Budget session Live: No cash transactions above Rs 3 lakh, announces Jaitley

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New Delhi, Feb 1, 2017: Finance Minister Arun Jaitley presented the Union budget 2017-2018 in Lok Sabha on Wednesday amid opposition’s uproar.

This is the fourth budget by the Narendra Modi government.

Earlier, there was speculation rising that Union Budget would be presented or delayed by a day.

This comes after the death of sitting IUML MP-E Ahamed, who on Tuesday suffered a heart attack and collapsed in Parliament’s Central Hall, died after undergoing treatment at the city-based Ram Manohar Lohia Hospital, sources confirmed.

Read More: Kerala MP E. Ahamed dies at RML after cardiac arrest in Parliament

  • Lok Sabha adjourned after FM Jaitley concludes his Budget 2017 speech.

LIVE: Finance Minister Arun Jaitley presenting Union Budget 2017:

  • 15% surcharge on incomes above Rs 1 crore to continue.
  • Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.
  • Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%.
  • Government considering an option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.
  • No cash transactions above Rs 3 lakh, announces Arun Jaitley.

Political funding reforms:

  • The maximum amount a political party can receive in cash donation will be Rs 2000 from any one source.
  • Political parties will be entitled to receive donations by cheque or digital mode.
  • Additional step amendment proposed to RBI act to enable issuance of electoral bonds in accordance with scheme by GOI. The donor could purchase bonds from authorised banks. Redeemable only in registered accounts of the party.

  • SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted thisI propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18.
  • Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 years now.
  • Income tax for small companies with an annual turnover of 50 crores, now to pay 25%, a 5% reduction.
  • Capital gains tax to be exempted, for persons holding land from which land was pooled for the creation of state capital of AP.
  • Deposits between Rs 2-80 lakh made in 1.09 cr accounts post demonetisation.
  • Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
  • There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain.

Jaitley on Tax:

  • The net tax revenue grew by 17% in 2015-16.
  • Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax.
  • 3.7 crore individuals filed tax returns, 99 lakh of them below taxable limit. The number of people with more than 50 lakh income is 1.26 lakh.
  • The predominance of cash in our economy makes it easy for people to avoid taxes, we are largely a tax non-compliance society, when too many people evade taxes burden falls on those who are honest, says Arun Jaitley.

  • Total resources being transferred to the states & union territories with the legislature is Rs 4.11 lakh crore. Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore. Allocation for national highways stepped up to Rs 64,000 Cr from Rs 57,676 crore. Fiscal Deficit target for 2017-18 is 3.2%.
  • Good news for those who have to travel long distances for obtaining a passport. Arun Jaitley has announced that Head Post Offices will now be used as the front office for passport services.
  • Defence expenditure excluding pension at Rs 2.74 lakh crore.
  • The total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore.

  • Aadhar enabled payment system to be launched soon; Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar 2017.
  • Government considering the introduction of the new law to confiscate assets of offenders who escape the country.
  • Chandigarh and eight districts of Haryana have been declared Kerosene-free.
  • Propose to double the lending target of Pradhan Matri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18.
  • During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing.
  • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free.
  • Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025.
  • The Foreign Investment Promotion Board has been abolished.
  • Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore.

Jaitley on Railways:

  • Unmanned railway level crossings to be done away with by 2020.
  • Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges.
  • Service charges on e-tickets booked through IRCTC will be withdrawn.
  • Railways will integrate end to end transport solutions for selected commodities through partnership.
  • By 2019, all coaches of Indian Railways will be fitted with Bio-toilets.
  • At least 25 stations expected to be awarded during 2017-18; 500 stations to be made differently abled-friendly by providing lifts and escalators.
  • A new metro rail policy will be announced, this will open up new jobs for our youth.
  • Rs 1.3 lakh crore has been allotted for solar power, disabled friendly stations. Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years. Jaitley announces Rs 55000 crore for Railways in Budget 2017.
  • The focus is on swachch railways, says Jaitley. Steps will be taken to launch dedicated trains for pilgrimage and tourism.

  • On health, the government proposes to eliminate tuberculosis by 2025.  Two new AIIMS Hospitals to be set up in Jharkhand and Gujarat.
  • Budget allocation for welfare of women and children under various ministries increased to Rs 1,84,632 crore.
  • SANKALP – 4000 crores allotted to train for market-oriented training. At least 3.5 crore youth will be provided market-relevant training under Sankalp programme.
  • Open defecation free villages are now being given priority for the pipe to the water supply.
  • The government is looking to complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses. Open defecation free villages are now being given priority for piped water supply.
  • For youth, proposed to introduce a system of measuring annual learning; Science to be given focus.
  • 100% village electrification will be achieved by May 1, 2018.
  • As Swami Vivekananda said ‘education which does not help the common mass of people to equip themselves is it worth of the name?’
  • Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year.
  • MGNREGA should create productive assets to improve farm productivity, incomes. MNREGA allocation increased. Highest ever allocation for MNREGA at Rs 48,000 crore. Participation of women in MGNREGA up to 55%.
  • With better monsoon, agriculture is expected to grow at 4.1%. The target for agricultural credit for 2017-18 is set at ten lakh crore, announces Arun Jaitley.
  • “We are aware we need to do more for our people, our agenda is to transform, energise and clean India, that is ‘tech India’.”
  • Surplus liquidity in banking system created by demonetisation will lower borrowing cost and increase access to credit.
  • “My aim while preparing the budget this year has been to spend more in rural areas, infrastructure and poverty alleviation and yet maintain fiscal prudence.”
  • Jaitley on Demonetisation: “Demonetisation to create a new normal for a bigger, cleaner GDP; slowdown, if any, will be only transient. Effects of demonetisation will not spill over into the next year. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many. I am reminded of what our father of the nation Mahatma Gandhi said ‘a right cause never fails’.”
  • The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%.
  • India is seen as an engine of global growth, have witnessed historic reform in last one year.
  • International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017.
  • The focus will be on energising our youth, to reap benefits of growth & employment.
  • We have moved from a discretionary administration to a policy-based administration.
  • Our Government was elected amidst huge expectations of people, the underlying theme of expectations being good governance.
  • The Government is now seen as a trusted custodian of public money, I express gratitude to people for their strong support.
  • FM Arun Jaitley starts speaking amid opposition uproar Budget 2017.

Live Updates of Parliament’s second day:

  • Instead, the house will be adjourned tomorrow as a mark of respect for E Ahamed: Sumitra Mahajan in Lok Sabha.
  • Lok Sabha Speaker Sumitra Mahajan pays obituary to E Ahamed by saying I would have adjourned the house, but today’s sitting has been fixed by President for the presentation of Budget 2017.
  • The Budget has a sanctity, we are already in the eleventh hour. There should be no controversy over it.It’s a constitutional obligation: Union minister Venkaiah Naidu.
  • Lok Sabha speaker Sumitra Mahajan said #Budget will be presented today, will formally announce shortly. She also added that Saddened by #EAhamed demise but the #budget will be presented.

  • Reports say that all Kerala MPs will meet and decide their stand. There are also reports that the Opposition parties are in favour of the Budget being presented tomorrow and not today. The government, meanwhile, is committed to presenting the Budget on time. Speaker will take a final call at 10 am.
  • Fresh reports say that Budget 2017 will be presented today itself. It may be delayed by an hour and be presented with an obituary reference to deceased MP-E Ahamed.

  • There is a precedent, in the past also a sitting MP/MoS passed away and the budget was presented: Government Sources.
  • The budget will be presented, an obituary may happen before or after it, Government has spoken to all parties and arrived at a consensus: Government sources.
  • The Finance Minister Arun Jaitley has reached North Block.
  • Modi cabinet to meet at 10:15 am.

Leaders reactions on Kerala MP E. Ahamed demise:

Deve-wefornews

  • Former PM HD Deve Gowda said: “Postponement of the budget will be no big deal, it’s not as if secrecy will break.”

Kharge-wefornews

  • Congress leader Mallikarjun Kharge said “In our opinion, including JDU leaders and former PM Deve Gowda, the budget should be postponed” and added that “I think Government already knew that he had passed away, but they were trying to maybe delay announcement.”
  • It’s not March 31, there is a lot of time to present budget. The government can postpone it, he said.
  • Kharge said on allegations that #EAhamed ‘s death announcement was delayed that this was an inhuman act.
  • Ex-speaker Somnath Chatterjee said that ‘Budget is a very solemn matter, it can be presented after obituary.’ He also added ‘No precedence of delaying budget.’

 Wefornews Bureau

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