(LIveMint) Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) are preparing to receive investments from Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) even as the state-run oil marketing companies await the Maharashtra government’s decision on providing a fresh patch of land for the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project. IOCL, BPCL and HPCL will invest a total of ₹100 crore to complete preliminary work on the project, following which they intend of make a presentation to Aramco and Adnoc. While IOCL will put in Rs.50 crore, BPCL and HPCL will contribute Rs.25 crore…
Author: Aruna Sharma
(BS) With the date for polling in the Assembly elections inching closer, the national capital on Sunday saw high profile leaders lending their support to the BJP candidates. Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan hold a door to door campaign in Malviya Nagar for the ensuing polls on February 8. The minister went door to door and handed booklets of BJP to the residents of the colony. He was accompanied by other party workers and later joined by residents too. Pradhan greeted everyone he met during the campaign and requested them to vote for Bharatiya Janata Party (BJP) on February 8.
(LiveMint) New income tax rates will be optional, says FM Income tax rates will be significantly reduced for those who forego reliefs, exemptions Rs.48,000 crore revenue loss due to income tax relief: FM New income tax slab for FY 2020-21: ₹5-7.5 lakh: 10%, Rs.7.5 lakh to Rs.10 lakh: 15%, Rs.10 lakh-12.5 lakh: 20%, Rs.12.5 lakh-15 lakh: 25%. For those earning above Rs.15 lakh, 30%. Those earning Rs.5 lakh will not pay any tax: FM For those earning Rs.5 to Rs.7.5 lakh, income tax has been reduced to 10% from 20%. New simplified personal income tax regime to lower income tax: FM
(ET) Finance Minister Nirmala Sitharaman on Saturday said the government plans to amend the Companies Act to decriminalise civil offences.In her second Budget presentation, the finance minister said tax harassment cannot be tolerated and added that wealth creators will be respected in the country.Taxpayer’s charter will be part of statute, the finance minister added.
(ET) In a big announcement, FM Sitharaman informed Parliament during Budget presentation that India’s fiscal deficit is now pegged at 3.8% for FY20, a significant loosening over the widely touted target of 3.3%. All eyes were on whether or not would Sitharaman’s spending and revenue projections come across as credible, especially after the last Budget’s growth estimates which had found no takers among economists from the very outset. India’s fiscal deficit — the gap between expenditure and revenue — touched 114.8% of 2019-20 Budget Estimate at Rs 8.07 lakh crore at the end of November. With the aim to limit fiscal deficit…
(FE) Government to list LIC on the stock exchanges. Big news on Life Insurance Corporation of India which is the largest institutional investor. This is likely to be the biggest IPO in the country.Govt to raise funds via listing of LIC . Deposit insurance raised to Rs 5 lakh. FY21 fiscal deficit target pegged at 3.5% of GDP.
(ET) The government has decided to set up a single test for recruitment to non gazzetted posts.Finance minister Nirmala Sitharaman proposed to set up a national recruitment agency as a specialised common test for recruitmment to non-gazetted post.The test centre will be set up in every district especially in aspirational district.
(LiveMint) Govt will encourage states which formulate plans for air pollution scheme soon. Rs4,400 crore allocated for 2020-21: Sitharaman Rs. 8,000 crore allocated over 5 years for National Mission On Quantum Technology, said Finance Minister Nirmala Sitharaman
(ET) The government will create a single investment cell to expedite grant of licences and promote entrepreneurship.Finance minister Nirmala Sitharaman has also announced 5 new smart cities for promoting entreprenuership. The smart cities will be created through a PPP model with states.The move will merge all licences required to set up buisness in India into a single hub and expedite the ease of doing buinsess.
(ET) Finance minister Nirmala Sitharaman has announced 100 more airports by 2024 under the UDAN scheme. This is in line with the government’s commitment to promote domestic travel and include those areas which haven’t been connected so far. This is a part of the national infrastructure plan.According to the Economic Survey 2019-20 which was presented on Friday, the government has provided a congenial environment so that the government can have 1,200 planes by 2023-24.In the last Budget, the finance minister had announced that the government will take steps to make India an aircraft leasing hub.