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National Budget 2016 Live: Arun Jaitley tables the Union Budget 2016

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BUDGET-WEFORNEWS

Finance Minister Arun Jaitley is presenting his third National Budget, The Government is expected to unveil a road map for India’s development for the year 2016-2017.

Live Updates#UnionBudget2016 :

Finance Minister Arun Jaitley tables the Union Budget 2016 and the Finance Bill.

 Rs. 1,060 crore revenue loss through direct tax proposals.

No Service Tax for houses built under 60 square metres.

Excise duty on tobacco increased by 10-15 per cent.

4% high capacity tax for SUVs.

Limited compliance window for domestic tax payers who have undeclared income.

No changes have been made to existing income tax slabs.

1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.

Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.

40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.

Tax holiday for startups for three of five years of setting up the company.

Lowering of Corporate IT rate for companies not exceeding Rs. 5 crore turnover to 25% plus surcharge.

Ceiling under 87A to be increased to Rs. 3,000.

Rs. 100 crore for Deendayal Upadhyay’s birthday celebrations and Guru Gobind Singh 300th birth anniversary.

Classification of expenditure as plan and non-plan to be done away with.

Fiscal deficit at 3.5% of GDP in 2016-17.

A bill on targeted delivery of financial services using Aadhar to be introduced.

Amendment to the Companies Act to ensure speedy registration and boost start-ups.

RBI Act to be amended to set up monetary policy committee.

90 percent domestic honey being exported.

Construction of 10,000 km of new national highways targetted.

There are 160 airports and airstrips which can be revived.

Motor Vehicles Act to be amended to enable entrepreneurship in the road transport sector.

Total outlay for infrastructure is at Rs. 2.31 lakh crore.

Small shops should be given the choice to remain open on all 7 days a week.

Rs 87,765 cr allocated for rural development.

1500 Multi skill training institutes will be set up: Finance Minister Arun Jaitley

A higher education Financing Agency to be set up, with a fund of 1000 crores 

National SC/ST Hub to support SC/ST entrepreneurs- FM

Total rural sector allocation Rs. 87,769 crore.

Government to provide health insurance of upto Rs. 1 lakh per family. 3,000 stores to be opened for generic drugs.

Two schemes for digital literacy for rural India to cover 6 crore households in the next three years.

Rs. 9,000 crore for Swachch Bharat Abhiyan.

Rs. 38,500 crore for MNREGA. Highest ever for the rural employment scheme.

Govt is committed to achieve 100% village electrification by 1st May 2018: Arun Jaitley

2.87 lakh crore to be given grant-in-aid for gram panchayats and municipalities; it is quantum jump of 228 per cent: FM.

We will work for passage of insolvency and bankruptcy laws. We will undertake significant reforms: Jaitley.

Since foreign markets are weak we must rely on domestic demand and Indian markets to ensure that Indian growth doesn’t slow down: Jaitley.

Finance Minister says, We must strengthen firewalls against risks through structural reforms; rely on domestic market so that growth does not slow down.

CPI inflation was 9.4 per cent in the last 3 years of previous government. It has come down to 5.5 per cent now, says Finance Minister.

Wefornews Bureau

Business

No decision to discontinue printing Rs 2,000 notes: Govt

Security Printing and Minting Corporation of India Limited (SPMCIL) has informed that printing of bank notes at their presses was also affected due to the Covid-19 pandemic, he said.

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Rs 2000 Notes

New Delhi, Sep 19 : Although printing of Rs 2,000 denomination notes has been significantly lowered, the Centre has not decided to discontinue the high denomination notes.

In a written reply to a question in the Lok Sabha on Saturday, Minister of State for Finance, Anurag Thakur said that printing of bank notes of particular denomination is decided by the government in consultation with the Reserve Bank of India (RBI) to maintain desired denomination mix for facilitating transactional demand of public.

“During the year 2019-20 and 2020-21, no indent has been placed with the presses for printing of Rs. 2000 denomination notes. However, there is no decision to discontinue the printing of Rs. 2,000 denomination bank notes by the Government,” he said.

A total of 273.98 crore notes of the denomination of Rs 2,000, were in circulation as of March 31, 2020, compared to 329.10 crorenotes in March 31, 2019.

On a question regarding the impact of the pandemic on the currency printing process of various denomination notes, Thakur said that according to RBI in view of nation-wide lockdown printing of notes stopped temporarily.

However, the note printing presses resumed production in a phased manner, as per the guidelines issued by Central and state governments.

The production activities at Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) presses were suspended from March 23, 2020 to May 3. Printing of bank notes at BRBNMPL presses resumed from May 4, 2020.

Security Printing and Minting Corporation of India Limited (SPMCIL) has informed that printing of bank notes at their presses was also affected due to the Covid-19 pandemic, he said.

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Air India employees receiving PF dues within 30-60 days

Once the management is satisfied that there are no dues pending from the employee, the Company Contribution is also released accordingly”, Air India said.

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Air India 777

New Delhi, Sep 19 : National carrier Air India has clarified that it had already deposited the TDS and the PF dues for superannuated employees which are being released within 30-60 days.

There have been reports that Air India has defaulted on the deposit of TDS and PF dues since January this year.

Responding to IANS queries, Air India said it has already deposited the TDS.

“Distribution of Form 16 is also under process”, it added.

On the PF dues of employees, the national carrier said they are receiving them within 30-60 days.

“All our employees, getting superannuated, are receiving PF dues generally within a period of 30-60 days. The Employees’ contribution is paid at the initial stages after retirement- usually within a period of 30 days.

The Company’s Contribution is disbursed usually within 60 days after superannuation, depending on clearance and NOC by various departments like Finance, Personnel, Security, Vigilance.

Once the management is satisfied that there are no dues pending from the employee, the Company Contribution is also released accordingly”, Air India said.

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450 jobless Indian workers forced to begin Saudi, shifted to detention centres

Due to the ongoing COVID-19 pandemic, the situation of the economy of many countries has worsened. The effect can be seen in Saudi Arabia as well. As there are no jobs 450 Indian workers have no other choice but to beg for survival.

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jobless Indian workers in Saudi

Due to the ongoing COVID-19 pandemic, the situation of the economy of many countries has worsened. The effect can be seen in Saudi Arabia as well. As there are no jobs 450 Indian workers have no other choice but to beg for survival.

The workers are mainly from the states of Andhra Pradesh, Maharashtra, Bihar, Delhi, Rajasthan and Karnataka. The work permits of these workers have now expired and thus they have to beg as their situation is worse.

These workers are now being shifted to detention centres. Videos have gone viral where the workers are being taken to the Shumaisi detention centre in Jeddah. Among the workers 39 belong to the state of Uttar Pradesh, 10 belong to Bihar, 5 are from Telangana and four each from the state of J and K, Maharashtra and Karnataka.

Workers said that they have not committed any crime but had to beg as they had lost their jobs and were helpless.

Social worker and MBT leader Amjed Khan told TOI that the workers with an expired work permit were taken to detention centres .

A total of 2.4 lakh Indians were reported to return to the country but only 40,000 have made it so far.

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