Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Year End Review Highlights of the Achievements of the Department of Disinvestment & Expenditure Ministry of Finance

Dated:- 18-12-2015 - Press Information Bureau Government of India Ministry of Finance 18-December-2015 14:52 IST The highlights of the Achievements of the initiatives undertaken by the Department of Disinvestment in the current Fiscal year are as follows: Ø Pre 2014-15: In the pre 2014-15 periods, the approach to disinvestment was based on identification of stocks on an annual plan basis. This often resulted in problems like delay in approaching the market, hammering of stocks, overhang, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ts of ₹ 24,349 crore in a single FY 2014-15, that too only in last 6 months period of the financial year. This is even higher than the annual average of ₹ 9,593 crore between 2000-2014. Disinvestment Target 2015-16: The budget estimate (BE) for disinvestment during the year 2015-16 is ₹ 69,500 crore. This comprises ₹ 41,000 crore from disinvestment of Central Public Sector Enterprises (CPSEs) and ₹ 28,500 crore from strategic disinvestment . Measures to accelerate t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ment of intermediaries to speed up transactions. v Disinvestment programme made more inclusive by following an approach to reserve 20 per cent of shares on PSUs-OFS transactions on a case to case basis. 2015-16 Performance Ø As a result of these initiatives, the department has been able to raise around ₹ 12,700 crore (approx.) through 4 OFS issues of REC, PFC, DCIL and IOC Limited during the first two quarters of 2015-16, which itself is a record achievement when compared with avera .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

77; 17,800 crore (approx.)raised in the Indian market, PSUs disinvestment accounted for 71% (Rs.12,700 crore) of the funds raised in the first 6 months of this fiscal year. DEPARTMENT OF EXPENDITURE The highlights of the Achievements of the initiatives undertaken by the Department of Disinvestment in the current Fiscal year are as follows COOPERATIVE FEDERALISM In accordance with the formulation prescribed by Fourteenth (14th) Finance Commission (FFC), the Annual Borrowing ceiling for States was .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of 30.3% of GSDP. During the year 2015-16 (Up to 15.12.2015), the States have been permitted to raise ₹ 3,12,861 crore (Gross) as compared to permission granted to raise borrowing to the tune of ₹ 2,17,488 crore during the corresponding period in 2014-15. The States have been allowed borrowing permissions to States on quarterly basis in order to spread out the borrowings evenly over the 2015-16 to avoid bunching at last movement. This will help the State to borrow at competitive inte .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

now been decided that there may not be any need to examine the proposals of State Governments for external loan assistance from the debt sustainability angle. However, loans under EAPs would be considered by Department of Economic Affairs (DEA) subject to States confirming/ self certifying on the aspects given in the guidelines for examining proposals of States availing Structural Adjustment Loan and other external loan for clearance from debt sustainability angle. Finance Commission Award v In .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r less. Both these options will be available to States which are not in Revenue Deficit during last two years. (iii) Debt/GSDP targets for each States separately based on the FD limits reached by them. v Some of the major initiatives under FFC are- Ø The FFC has substantially enhanced the share of the States in divisible pool of Union Taxes from the current 32 % to 42 % during its award period (2015-2020), which is the biggest ever increase in vertical tax devolution. Ø Besides sha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ain an increase of 170% (Rs.44,77,472 crore against ₹ 16,58,355 crore) over actual transfers received against award of 13th FC award. Of which, with an increase of 178% in tax devolution, an amount of ₹ 39,48,188 crore is expected to flow to the States. Similarly, with an increase of 124% in grants-in-aid ₹ 5,29,284 crore is about to flow to the States during award period of FFC. Substantial increase in tax devolution and grant-in-aid recommended by FFC are expected to add subs .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ance Commission recommended grants Ø During 2014-15, ₹ 61,813 crore (96% of allocation) released as per FC XIII recommendations. Ø Out of allocation of ₹ 87,405 crore for 2015-16, under FFC, so far an amount of ₹ 53293 crore released (61% of allocation) for Revenue Deficit to 11 States, duly constituted Local bodies and SDRF as on 02.11.2015. Total transfers to States under award of FFC, Special Assistance and Externally Aided Projects (EAPs) during 2015-16 (Up to .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to states to deal with post FFC related issues etc., an allocation of ₹ 20,000 crore has been made in the Union Budget (2015-16-BE) to provide assistance to the States in the name of Special Assistance under Central Plan. An amount of ₹ 3,98,013 crore (Tax devolution of ₹ 3,36,830 cr. and grants-in-aid of ₹ 61,183 cr.) has been released towards Finance Commission transfers as against ₹ 2,76,952 crore (Tax devolution of ₹ 2,46,498 cr. and grants-in-aid of ͅ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of ₹ 796 crore made to the States during corresponding period in the last year. Other works (Packages announced for Bihar and Jammu and Kashmir) On 18th August, 2015, the Prime Minister has announced Special package for Bihar called Bihar package 2015 for sectoral development in the State. An amount of ₹ 1,25,003 crore has to be provided for implementation of infrastructure projects in the areas of Farmer s Welfare, Education, Skill Development, Health, Electricity, Rural Roads, High .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

57 crore has also been agreed for other investments in the State. Taking into account post flood relief & restoration and long term rehabilitation development of the State of J&K was announced by the Prime Minister on 07.11.2015 for ₹ 80,068 crore including support for Flood relief, reconstruction, flood management, assistance for small trade & business, development projects under Road and Highway, Power, New and Renewable Energy, Health, Human Resource DEVELOPMENT, Skill Devel .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ecretary (Expenditure) considered and recommended 12 proposals involving an amount of ₹ 48,691.18 crore as per the following details: Sl.no Ministry/Department No. of projects recommended for approval Cost (In crore) 1. Ministry of Road Transport and Highways 05 28501.87 2. Ministry of Urban Development 01 6928.00 3. Ministry of External Affairs 01 9375.58 4. Ministry of Power 05 3886.56 Total 12 ₹ 48,691.18 crore Plan Finance-II Division also deals with financial restructuring of Ce .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s relating to Food, Fertilizers and Petroleum subsidies, including their quantification and extension of assistance to the Stake holders are also dealt with in Plan Finance-II Division. This Division is actively involved along with the concerned Department/Ministry, in shaping subsidy policy of the Government so as to ensure effective targeting coupled with minimum burden on the Government. SEVENTH CENTRAL PAY COMMISSION Seventh Pay Commission has submitted its report to the Ministry. The report .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rore, over the expenditure as per the Business As Usual scenario. Of this, the increase in pay would be ₹39,100 crore, increase in allowances would be ₹ 29,300 crore and increase in pension would be ₹33,700 crore. Out of the total financial impact of ₹1,02,100 crore, ₹73,650 crore will be borne by the General Budget and ₹28,450 crore by the Railway Budget. In percentage terms the overall increase in pay & allowances and pensions over the Business As Usual .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Highlights of the initiative taken in the year 2015 (1) Reduction in paper movement: Paperless movements of digitally signed e-Revision Authority (Pension Payment Order) from Central Pension Accounting Office (CPAO) to 4 Banks, to start with, have been implemented resulting in saving of time and operational cost and improvement in efficiency. (2) To make successful the digital India Mission of the Government, the pensioners have been made aware to utilize the benefits of Aadhaar number. Conseque .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oner has been modified and provision for acknowledgement by the bank has been introduced. Further, the bank has to mention about submission of Life Certificate by the pensioner in the payment scroll to CPAO to enable monitoring of the same. (5) As a step towards making pensioner better informed and empowered, facility of informing pensioner through S.M.S. of receipt of fresh Pension Payment Order from the PAO at CPAO and sending Pension Payment Order (Special Seal Authority) to banks for arrangi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s or visit. The queries and grievances of pensioners are attended on highest priority by qualified personnel. (7) To integrate the tracking of pension processing and payment system, a link of CPAO s website has been provided to Bhavishya System of Pension Tracking developed by Department of Pension and Pensioners Welfare. This is very good example of collaboration of departments to provide better services to pensioners by integrating existing facilities. (8) Download facility of Special Seal Aut .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

chedule of 21 days, CPAO has issued Authorities for New PPOs on an average in 15 days and revision cases in average 11 days. The above initiatives based on the extensive use of information technology has not only enhanced transparency and accountability of the processes of CPAO but it has immensely taken care of the pensioner s welfare. Information Technology Division (ITD) and Public Financial Management System (PFMS) PFMS provides various stakeholders with a real time, reliable and meaningful .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version