crore.

A 18-member high-level official delegation led by HE Sultan bin Rashid Al Khater, Under Secretary in the Ministry of Economy and Commerce, Government of Qatar visited New Delhi on 25th  and 26th March, 2014.  The two delegations had cord..

A 18-member high-level official delegation led by HE Sultan bin Rashid Al Khater, Under Secretary in the Ministry of Economy and Commerce, Government of Qatar visited New Delhi on 25th  and 26th March, 2014.  The two delegations had cordial and productive discussions in the framework of the historically close and friendly relations, and the multi-dimensional and growing cooperation between India and Qatar. Both sides discussed issues and proposals of mutual interest in a number of sectors including investment; banking and finance; energy; petrochemicals and fertilizers; civil aviation and tourism. Besides delegation level talks, bilateral meetings between counterparts from the two sides were also held. Among members of the visiting delegation were Qatar’s Ambassador to India, and senior officials of Qatar including Ministry of Economy & Commerce, Civil Aviation, Qatar Holding / Qatar Investment Authority, Hassad Food, Qatar Central Bank, Qatar Petroleum International, Qatar Airways, Muntajat and Katara Hospitality

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of evenue) No.15/2014-CUSTOMS (N.T.), dated the 6th..

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of evenue) No.15/2014-CUSTOMS (N.T.), dated the 6th  March, 2014 vide number S.O.694 (E), dated the 6th March, 2014, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 21st  March, 2014 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods. 

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following a..

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd  August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001.

The Central Board of Direct Taxes (CBDT) has signed the first batch of five (5) unilateral Advance Pricing Agreements (APA) here today. The agreements cover a period of five (5) years from AY 2014-15 to AY 2018-19 and specify the arm’s lengt..

The Central Board of Direct Taxes (CBDT) has signed the first batch of five (5) unilateral Advance Pricing Agreements (APA) here today. The agreements cover a period of five (5) years from AY 2014-15 to AY 2018-19 and specify the arm’s length price for the covered international transactions entered into by the taxpayers. These agreements cover a range of international transactions, including interest payments, corporate guarantees, non -binding investment advisory services and contract manufacturing. The agreements pertain to different industrial sectors including pharmaceuticals, telecom, exploration and financial services. The agreements provide a complete certainty to the taxpayers for five (5) years with regard to the covered international transactions. The APA programme came into effect on 1st  July 2012 and the first batch of 146 APA applications was received in March 2013. The CBDT has been able to conclude the first set of agreements within a period of one (1) year as against the internationally accepted norm of at least 2 years. 

The outstanding balance of 6.07% Government Stock 2014, GoI Floating Rate Bonds, 2014 and 10.00% Government Stock, 2014 are repayable at par on May 15, 2014, May 20, 2014 and May 30, 2014 respectively. No interest will accrue there on from the sai..

The outstanding balance of 6.07% Government Stock 2014, GoI Floating Rate Bonds, 2014 and 10.00% Government Stock, 2014 are repayable at par on May 15, 2014, May 20, 2014 and May 30, 2014 respectively. No interest will accrue there on from the said dates. In the event of a holiday being declared on May 15, 2014, May 20, 2014 or on May 30, 2014 by any State Government under the negotiable Instruments Act, 1881, the loan will be repaid by the paying offices in that State on the previous working day. 2. As per sub-regulation 24(2) and 24(3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such a Government Securities, shall submit the relevant particulars of their bank account well in advance.

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.32/2014-CUSTOMS (N.T.), dated the 17..

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.32/2014-CUSTOMS (N.T.), dated the 17th April, 2014 vide number S.O.1105 (E), dated the 17th  April, 2014, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 2nd May, 2014 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

The issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993 was formulated at a time when India's capital markets were substantially closed to foreign capital and the domestic financi..

The issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993 was formulated at a time when India's capital markets were substantially closed to foreign capital and the domestic financial system was not very well developed. The Scheme of 1993, envisages Depository Receipts (DRs) being issued only against equity shares as underlying securities and restricts such issuances to raising fresh capital by issuance of shares sponsored by the issuing company only. In the last two decades, the equity market has developed considerably with sophisticated market infrastructure with active participation by both domestic and foreign investors as capital controls have been eased substantially. In this period, the Indian legal and regulatory system for financial markets has evolved with substantial changes. These developments warranted a fresh look at the Scheme governing the issuance of Depository Receipts (DRs). 

Certain news reports appearing recently in newspapers have presented a distorted version of facts that led to the Government’s proposal to withdraw from the conciliation measures initiated earlier with Vodafone International Holdings B.V.(Vo..

Certain news reports appearing recently in newspapers have presented a distorted version of facts that led to the Government’s proposal to withdraw from the conciliation measures initiated earlier with Vodafone International Holdings B.V.(Vodafone). Department of Revenue, Ministry of Finance, Government of India would like to assert the correct factual position and the circumstances in which a proposal was moved before the Cabinet seeking to withdraw the conciliation offer. The sequence of events is as under:  On 28th February, 2014, the Cabinet deferred consideration of a proposal of the Department of Revenue to withdraw from the conciliation talks with Vodafone and advised that efforts be made towards expeditious adjudication of the transfer pricing dispute with Vodafone India Services Private Limited in the Income Tax Appellate Tribunal (ITAT).

The Union Finance Minister Shri P. Chidambaram today reviewed the various issues related to the life and non-life insurance sector. The Finance Minister reviewed the performance of the public sector insurance companies with a view to take stock of..

The Union Finance Minister Shri P. Chidambaram today reviewed the various issues related to the life and non-life insurance sector. The Finance Minister reviewed the performance of the public sector insurance companies with a view to take stock of key performance indicators and the status of initiatives taken-up in the recent past, and identify the road map for continued rapid growth of the industry in the future. Along with the Finance Minister, Shri Chidambaram, those present include Shri Namo Narain Meena, Minister of State For Finance, Shri G.S.Sandhu, Secretary, Financial Services(FS) Shri T.S. Vijayan, Chairman, IRDA, Hyderabad, Shri S.K. Roy, Chairman, LIC of India, Shri A.K. Roy, CMD, General Insurance Corporation of India, Mumbai, Shri S. Sarker, MD, LIC of India, Shri G. Srinivasan, Chairman, GIPSA and CMD, NIACL, Mumbai, Shri Milind Kharat, CMD, UIICL, Chennai,Shri. A.K. Saxena, CMD, OICL, Delhi, Shri. P.J.Joseph, CMD, AICIL, Delhi and Shri Girija Kumar, Officiating CMD, NICL, Kolkata among others. 

The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability. The Finance Minister expressed the need for structural reforms to tack..

The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability. The Finance Minister expressed the need for structural reforms to tackle the problems of inflation especially food inflation which can’t be tackled through fiscal and monetary policies alone. He said that tough measures need to be taken against wilful defaulters. He said that position that ‘promoter is prosperous but company is sick’ is not acceptable. He asked the banks to form a consortium and take joint action against such defaulters. The Finance Minister Shri Chidambaram was speaking while reviewing the Annual Performance of Public Sector Banks (PSBs) and Financial Institutions (FIs) for the Financial year 2013-14. 

The Tenth Meeting of the Financial Stability and Development Council (FSDC) was held here today under the Chairmanship of the Union Minister of Finance, Shri P. Chidambaram. The meeting was attended among others by Dr. Raghuram G. Rajan, Governor,..

The Tenth Meeting of the Financial Stability and Development Council (FSDC) was held here today under the Chairmanship of the Union Minister of Finance, Shri P. Chidambaram. The meeting was attended among others by Dr. Raghuram G. Rajan, Governor, RBI; Dr. Arvind Mayaram, Finance Secretary; Shri G.S. Sandhu, Secretary, Department of Financial Services; Shri U.K.Sinha, Chairman, SEBI; Shri T.S. Vijayan, Chairman, IRDA; Shri Ramesh Abhishek, Chairman, FMC; Shri Anup Wadhawan, Chairman(Concurrent-charge), PFRDA and other senior officers of the Government of India and financial sector regulators. 

The All-India Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers (Base: 1986-87=100) for August, 2012 increased by 10 points and 9 points respectively to stand at 666 (Six hundred and sixty six ) points for Agricultural La..

The All-India Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers (Base: 1986-87=100) for August, 2012 increased by 10 points and 9 points respectively to stand at 666 (Six hundred and sixty six ) points for Agricultural Labourers and 667 ( Six hundred and sixty seven ) points for Rural Labourers. The rise in index varied from State to State. In case of Agricultural Labourers, it recorded an increase which varied between 1 to 16 points in all the 20 States. Maharashtra with 745 points topped the index table whereas Himachal Pradesh with the index level of 546 points remained at the bottom. In case of Rural Labourers, it recorded an increase between 2 to 16 points in all the 20 States. Maharashtra with 738 points topped the index table whereas Himachal Pradesh with the index level of 571 points stood at the bottom.  The Consumer Price Index Numbers for Agricultural and Rural Labourers registered the maximum increase of 16 points each mainly due to increase in the prices of wheat atta, bajra, maize, pulses, onion, chillies dry, vegetables & fruits, sugar, gur and leather shoes. The maximum increase was however experienced by Rajasthan State in case of CPI-AL and Rajasthan and Maharashtra States in case of CPI-RL. 

“In the coming years our country’s growth to a large extent will depend on the success of our skill training programmes. A sound industrial climate will lay the foundation of country’s prosperity and well-being of the workers.&rd..

“In the coming years our country’s growth to a large extent will depend on the success of our skill training programmes. A sound industrial climate will lay the foundation of country’s prosperity and well-being of the workers.” Shri Mallikarjun Kharge, the Union Labour and Employment Minister laid special emphasis on these issues. He was addressing the State Labour Ministers on the occasion 43rd State Labour Ministers’ Conference held at Vigyan Bhawan. Shri Kharge reminded that Labour is a concurrent subject in our Constitution. Both Central and State Governments have an important role in ensuring the effective implementation of the existing statutes. It is also necessary that we bring forth progressive legislations to meet the aspirations of the working class. 2.Union Labour minister explained that the labour legislations broadly cover the four areas namely – Industrial Relations, Wages, Working Conditions and Social Security. The primary purpose of various enactments in the area of labour is to protect the working class from exploitation, provide healthy working conditions and enable them to make a decent and dignified living.

In the coming years our country’s growth to a large extent will depend on the success  of our skill training programmes. A sound industrial climate will lay the foundation of country’s prosperity and well-being of the workers.&rdq..

In the coming years our country’s growth to a large extent will depend on the success  of our skill training programmes. A sound industrial climate will lay the foundation of country’s prosperity and well-being of the workers.” Shri Mallikarjun Kharge, the Union Labour and Employment Minister laid special emphasis on these issues. He was addressing the State Labour Ministers on the occasion 43rd State Labour Ministers’ Conference held at Vigyan Bhawan. Shri Kharge reminded that Labour is a concurrent subject in our Constitution. Both Central and State Governments have an important role in ensuring the effective implementation of the existing statutes. It is also necessary that we bring forth progressive legislations to meet the aspirations of the working class. 2.Union Labour minister explained that the labour legislations broadly cover the four areas namely – Industrial Relations, Wages, Working Conditions and Social Security. The primary purpose of various enactments in the area of labour is to protect the working class from exploitation, provide healthy working conditions and enable them to make a decent and dignified living. 3.Shri Kharge stated that our country is an emerging economy and the large informal sector poses a mammoth challenge. 94% of our work force is in the informal sector where the implementation of labour laws is difficult. Making the benefits of various government schemes reach this sector is also a gigantic task. In view of the enormity of our responsibility, both central and states have to join hands and work very closely. We also have to take along all the other stake-holders. 

The All-India CPI-IW rose by 2 points in August, 2012 and pegged at 214 (two hundred and fourteen). On 1-month percentage change, it increased by 0.94 per cent between July and August compared with 0.52 per cent between the same two months a year ..

The All-India CPI-IW rose by 2 points in August, 2012 and pegged at 214 (two hundred and fourteen). On 1-month percentage change, it increased by 0.94 per cent between July and August compared with 0.52 per cent between the same two months a year ago.  The largest upward contribution to the change in current index came from food prices which rose by 1.24 per cent, contributing 1.31 percentage points to the total change. At item level, largest upward pressure came from Sugar, Arhar Dal, Wheat & Wheat Atta, Rice, Potato, Mustard & Groundnut Oil, Milk Buffalo, Banana, Goat Meat, Onion, Medicine (Allopathic) and Private Tuition Fee.  The largest downward contribution to the change in current index came from Vegetables and Fruits with a decline of 2.72 per cent, contributing (-) 0.42 percentage points to the total change. The main downward pressure came from Tomato, Fish Fresh, Chillies Green, Cabbage & Lady’s Finger.  The year-on-year inflation measured by monthly CPI-IW stood at 10.31 per cent for August, 2012 (over August, 2011) as compared to 9.84 per cent for the previous month and 8.99 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 12.20 per cent against 11.27 per cent of the previous month and 7.33 per cent during the corresponding month of the previous year.

Union Labour & Employment Minister Shri Mallikarjun kharge today called on social partners to work together with Government to create a work environment conducive to achieving a high rate of economic growth with due regard to protecting and sa..

Union Labour & Employment Minister Shri Mallikarjun kharge today called on social partners to work together with Government to create a work environment conducive to achieving a high rate of economic growth with due regard to protecting and safeguarding the interests of the working class in general and those of the vulnerable sections of the society in particular. Shri Kharge was delivering the key note address during the Opening ceremony of the two day long Asia-Pacific Event organized by the Building and Wood Workers International (BWI) Federation here in New Delhi today. The Minister said India is the founder member of ILO and tripartism is the soul of our decision making process. We are guided by the ethos of consensus and any matter relating to the welfare of the working classes is taken after tripartite consultations. Consultation with trade unions keeps us rooted to the real economy. Social partners should work together with Government to create a work environment conducive to achieving a high rate of economic growth with due regard to protecting and safeguarding the interests of the working class in general and those of the vulnerable sections of the society in particular.