Plan and Policy

Plan & Policy

Outgo on pension to top salary payment by Rs 10,000 crore in FY19

The government’s outgo on pension will surpass its salary bill by nearly Rs 10,000 crore in the current financial year and the trend will continue for two more years till March 2021.

As per the projections, the salary bill of the government will go up from Rs 1.50 lakh crore in last financial year to Rs 1.58 lakh crore this year. It will further rise to Rs 1.66 lakh crore in FY20 and Rs 1.74 lakh crore in FY21.

Govt hopes to receive HSBC account data in 10 days

The government expects to receive data from Swiss authorities on HSBC accounts of its citizens in about 10 days after Switzerland’s apex court directions that data be shared with the India, finance minister Piyush Goyal said on Tuesday.

Govt plans new Rs 11,000 cr bailout package for Air India

After the failure of Air India sale process, the government is now discussing a Rs 11,000-crore bailout package for the ailing airline.

The civil aviation ministry is in discussions with the finance ministry for a Rs 11,000 crore bailout package for Air India, PTI reported quoting sources. The fund would be utilised to reduce high cost working capital loans, it added.

SC refuses RBI plea in power loan case

The Supreme Court on Tuesday refused the plea of the Reserve Bank of India (RBI) to stay proceedings in Allahabad High Court against applicability of the February 12 circular on the cash-strapped power sector.

The apex court said it would further hear the matter on August 28. At a hearing on August 2 in the Allahabad High Court, the government recommended extension of the RBI circular deadline by another 180 days. In its last hearing, the high court had ordered lenders not to initiate bankruptcy proceedings against power producers.

MCA wins SC backing in disqualified directors’ case

The ministry of corporate affairs (MCA) has received the Supreme Court’s backing against 300,000 disqualified directors for their failure to file financial statements and annual returns for three consecutive years. The apex court on Monday admitted a special leave petition of MCA and stayed a Bombay High Court order, which gave relief to directors of companies struck off by the registrar of companies (RoC) last year, said a report.

Justice Joseph to take oath as SC judge today amid row

Justice KM Joseph, the Chief Justice of the Uttarakhand High Court, will take oath as a judge of the Supreme Court as scheduled on Tuesday amid a row with the Centre over his seniority being lowered on his elevation.

The Centre on its part said it went purely by the “time tested” principle of high court seniority list. It came out with a notification last Friday on the appointment of three judges to the apex court by putting at third position the seniority of Justice KM Joseph.

Nitish blames ‘system’, rejects demand for minister’s resignation

The Patna High Court on Monday issued notice to the Central Bureau of Investigation, seeking details of its investigation into the case of sexual abuse of girls at a state-funded shelter home in Muzaffarpur in Bihar. A High Court bench directed the CBI to submit the details and posted the matter for hearing after two weeks. The court was hearing a bunch of petitions filed by Santosh Kumar, Navneet Kumar and Saleem Madavoor — in connection with the shelter home case.

Auto parts sector seeks uniform 18% GST

The auto component industry on Monday sought uniform 18 per cent GST across the sector stating that low taxation would lead to better compliance and larger tax base. The industry, which reported a growth of 18.3 per cent to Rs 3.45 lakh crore in 2017-18, said the lower tax levy would also help in curtailing flourishing of grey operations in the aftermarket.

ICAI group to study reasons for auditors’ resignations

Amid rising instances of auditors quitting audit work at companies, chartered accountants’ apex body ICAI has set up a group to look into the circumstances leading to their resignations. In a communication to members, ICAI president Naveen ND Gupta also said the panel would also analyse the recent circular issued by the Reserve Bank of India on enforcement framework for statutory auditors of commercial banks.

The Institute of Chartered Accountants of India (ICAI) has more than 280,000 members and many of the institute conducts audit works for various companies.