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FM: In last three years, the present Government restored the credibility of the Indian Economy and the Government, introduced market mechanism based decision making process and eliminated the Government discretions among others

News and Press Release - Dated:- 1-6-2017 - The Union Minster of Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that after the present NDA Government came to power in May, 2014, it has been able to restore the credibility of the Indian Economy and the Government which was at its lowest ebb due to serious charges of corruption and indecisiveness during the earlier UPA regime. The Finance Minster Shri Jaitley further said that the three major achievements of the present NDA Governm .....

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the key initiatives and achievements of the different Departments of the Ministry of Finance & Defence in the last three years i.e. 2014-15 to 2016-17. Speaking further on the occasion, the Finance Minister, Shri Jaitley said that another major contribution of the present Government was clear direction in decision making, creating an atmosphere for the growth of the economy at large so that it is ensured that the benefits of the growth accrue to the poor and underprivileged section of societ .....

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e Governments by allocating more funds to them as per the recommendations of 14th Finance Commission. The Union Minister of Finance and Derfence, Shri Jaitley further said that the present NDA Government created a federal institution (GST Council) based on federal taxation i.e. Goods and Services Tax (GST) which is now at the last stage of its implementation. Shri Jaitley said that this will be a historical indirect tax reform which will bring transparency, simplicity and efficiency in the tax a .....

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, firstly by having greater movement towards digitization of transactions, secondly, helped in widening of the tax payers base which contributed to increase in the revenue collections by more than 18% during 2016-17 and thirdly, sending a strong message that it is no longer safe to deal in cash. The Finance Minister said that demonetization has established a new normal . Highlighting other achievements of the present Government in the Financial Sector, the Finance Minister Shri Jaitley mentioned .....

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evements of the present Government in Defence Sector which include implementation of long pending One Rank One Pension (OROP) Scheme for the retired defence personnel, putting New Defence Procurement Policy in place and encouraging Defence Manufacturing within the county, balancing both public and private sector manufacturing in defence sector and Strategic Partnership Policy to supplement FDI among others. Shri Jaitley concluded his Opening Remarks by stating that the manner in which defence ac .....

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ri Tapan Ray, Secretary (Economic Affairs & Corporate Affairs), Shri Neeraj Kumar Gupta, Secretary (DIPAM); Shri A.K. Gupta, Secretary, Defence Production; Dr. Arvind Subramanian, Chief Economic Adviser (CEA) and Shri Ravi Kant, Additional Secretary (Defence) among others. Further details with regard to the key initiatives and achievements of the five different Departments under the Ministry of Finance, Government of India during the last three years (2014-15 to 2016-17), are highlighted bel .....

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39 in 2016-17, as compared to India s rank in GCI of 60 (among 148 countries) in 2013-14. 1. Withdrawal of Legal tender character of old currency notes of ₹ 500 and ₹ 1,000: A historic decision of the present NDA Government led by the Prime Minister Shri Narendra Modi was the withdrawal of the legal tender character of old ₹ 500 and ₹ 1,000 currency notes on 8th November, 2016.This resulted in curbing the menace of black money, corruption, bringing informal sector in to f .....

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he fiscal deficit is budgeted to be 3.2 per cent of GDP in 2017-18. The present Government took charge in May 2014 in the backdrop of persistently high Inflation, particularly the food inflation. Astute food management and price monitoring by the Government in the last three years helped control the stubbornly persistent inflation. The average CPI (combined) inflation declined from 9.5 per cent in 2013-14 to 5.9 per cent in 2014-15 and 4.9 per cent in 2015-16. It declined further to 4.6 per cent .....

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ever, it declined by 13.8 per cent to US$ 118.7 billion in 2015-16 which was lower than the level of US$ 137.7 billion in 2014-15. During 2016-17 (April-February), trade deficit decreased to US$ 95.3 billion as against US$ 114.3 billion in the corresponding period of the previous year. FDI Reforms: FDI upto 49% is allowed on automatic route in Defence Sector. FDI reforms were also undertaken in the Insurance Sector (49% under automatic route instead of earlier up to 26%), Pension Sector (upto 49 .....

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norms has been relaxed for up to 3 years and a relaxed sourcing regime for another five years), Broadcasting Carriage Services (In Cable Networks (with MSOs and other MSOs), Teleports, DTH, Mobile TV, HITS sectors, 100% FDI is allowed on automatic route) and Plantation (FDI upto 100% is allowed on automatic route in Coffee, Rubber, Cardamom, Palm oil tree and Olive Oil Tree Plantations in addition to tea plantations). Inflow of Foreign Direct Investment increased from US$ 43.6 billion 2013-14 t .....

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2015-16. On a cumulative basis, the CAD narrowed to 0.7 per cent of GDP in April-December 2016 from 1.4 per cent in the corresponding period of 2015-16 on the back of the contraction in the trade deficit. Foreign Exchange Reserves touched an all-time high level of US$ 371.9 billion in end-September 2016. The current position is at a comfortable level to cushion the exchange rate volatility from any international macroeconomic uncertainty. 2. A Monetary Policy Framework Agreement between the Gov .....

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ficial Gazette on 28.5.2016. The Code aims to promote entrepreneurship, availability of credit, and balance the interests of all the stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner and for maximization of value of the assets of such persons and matters connected therewith or incidental thereto. Major benefits include: 1. Early detection of stress in a business; .....

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legislative recommendations of FSLRC was inaugurated by Finance Minister on 15.5.2015 2. Task Force for creating a sector-neutral Financial Redress Agency (FRA) as announced in Budget Speech 2015-16 that was set up on 5.6.2015 submitted its report on 30.6.2016. 3. The Forward Markets Commission has been merged with Securities and Exchange Board of India (SEBI) with effect from 28.9.2015 to achieve convergence of regulations of securities market and commodity derivatives market. 4. Key aspects of .....

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ion of the Cabinet in May 2014 was the constitution of a Special Investigation Team (SIT) on Black Money 2. The period 2014-17 saw unprecedented enforcement actions in Direct and Indirect Taxes. A total of 23,064 searches and surveys have been conducted detecting more than ₹ 1.37 lakh crore of tax evasion. The Enforcement Directorate (ED) intensified its Anti Money Laundering (AML) actions by registering 519 cases attaching properties worth ₹ 14,933 crore. 3. During the last three fi .....

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ponses for 13.33 lakh accounts involving cash deposits of around ₹ 2.89 lakh crore c. 5.68 lakh new cases identified for e-verification process. 5. One Time Compliance Window: There was a one-time compliance window of 3 months providing an opportunity to taxpayers to make declarations of their undisclosed foreign assets. 648 declarants filed declarations upto 30.09.2015 disclosing undisclosed foreign assets worth ₹ 4164 crores. An amount of about ₹ 2476 crore has been collected .....

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ey (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Black Money Act) has been enacted. b. The Black Money Act has stringent provisions, which inter-alia include that an offence of willful attempt to evade tax shall be a predicate offence under the Prevention of Money Laundering Act, 2002. c. A total of 648 declarations involving undisclosed foreign assets worth ₹ 4164 crore were filed under the one-time compliance window provided under Chapter VI of Black Money .....

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a a. In the wake of declaring specified bank notes as not legal tender, and in order to discourage people from finding illegal ways of converting their black money into black again, vide the Taxation Laws (second Amendment) Act, 2016, the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) has been introduced. b. The Scheme commenced on 17.12.2016 and was open for declaration upto 31.03.2017. Goods and Services Tax (GST) - rollout from July 01: The 14th GST C .....

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May, 2017. The major benefits of the this historic reform in the history of Indirect Taxes include a. Decrease in Inflation due to Reduction in Cascading effect of Taxes and an Overall Reduction in Prices b. Ease of Doing Business due to Common National Market as well as Benefits to Small Taxpayers c. Decrease in Black Transactions due to Self-Regulating on line Tax System and GST been designed as a Non-Intrusive and transparent Tax System d. More informed consumer due to a more Simplified Tax .....

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-16. The amount of Refunds issued till 10th February 2017 was ₹ 1.42 Lakh Cr which is 41.5% higher as compared to the same period last year. Taxpayers also reposed faith in CBDT s e-filing program by filing a whopping 4.01 Cr e-Income Tax returns in till 10th February 2017 representing an increase of over 20% over the previous year. In addition, over 60.05 lakh other online forms were filed with an increase of nearly 41% compared to the previous year. The figures for indirect tax collectio .....

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rresponding period in the previous Financial Year, thereby registering a growth of 36.2%. Net Tax collections on account of Service Tax during April-February, 2016-17 stood at ₹ 2.21 lakh crore as compared to ₹ 1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8%. Net Tax collections on account of Customs during April-February 2016-17 stood at ₹ 2.05 lakh crore as compared to ₹ 1.94 lakh crore during the sam .....

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n paid using Public Financial Management System (PFMS) in various programmes of Government viz. MGNREGA, NHM and food subsidy etc. till February 2017 for more effective and transparent utilisation of resources. General Financial Rules (GFRs), 2017 were released by the Union Finance Minister Shri Arun Jaitley on 7th March, 2017 to enable an improved, efficient and effective framework of fiscal management while providing the necessary flexibility to facilitate timely delivery of services. The dist .....

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to ensure faster realization of Government revenue, other than Direct & Indirect Tax receipts, a Non-Tax Receipt Portal was inaugurated by the Union Finance Minister, to provide a one stop window to citizens, corporates and other users for making online payments of Non-Tax Revenue payable to Govt. of India. So far more than 54,000 transactions have been done using this portal, leading to a collection of ₹ 91,017 Crores. D. Department Of Investment and Public Asset Management (DIPAM) D .....

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er system of annual plans, wherein shares are readily available for transactions, to take advantage of the market conditions without any loss of time and with an element of surprise for the market players. This helps in minimizing the price hammering during disinvestment of CPSEs. Central Public Sector Enterprises (CPSE) Exchange Traded Fund (ETF): The Government launched a Further Fund Offer (FFO) of the CPSE ETF Scheme. Overall, the issue got oversubscribed by 2.30 times - ₹ 13,802 crore .....

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Es on Stock Exchanges: DIPAM has issued circular dated 17.02.2017 on the mechanism and procedure, along with a list of activities with indicative timelines, for time bound listing of CPSEs by all the Administrative Ministries/Departments. This will enable unlocking the true value of the company and promote people s ownership by encouraging public participation in CPSEs, making them accountable to its shareholders. E. Department of Financial Services (DFS) Banking Regulation (Amendment) Ordinance .....

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companies for stressed asset resolution. Merger of SBI Associates with SBI: Cabinet in its meeting on 15.02.2017 has approved the proposal for merger of 5 State Bank associates with State Bank of India (SBI) and the same has been notified in the Gazette of India on 22.02.2017. This will lead to better management of high-value credit exposures common to SBI and Associate Banks, as there would be single, more focused oversight and control over cash flows of large corporate borrowing entities inst .....

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for Re-capitalization of PSBs for the Financial Year 2017-18. Pradhan Mantri Jan Dhan Yojana (PMJDY): The deposit base of PMJDY accounts has expanded over time. As on 05.04.2017, the deposit balance in PMJDY accounts was ₹ 63,971 crore in 28.23 crore accounts. The average deposit per account has more than doubled from ₹ 1,064 in March 2015 to ₹ 2,235 in March 2017. 22.14 crore RuPay cards have been issued under PMJDY. The average number of transactions per Bank Mitra, on the A .....

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