New Delhi, The Enforcement Directorate (ED) is probing the complaints of money laundering against Indian Premier League (IPL), Finance Minister Pranab Mukherjee told the Rajya Sabha Monday. Speaking during question hour, Mukherjee said: "There are certain irregularities which are being looked into, particularly relating to some complaints received that there are foreign investments in IPL." "Those are being looked into by the Enforcement Directorate because those are the criminal activities like money laundering," he said. Mukherjee said the IPL is a body of the Board for Control of Cricket in India (BCCI) and till 2006, the BCCI enjoyed income tax exemptions. He said the BCCI lost exemption registration in 2006 following the verdict of the Allahabad High Court and since then, it is subject to tax. "Tax demands were raised for the assessment years 2007-08 and 2008-09 amounting to Rs.118 crore and Rs.257 crore respectively. As much as Rs.249 crore has already been recovered from the BCCI," he said. The matter was also raised in the Lok Sabha and replying to queries, Sports Minister Ajay Maken said that the ministry has written to the ED to look into the money ...
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New Delhi, The government Monday released the much-awaited white paper on black money, which makes a strong pitch for setting up the Lokpal and Lokayuktas but carries no official estimate of the illicit money stashed by Indians abroad. Finance Minister Pranab Mukherjee tabled the white paper in the Lok Sabha. The paper carries no estimates on the quantum of money stashed abroad, but quotes figures released by different agencies. "There are no reliable estimates of black money generation or accumulation, neither is there an accurate well-accepted methodology for making such estimation," the paper said. It pointed out that among the estimates made so far, there is no uniformity, unanimity, or consensus about the best methodology or approach to be used for this purpose. "There have also been wide variations in the figures reported, which further serves to highlight the limitations of the different methods adopted." The paper made a strong pitch for setting up the Lokpal and Lokayuktas to effectively deal with the menace of black money and other corrupt practices. In the foreword to the report, Mukherjee pointed out that in this past year the government has ...
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New Delhi, Trinamool Congress chief Mamata Banerjee has refused to endorse finance minister Pranab Mukherjee for the President's post, giving a twist to the race. Banerjee told a TV channel, "I love Meira Kumar, she is very soft spoken, Gopal Gandhi has done good work, Kalam was a good president. Pranab may be the son-of-the-world but if you ask me my choice, I will go with Kumar, Gandhi and Kalam. But if Congress wants to go with Pranab, its their choice." The comment puts a question mark on Mukherjee's bid to wade into the race. While Congress is still to announce its preference for the top post, there is also a section in Congress that feels Mukherjee cannot be spared for the for the President's post because he is crucial to the government. If the West Bengal CM vetoes the finance minister, it may be difficult for Congress to evolve a consensus around his ...
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New Delhi, Finance minister Pranab Mukherjee on Monday tabled a White Paper on black money in Parliament, providing information on black money parked abroad, as promised to the House during a debate on the Finance Bill last week. "I will try to give all the relevant and possible information," Mukherjee had said in the Lok Sabha, while promising to bring the White Paper in the on-going Budget Session. The Opposition, led by the Bhartiya Janata Party (BJP) has been accusing the government of going slow on the black money probe. However, there are indications that the White Paper might not carry all the information about the unaccounted for money lying overseas, as the government appointed expert committees are expected to submit their reports in July or August. "In respect of estimates of black money, three institutions are studying it independently and they will give their reports at the end of an 18-month period, and that period is coming to a close around July or August," Mukherjee had said, while replying to the argument raised by senior BJP leader L K Advani the Lok Sabha last Tuesday. The White Paper, however, is likely to contain the report of an official ...
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New Delhi, Global ratings agency Standard & Poor's move to revise India's sovereign credit rating outlook to negative from stable may have some impact on the perception of investors but the government has taken note of the concerns and is taking a series of steps to strengthen and sustain robust economic growth, finance minister Pranab Mukherjee said on Friday. Replying to a question in Parliament, Mukherjee said S&P's assessment should be viewed in the context of the current economic difficulties that nations around the globe are facing. "Since April 2011, several sovereigns were downgraded especially by S&P and other major rating agencies. In comparison, India's sovereign ratings have either been affirmed or upgraded in segments," Mukherjee said in his reply. The finance minister said S&P had not downgraded India's credit rating but revised the outlook on the long-term ratings to negative from stable. It affirmed India's BBB (minus) long term and A-3 short term sovereign rating. "In their report S&P also raised concerns about issues such as the level of fiscal deficit and debt burden, increase in the current account deficit and the slowdown in economic growth," ...
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New Delhi, Hours after his angry outburst led to an hour-long adjournment of Lok Sabha, finance minister Pranab Mukherjee today expressed his "regret" for losing temper, saying it was not appropriate. As soon as the House met again at 4 pm, Mukherjee rose to express his "regret" saying he owed an "apology" to the House. "I tried to intervene in a matter raised by Yashwant Sinha, but unfortunate incident took place...I lost temper. It was not appropriate for me," he said amid thumping of desks by BJP members. Earlier in the day, an angry remark by Mukherjee in the midst of uproar over a spate of issues, including demand for jute bags for wheat, led to adjournment of the Lok Sabha for over an ...
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New Delhi, Senior BJP leader Yashwant Sinha broke with the party line on Monday, strongly supporting finance minister Pranab Mukherjee's credentials as a presidential candidate, lavishing praise during a debate on the Finance Bill and later endorsing the minister for the high post. "Mukherjee will make a very good president," Sinha told TOI shortly after he heaped praise on one of Congress's probable choices for Rashtrapati Bhawan. What began as banter in Lok Sabha assumed greater significance as Sinha told Mukherjee that he could do a few good turns before moving on: a clear reference to Mukherjee's possible elevation to Rashtrapati Bhavan. He said the minister could further raise the income tax exemption in keeping with the recommendation of a parliamentary committee headed by Sinha. When the BJP leader, himself a former finance minister, said "ab to aap ja rahe hain", Mukherjee couldn't resist rising to his feet and observing amid laughter that "Are you determined to remove me from the finance ministry?" Sinha continued to praise Mukherjee, saying he was the one minister who seemed to be doing well - while slamming the government for not getting its act together ...
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New Delhi, The UPA leadership was aggressively wooing West Bengal chief minister Mamata Banerjee on Thursday in order to sew up her support for the presidential elections, and shut any opening for the BJP to cause trouble in the looming political contest. Congress chief Sonia Gandhi went into a huddle with Prime Minister Manmohan Singh and finance minister Pranab Mukherjee over ways to meet Banerjee's demand for a moratorium on interest payments on central loans. Although rules prohibit such a concession to an individual state, finance ministry officials are expected to show ingenuity to come up with a device to get around the problem in concert with West Bengal officials who are in the Capital along with their CM. Banerjee, who discussed presidential polls with the Congress chief, was keeping her cards close to her chest, maintaining that it was the Congress which had to decide the nominee and that she did not believe in interfering with others' businesses. Talking to reporters in Parliament, the CM said that while she would like the president to be chosen by consensus, a contest, in case it became unavoidable, would not trouble her either. "A consensus is desirable, but ...
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New Delhi, With its granaries brimming over, the government faces a crippling dilemma: The tab for releasing foodgrain to make way for new arrivals adds up to Rs 20,000-25,000 crore, an unviable addition to the subsidy bill. The government's bind was succinctly outlined by finance minister Pranab Mukherjee when he told a meeting called by Prime Minister Manmohan Singh on Wednesday that vacating food silos will mean a hefty cost at a time when battling deficits is priority. With bumper harvests and hikes in procurement prices filling up food silos, the meeting on food stock management found there are no easy answers despite a growing concern that the government is adding to its existing stock. ToI had reported on April 4 that by June, 12 million tonnes of food grain will have to be stored in the open. Confronted with the hard economics of moving food grain out of storage, the meeting agreed on setting up a committee to consider a long-term policy on grain export with agriculture minister Sharad Pawar's argument that a stop-start approach is hurting farmers and industry finding support. Pawar is believed to have said CMs like Parkash Singh Badal of Punjab were pressing ...
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New Delhi, A Congress nominee, either finance minister Pranab Mukherjee or Vice-President Hamid Ansari, seems set to be elected President, with all indications suggesting that the BJP-led opposition may not be able to put up a credible fight in the polls to determine who should replace Pratibha Patil. Although BJP scrambled to contain the damage from the "unilateral" declaration to oppose any Congress candidate and party chief Nitin Gadkari announced that he would soon call a meeting of the NDA to hash out a common posture, the opposition appears to have lost the initiative to Congress. For one, there were doubts that Gadkari's fence mending endeavour would appease the anger of JD(U) which on Tuesday had reacted angrily to Sushma Swaraj's statement virtually declaring that it would now act independently of the BJP. JD(U) leader Sharad Yadav said on Wednesday that the party would prefer widest possible consensus on the next President: a position contrary to the "no Congress nominee, please" that Swaraj articulated on Monday. The reaction from JD(U)'s powerhouse of Bihar was even strident, with indications suggesting that CM Nitish Kumar could very well tilt towards ...
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New Delhi, Union Finance Minister Pranab Mukherjee on Wednesday rubbished reports of four top Congress ministers quitting the government to 'work for the party'. "The reports are figments of imagination. No Congress minister is quitting the government," Mukherjee told media. "Everybody is working for the party whether they are in the government or outside," he said. Media reports on Tuesday said the Congress is likely to move for a major reshuffle as four senior leaders have written to party supremo Sonia Gandhi their desire to leave their portfolios and work for the party. Law Minister Salman Khurshid, Overseas Indian Affairs Minister Vaylar Ravi, Health Minister Ghulam Nabi Azad and Rural Development Minister Jairam Ramesh have reportedly written to Gandhi and voiced their plans of working for the party. The decision is likely to cause major reshuffle in the Congress. However, the four leaders have not confirmed the news so far. The reshuffle is of significance in the wake of the poor show by the Congress in recently-held assembly elections in Uttar Pradesh, Punjab and ...
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New Delhi, Finance Minister Pranab Mukherjee today said the sugar industry, one of the largest agro-based industry in India, is critical for the country's overall economic growth. 'India has a long and rich tradition of growing sugarcane. Sugar plays a very significant role in India's agricultural and industrial economy. Indian sugar industry, being one of the largest agro-based industry in India, is critical for country's rural development and, in turn, for the overall economic progress,' Mr Mukherjee said while addressing the delegates after inaugurating the 41st Council Meeting of International Sugar Organisation here. Mr Mukherjee said sugar plays a very significant role in India's agricultural and industrial economy as around 50 million farmers are involved in sugarcane cultivation and harvesting. 'Around 50 million farmers and their families are involved in sugarcane cultivation and harvesting. The industry has supported employment in various ancillary activities. It also contributes to renewable sources of energy,' Mr Mukherjee said. He, however, asks the sugar sector to use the latest technology for enhancing production and productivity. He said the ...
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New Delhi, Finance Minister Pranab Mukherjee today said the sugar industry, one of the largest agro-based industry in India, is critical for the country's overall economic growth. 'India has a long and rich tradition of growing sugarcane. Sugar plays a very significant role in India's agricultural and industrial economy. Indian sugar industry, being one of the largest agro-based industry in India, is critical for country's rural development and, in turn, for the overall economic progress,' Mr Mukherjee said while addressing the delegates after inaugurating the 41st Council Meeting of International Sugar Organisation here. Mr Mukherjee said sugar plays a very significant role in India's agricultural and industrial economy as around 50 million farmers are involved in sugarcane cultivation and harvesting. 'Around 50 million farmers and their families are involved in sugarcane cultivation and harvesting. The industry has supported employment in various ancillary activities. It also contributes to renewable sources of energy,' Mr Mukherjee said. He, however, asks the sugar sector to use the latest technology for enhancing production and productivity. He said the ...
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Washington, Finance Minister Pranab Mukherjee has asked a government panel to look into West Bengal Chief Minister Mamata Banerjee's ultimatum to the centre for a moratorium on the cash strapped state's interest payments. Banerjee, who had Saturday given a 15-day ultimatum for a 3-4 year moratorium on interest payments amounting to about Rs. 220 billion (Rs. 22,000 crore) on loans running into Rs. 2,000 billion (Rs. 200,000 crore) was going to meet Prime Minister Manmohan Singh May 4 to discuss the issue, he told reporters here Sunday. "After she meets the prime minister, what is her scheme of things would be known. Then we would have to see," Mukherjee said. "But, already I have instructed the committee under the chairmanship of Expenditure Secretary to look into it and make necessary recommendations." The finance minister, who represents West Bengal's Jangipur constituency in Lok Sabha said the 13th finance commission had identified Kerala, Punjab and West Bengal among debt-stressed states and he had appointed a committee to look into how their problems could be ...
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Washington, Finance Minister Pranab Mukherjee on Friday said the developing and emerging economies would continue to play the role of growth drivers for the world. Mukherjee, who was addressing the BRICS finance ministers here, said: "Developing countries and emerging economies are expected to continue as growth drivers for the world economy." Expressing confidence in India's economic health, Mukherjee further said that India's underlying growth fundamentals remained firmed despite adverse conditions prevailing in the external environment. "As far as India is concerned, despite adverse conditions prevailing in our external environment, we are reasonably confident that the underlying growth fundamentals remain firm. "We are intent on ensuring that the process of fiscal consolidation gains further momentum, with monetary policy remaining vigilant in dealing with inflationary pressures," said Mukherjee. Highlighting the importance of the upcoming G20 summit in Mexico, Mukherjee told the BRICS ministers that a credible and ambitious should be put in place to bring back the world economy on the path of recovery. "We need to ensure that the plan adopted by our Leaders ...
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New Delhi, Union Finance Minister Pranab Mukherjee, who presented the Economic Survey 2011-12 in the Lok Sabha on Thursday, said that there has been an increase in public health investment in the country. The combined revenue and capital expenditure of the Centre and States on medical and public health, water supply and sanitation and family welfare has increased from Rs.53,057.80 crore in 2006-07 to Rs. 96,672.79 crore in 2010-11. "In addition to increasing resource allocation for the health sector the government is also playing a critical role in facilitating access to health care delivery channels, public and private through subsidized health, insurance schemes like the Rasthriya Swasthaya Bima Yojana (RSBY) for providing basic health care to poor and marginal workers. The RSBY is being extended to cover MGNREGA beneficiaries and beedi workers," said Mukherjee. "A sum of Rs. 1437 crore has been allocated to the states during 2011-12 under the Janani Shishu Suraksha Karyakram (JSSK). In order to reach out to difficult, inaccessible, backward and under-served areas with poor health indicators, 264 high focus districts in 21 states have been identified based on ...
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New Delhi, Union Finance Minister Pranab Mukherjee on Thursday said the Prime Minister had not received any resignation letter from Railway Minister Dinesh Trivedi. " Prime Minister Manmohan Singh has not received any resignation letter from the minister. The Railway Minister has not resigned. We have received a communication from the leader of the Trinamool Congress. It's not unusual that we receive communication from alliance partners," Mukherjee informed the Lok Sabha. "The Prime Minister has received a communication from the Trinamool Congress chairperson and it is under active consideration of the Prime Minister. When a decision is taken, the House will be communicated," he added. The demand for the sacking of Trivedi was in response to his decision to hike passenger fares without consulting Banerjee or the TMC leadership. The latter felt that the measure was an anti-poor step. Trivedi had in his maiden Railway Budget proposed a hike of one paise per km for suburban and ordinary second class travel. He also called for a fare increase for mail express and second class trains at three paisa per km; for sleeper class five paisa per km; for AC chair car, AC 3 tier ...
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New Delhi, Defence minister A K Antony's office is 'bugged' and the defence ministry ordered probe with Intelligence Bureau, according to sources. The bugging came into notice on February 16 following which defence secretary Shashikant Sharma took up the matter with IB for a probe. Last year, finance minister Pranab Mukherjee had confirmed that he suspected his finance ministry offices were bugged and had sought an inquiry into the alleged ...
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New Delhi, Prime Minister Manmohan Singh on Saturday met union ministers Pranab Mukherjee, Kapil Sibal and Salman Khurshid to discuss the fallout of the apex court verdict cancelling 122 2G licences granted by former communications minister A Raja in 2007 and 2008. The meeting, held at the Prime Minister's official residence at 7, Race Course Road, was still underway, sources said. The meeting was expected to discuss new guidelines for the allocation of 2G licences in the wake of the Supreme Court observing that first-come-first-serve policy was flawed and instead favouring auctioning. The meeting assumes significance with Norway and Russia pushing for government's intervention to safeguard investments by their state-owned companies Telenor and Sistema, respectively. Norway has already activated diplomatic channels with India on the issue. Russian communications minister Igor Shchyogolev is expected to visit India shortly to take up the issue with Sibal over safeguarding Sistema's investment in the Indian telecom sector. Sistema has invested in a joint venture firm, Sistema Shyam Teleservices ...
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New Delhi, Finance minister Pranab Mukherjee took on the food ministry and publicly backed UIDAI chairman Nandan Nilekani's proposal to set up a new independent agency manned by professionals to computerise the public distribution system (PDS) as part of the reforms agenda and use the Aadhaar number as a base for the changes. Mukherjee was speaking at the meeting of state agriculture and food ministers in Delhi on Wednesday. TOI had earlier reported how the food ministry was ignoring the report of the committee chaired by Nilekani on computerisation of PDS and was rolling out a programme dependent more on the existing National Informatics Centre's network. Mukherjee, in a veiled criticism of the food ministry's move, specifically referred to Nilekani's proposal, saying, "The National Food Security Bill 2011 specifically refers to the need for TPDS reforms to leverage Aadhaar for unique identification... the Task Force on Direct Transfer of Subsidies has recommended the creation of a National Information Utility for the computerization of PDS - the Public Distribution System Network (PDSN). Leveraging Aadhaar is one of the critical components in reforming the ...
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