On the eve of <a href="http://www.wionews.com/india-news/atal-bihari-vajpayee-former-prime-minister-and-bjp-stalwart-dies-at-93-159594">Atal Bihari Vajpayee</a>'s 94th birth anniversary, <a href="http://www.wionews.com/india-news/pm-modi-to-flag-off-first-train-on-longest-rail-road-bridge-on-december-25-185986">Prime Minister Narendra Modi</a> Monday released a Rs 100 commemorative coin in the memory of the former premier.

Vajpayee's long-time associate and BJP veteran L K Advani, Lok Sabha Speaker Sumitra Mahajan, Finance Minister Arun Jaitley and BJP president Amit Shah were also present at the event here.

The former prime minister died at the AIIMS in the national capital in August at the age of 93 following prolonged illness.

Addressing the gathering, Modi said he would go to Vajpayee's memorial on Tuesday to reiterate his commitment to the ideology and path shown by the statesman.&nbsp;

"Atal Ji wanted democracy to be supreme. He built the Jana Sangh. But, when the time came to rescue our democracy he and others went to Janata Party. Likewise, when the choice was between remaining in power or comprising on ideology, he left Janata Party and formed the BJP," the prime minister said.&nbsp;

He said while for some, power is oxygen and they cannot live without it, Vajpayee spent a long part of his career in the opposition benches raising issues of national interest.&nbsp;

The late prime minister never compromised on the ideology of the party, Modi said. &nbsp; &nbsp;&nbsp;

He said, the party, which "Atalji built brick by brick" has become among the largest political parties.&nbsp;

Prime Minister Modi said Vajpayee as a speaker was unparalleled. "When he spoke, the nation spoke... When he spoke the nation listened," he said.

The mind is not ready to believe that Vajpayee is no longer alive. Though he was away from public glare for nearly a decade due to ill health, the way people gave him a farewell on his demise showed the mark he had created in people's minds, Modi said.&nbsp;

On the eve of Atal Bihari Vajpayee's 94th birth anniversary, Prime Minister Narendra Modi Monday released a Rs 100 commemorative coin in the memory of the former premier.

On the eve of Atal Bihari Vajpayee's 94th birth anniversary, Prime Minister Narendra Modi Monday released a Rs 100 commemorative coin in the memory of the former premier. Vajpayee's long-time associate and BJP veteran L K Advani, Lok Sabha Speaker Sumitra Mahajan, Finance Minister Arun Jaitley and BJP president Amit Shah were also present at the event here. The former prime minister died at the AIIMS in the national capital in August at the age of 93 following prolonged illness. Addressing the gathering, Modi said he would go to Vajpayee's memorial on Tuesday to reiterate his commitment to the ideology and path shown by the statesman. "Atal Ji wanted democracy to be supreme. He built the Jana Sangh. But, when the time came to rescue our democracy he and others went to Janata Party. Likewise, when the choice was between remaining in power or comprising on ideology, he left Janata Party and formed the BJP," the prime minister said. He said while for some, power is oxygen and they cannot live without it, Vajpayee spent a long part of his career in the opposition benches raising issues of national interest. The late prime minister never compromised on the ideology of the party, Modi said. He said, the party, which "Atalji built brick by brick" has become among the largest political parties. Prime Minister Modi said Vajpayee as a speaker was unparalleled. "When he spoke, the nation spoke... When he spoke the nation listened," he said. The mind is not ready to believe that Vajpayee is no longer alive. Though he was away from public glare for nearly a decade due to ill health, the way people gave him a farewell on his demise showed the mark he had created in people's minds, Modi said.

PM Modi releases Rs 100 commemorative coin in memory of Atal Bihari Vajpayee

India is working towards a single <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">national sales tax rate</a> which could be a mid-point between 12 and 18 per cent, finance minister Arun Jaitley said on Monday, in an effort to simplify the tax structure.

The government set the range for the <a href="http://www.wionews.com/india-news/opposition-ruled-states-oppose-rate-cuts-in-gst-citing-revenue-consideration-185889">Goods and Service Tax</a> from 28 per cent to 5 per cent on most items when the signature reform was introduced last year.

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Eighteen Months of the GST <a href="https://t.co/eIU3DCd90l">https://t.co/eIU3DCd90l</a>
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1077079145186803713?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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The GST from the date of its implementation, has changed the situation radically. All seventeen taxes were combined into one. The whole of India became one market. The interstate barriers disappeared. Entry into the cities became open with abolition of the entry tax.
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1077083957848616960?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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"Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact," Jaitley wrote in his blog.

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Multiple slabs were fixed transiently in order to ensure the tax on no commodity goes up radically. This contained the inflation impact. Most Aam Aadmi items were placed in the 0 or 5% tax bracket. Returns became online; assessments will be online; multiple inspectors disappeared
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1077084558707908610?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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"A future roadmap could well be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent. It could be a rate at some mid-point between the two."

He also said the country should look towards having slabs of zero, five per cent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc).

The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.

India is working towards a single national sales tax rate which could be a mid-point between 12 and 18 per cent, finance minister Arun Jaitley said on Monday, in an effort to simplify the tax structure.

India is working towards a single national sales tax rate which could be a mid-point between 12 and 18 per cent, finance minister Arun Jaitley said on Monday, in an effort to simplify the tax structure. The government set the range for the Goods and Service Tax from 28 per cent to 5 per cent on most items when the signature reform was introduced last year. Eighteen Months of the GST https://t.co/eIU3DCd90l — Arun Jaitley (@arunjaitley) December 24, 2018 × The GST from the date of its implementation, has changed the situation radically. All seventeen taxes were combined into one. The whole of India became one market. The interstate barriers disappeared. Entry into the cities became open with abolition of the entry tax. — Arun Jaitley (@arunjaitley) December 24, 2018 × "Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact," Jaitley wrote in his blog. Multiple slabs were fixed transiently in order to ensure the tax on no commodity goes up radically. This contained the inflation impact. Most Aam Aadmi items were placed in the 0 or 5% tax bracket. Returns became online; assessments will be online; multiple inspectors disappeared — Arun Jaitley (@arunjaitley) December 24, 2018 × "A future roadmap could well be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent. It could be a rate at some mid-point between the two." He also said the country should look towards having slabs of zero, five per cent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc). The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.

Future GST roadmap will be to work towards single standard rate: Jaitley

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. &nbsp;

Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.&nbsp;

"Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.&nbsp;

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Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. <a href="https://t.co/s0agEgE113">pic.twitter.com/s0agEgE113</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076426839751442432?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow.&nbsp;

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Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% <a href="https://t.co/BpOmhTj7Kj">pic.twitter.com/BpOmhTj7Kj</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076428703813509120?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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"States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted.&nbsp;

In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

The new tax rates will come into effect from January 1, 2019.&nbsp;

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V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods. (1/2) <a href="https://t.co/fs6MqhFJDb">pic.twitter.com/fs6MqhFJDb</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076405356044021760?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods.&nbsp;

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FM: There are 28 items left in the 28% bracket if we include luxury &amp; sin items. 13 items are from automobile parts &amp; 1 is cement. Cement’s revenue is 13000 crore &amp; automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore <a href="https://t.co/EWaUBOd5tp">https://t.co/EWaUBOd5tp</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076430287624724481?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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"The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% &amp; below," Narayanasamy stated.

 
&nbsp;

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several. "Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed. Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. pic.twitter.com/s0agEgE113 — ANI (@ANI) December 22, 2018 × Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow. Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% pic.twitter.com/BpOmhTj7Kj — ANI (@ANI) December 22, 2018 × "States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted. In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab. The new tax rates will come into effect from January 1, 2019. V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. (1/2) pic.twitter.com/fs6MqhFJDb — ANI (@ANI) December 22, 2018 × Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. FM: There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts & 1 is cement. Cement’s revenue is 13000 crore & automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore https://t.co/EWaUBOd5tp — ANI (@ANI) December 22, 2018 × "The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% & below," Narayanasamy stated.

GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper

The GST Council on Saturday held a meeting in New Delhi and decided to <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">slash rates for items from 28 per cent</a>. Union Finance Minister Arun Jaitley told media that rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks have been slashed in a move billed to bring relief to the common man.&nbsp;

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

The new tax rates will come into effect from January 1, 2019.&nbsp;

Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that 33 items have come down from 18% to 12% &amp; 5% as they are common to man’s consumption goods.&nbsp;

Here's taking a look at the revised rates and commodities that will now be available at cheaper prices.&nbsp;

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>Items</td>
			<td>Previous rate</td>
			<td>New rate</td>
		</tr>
		<tr>
			<td>
			Cinema tickets above Rs 100
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Cinema tickets up to Rs 100
			</td>
			<td>18</td>
			<td>12</td>
		</tr>
		<tr>
			<td>
			Power banks of lithium ion batteries
			</td>
			<td>28</td>
			<td>12</td>
		</tr>
		<tr>
			<td>
			Monitors and TVs up to 32 inches
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Digital cameras and video camera recorders&nbsp;
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Video game consoles, others under HS code 9504
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Third party insurance premium of goods carrying vehicles
			</td>
			<td>18</td>
			<td>12</td>
		</tr>
		<tr>
			<td>
			Vegetables frozen, branded and stacked in a unit container
			</td>
			<td>5</td>
			<td>0</td>
		</tr>
		<tr>
			<td>Vegetable provisionally preserved but unsuitable in that state for immediate consumption 
			&nbsp;</td>
			<td>5</td>
			<td>0</td>
		</tr>
	</tbody>
</table>

The new tax rates will come into effect from January 1, 2019. Other items with reduced GST rates include music books, pulleys, transmission shafts, gear boxes, accessories for the carriages for disabled people, among others.

According to the finance minister, the annual revenue implication of the rate cuts would be Rs 5,500 crore.

"Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.&nbsp;

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley told media that rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks have been slashed in a move billed to bring relief to the common man.

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley told media that rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks have been slashed in a move billed to bring relief to the common man. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab. The new tax rates will come into effect from January 1, 2019. Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that 33 items have come down from 18% to 12% & 5% as they are common to man’s consumption goods. Here's taking a look at the revised rates and commodities that will now be available at cheaper prices. Items Previous rate New rate Cinema tickets above Rs 100 28 18 Cinema tickets up to Rs 100 18 12 Power banks of lithium ion batteries 28 12 Monitors and TVs up to 32 inches 28 18 Digital cameras and video camera recorders 28 18 Video game consoles, others under HS code 9504 28 18 Third party insurance premium of goods carrying vehicles 18 12 Vegetables frozen, branded and stacked in a unit container 5 0 Vegetable provisionally preserved but unsuitable in that state for immediate consumption 5 0 The new tax rates will come into effect from January 1, 2019. Other items with reduced GST rates include music books, pulleys, transmission shafts, gear boxes, accessories for the carriages for disabled people, among others. According to the finance minister, the annual revenue implication of the rate cuts would be Rs 5,500 crore. "Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.

Revised GST rates: What is likely to become cheaper

<a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper</a>

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. &nbsp;

Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.&nbsp;

<a href="http://www.wionews.com/india-news/1984-anti-sikh-riots-case-sajjan-kumar-moves-supreme-court-against-conviction-185836">1984 anti-Sikh riots case: Sajjan Kumar moves Supreme Court against conviction&nbsp;</a>

Former Congress leader Sajjan Kumar Saturday moved the Supreme Court challenging the life imprisonment awarded to him by the Delhi High Court in a 1984 anti-Sikh riots case.

<a href="http://www.wionews.com/world/presence-of-us-forces-in-syria-wrong-and-illogical-move-from-start-iran-185851">Presence of US forces in Syria 'wrong and illogical' move from start: Iran</a>

After US President Donald Trump announced to withdraw around 2,000 US troops from Syria, Iran on Saturday said the US presence in Syria had been "wrong and illogical" from the start.

<a href="http://www.wionews.com/india-news/vvip-chopper-case-enforcement-directorate-arrests-christian-michel-185835">VVIP chopper case: Court sends Christian Michel to 7-day custody after ED arrest</a>

A Delhi court Saturday sent Christian Michel, arrested in the Rs 36,000 crore AgustaWestland VVIP chopper case by the CBI, to seven days custody of the Enforcement Directorate.&nbsp;

<a href="http://www.wionews.com/world/at-least-five-people-killed-in-somali-capital-car-blast-police-185832">At least 13 killed in Somalia capital car blast: Police</a>

At least 13 people were killed Saturday in a double car bomb attack claimed by the jihadist Shabaab group near the presidential palace in the Somali capital Mogadishu, police said.

GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent.

GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several. 1984 anti-Sikh riots case: Sajjan Kumar moves Supreme Court against conviction Former Congress leader Sajjan Kumar Saturday moved the Supreme Court challenging the life imprisonment awarded to him by the Delhi High Court in a 1984 anti-Sikh riots case. Presence of US forces in Syria 'wrong and illogical' move from start: Iran After US President Donald Trump announced to withdraw around 2,000 US troops from Syria, Iran on Saturday said the US presence in Syria had been "wrong and illogical" from the start. VVIP chopper case: Court sends Christian Michel to 7-day custody after ED arrest A Delhi court Saturday sent Christian Michel, arrested in the Rs 36,000 crore AgustaWestland VVIP chopper case by the CBI, to seven days custody of the Enforcement Directorate. At least 13 killed in Somalia capital car blast: Police At least 13 people were killed Saturday in a double car bomb attack claimed by the jihadist Shabaab group near the presidential palace in the Somali capital Mogadishu, police said.

News brief: Big stories of the day

Union Finance Minister Arun Jaitley on Friday responded to Congress leader Anand Sharma's remark over Home Affairs Ministry's move to allow ten agencies to monitor any computer.

Jaitley stated that the same order of authorisation was repeated that was existing since 2009.&nbsp;

"You are making a mountain where a molehill does not exist," Jaitley stated.&nbsp;

Jaitley added that the order came into existence after Congress party-led Opposition joined hands on to oppose the government's move to authorise 10 Central agencies to intercept "any information" on computers.

Jaitley was responding to former Union minister Anand Sharma's remark which noted that the BJP government is converting India into a surveillance state through its recent order.

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FM Arun Jaitley in Rajya Sabha responds to Congress leader Anand Sharma over MHA order allowing ten agencies to monitor any computer: On 20 December, same order of authorisation was repeated that was existing since 2009. You are making a mountain where a molehill does not exist <a href="https://t.co/sTcY3bqGOE">pic.twitter.com/sTcY3bqGOE</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076043716564054016?ref_src=twsrc%5Etfw">December 21, 2018</a></blockquote>
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"It is the ultimate assault on fundamental rights and the right to privacy. It is also in direct conflict with the Supreme Court judgement that the right to privacy is a fundamental right. The government has done it by strength we collectively oppose it," Sharma told reporters.

The <a href="http://www.wionews.com/india-news/government-empowers-security-intelligence-agencies-for-mass-surveillance-185626">Centre on Friday authorised select security and intelligence agencies</a> for purposes of interception, monitoring and decryption of any information generated, transmitted, received or stored in any computer resource.

The agencies empowered by the government in accordance with the Information Technology Act, 2000, include the Intelligence Bureau (IB), Narcotics Control Bureau (NIB), Enforcement Directorate (ED), Central Board of Direct Taxes (CBDT), Directorate of Revenue Intelligence (DRI), Central Bureau of Investigation (CBI), National Investigation Agency (NIA), Cabinet Secretariat (RAW) and the Commissioner of Police, Delhi, news agency PTI reported.&nbsp;

"In exercise of the powers conferred by sub-section (1) of section 69 of the Information Technology Act, 2000 (21 of 2000) read with rule 4 of the Information Technology ( Procedure and Safeguards for Interception, Monitoring and Decryption of Information) Rules, 2009, the Competent Authority hereby authorises Security and Intelligence Agencies for the purposes of interception, monitoring and decryption of any information generated, transmitted, received or stored in any computer resource under the said Act," read the notice issued by Home Secretary Rajiv Gauba.

The direction from the Ministry of Home Affairs comes as a follow up to a 2009 notification, wherein the then UPA government had stated that no person shall carry out the interception, monitoring, or decryption of any information generated, transmitted, received or stored in any computer resource under sub-section (2) of section 69 of the Information Technology Act, 2000, except by an order issued by the competent authority.

"Such order may be issued by an officer, not below the rank of the Joint Secretary to the Government of India, who has been duly authorised by the competent authority," the 2009 notice read.

(With inputs from PTI)

Union Finance Minister Arun Jaitley on Friday responded to Congress leader Anand Sharma's remark over Home Affairs Ministry's move to allow ten agencies to monitor any computer.

Union Finance Minister Arun Jaitley on Friday responded to Congress leader Anand Sharma's remark over Home Affairs Ministry's move to allow ten agencies to monitor any computer. Jaitley stated that the same order of authorisation was repeated that was existing since 2009. "You are making a mountain where a molehill does not exist," Jaitley stated. Jaitley added that the order came into existence after Congress party-led Opposition joined hands on to oppose the government's move to authorise 10 Central agencies to intercept "any information" on computers. Jaitley was responding to former Union minister Anand Sharma's remark which noted that the BJP government is converting India into a surveillance state through its recent order. FM Arun Jaitley in Rajya Sabha responds to Congress leader Anand Sharma over MHA order allowing ten agencies to monitor any computer: On 20 December, same order of authorisation was repeated that was existing since 2009. You are making a mountain where a molehill does not exist pic.twitter.com/sTcY3bqGOE — ANI (@ANI) December 21, 2018 × "It is the ultimate assault on fundamental rights and the right to privacy. It is also in direct conflict with the Supreme Court judgement that the right to privacy is a fundamental right. The government has done it by strength we collectively oppose it," Sharma told reporters. The Centre on Friday authorised select security and intelligence agencies for purposes of interception, monitoring and decryption of any information generated, transmitted, received or stored in any computer resource. The agencies empowered by the government in accordance with the Information Technology Act, 2000, include the Intelligence Bureau (IB), Narcotics Control Bureau (NIB), Enforcement Directorate (ED), Central Board of Direct Taxes (CBDT), Directorate of Revenue Intelligence (DRI), Central Bureau of Investigation (CBI), National Investigation Agency (NIA), Cabinet Secretariat (RAW) and the Commissioner of Police, Delhi, news agency PTI reported. "In exercise of the powers conferred by sub-section (1) of section 69 of the Information Technology Act, 2000 (21 of 2000) read with rule 4 of the Information Technology ( Procedure and Safeguards for Interception, Monitoring and Decryption of Information) Rules, 2009, the Competent Authority hereby authorises Security and Intelligence Agencies for the purposes of interception, monitoring and decryption of any information generated, transmitted, received or stored in any computer resource under the said Act," read the notice issued by Home Secretary Rajiv Gauba. The direction from the Ministry of Home Affairs comes as a follow up to a 2009 notification, wherein the then UPA government had stated that no person shall carry out the interception, monitoring, or decryption of any information generated, transmitted, received or stored in any computer resource under sub-section (2) of section 69 of the Information Technology Act, 2000, except by an order issued by the competent authority. "Such order may be issued by an officer, not below the rank of the Joint Secretary to the Government of India, who has been duly authorised by the competent authority," the 2009 notice read. (With inputs from PTI)

Order to monitor computers exists since 2009: Arun Jaitley

<a href="http://www.wionews.com/south-asia/us-troops-withdrawal-will-not-have-security-impact-on-afghanistan-presidential-spokesman-185677">US troops withdrawal 'will not have security impact' on Afghanistan: Presidential spokesman</a>

In the first official response, Afghanistan has stated that the withdrawal of US troops from the war-torn country will not affect its security, presidential spokesman Haroon Chakhansuri was quoted by news agency AFP on Friday.&nbsp;

<a href="http://www.wionews.com/business-economy/markets-end-in-red-as-sensex-plunges-nearly-700-points-185672">Sensex plunges nearly 700 points amid fears of US government shutdown</a>

Benchmark equity indices witnessed heavy selloff Friday after investors booked profits in realty, banking, IT and auto bluechips amid weak signals from global markets.

<a href="http://www.wionews.com/south-asia/uae-to-deposit-3-billion-in-pakistan-central-bank-185664">UAE to deposit $3 billion in Pakistan central bank</a>

The United Arab Emirates will deposit $3 billion in the central bank of Pakistan to help "enhance liquidity" as the country struggles with a balance of payments crisis, state media said.

<a href="http://www.wionews.com/india-news/order-to-monitor-computers-exists-since-2009-arun-jaitley-185675">Order to monitor computers exists since 2009: Arun Jaitley</a>

Union Finance Minister Arun Jaitley on Friday Jaitley on Friday responded to Congress leader Anand Sharma's remark over Home Affairs Ministry's move to allow ten agencies to monitor any computer.

<a href="http://www.wionews.com/world/myanmar-army-pauses-operations-in-north-in-rare-conciliatory-action-185678">Myanmar army pauses operations in </a><a href="http://www.wionews.com/world/myanmar-army-pauses-operations-in-north-in-rare-conciliatory-action-185678">north</a><a href="http://www.wionews.com/world/myanmar-army-pauses-operations-in-north-in-rare-conciliatory-action-185678"> in rare conciliatory action</a>

The Myanmar military on Friday announced a more than four-month cessation of its activities in northern areas where it is fighting ethnic minority insurgents, in what appeared to be a rare conciliatory move aimed at kick-starting peace talks.

US troops withdrawal 'will not have security impact' on Afghanistan: Presidential spokesman In the first official response, Afghanistan has stated that the withdrawal of US troops from the war-torn country will not affect its security, presidential spokesman Haroon Chakhansuri was quoted by news agency AFP on Friday.

US troops withdrawal 'will not have security impact' on Afghanistan: Presidential spokesman In the first official response, Afghanistan has stated that the withdrawal of US troops from the war-torn country will not affect its security, presidential spokesman Haroon Chakhansuri was quoted by news agency AFP on Friday. Sensex plunges nearly 700 points amid fears of US government shutdown Benchmark equity indices witnessed heavy selloff Friday after investors booked profits in realty, banking, IT and auto bluechips amid weak signals from global markets. UAE to deposit $3 billion in Pakistan central bank The United Arab Emirates will deposit $3 billion in the central bank of Pakistan to help "enhance liquidity" as the country struggles with a balance of payments crisis, state media said. Order to monitor computers exists since 2009: Arun Jaitley Union Finance Minister Arun Jaitley on Friday Jaitley on Friday responded to Congress leader Anand Sharma's remark over Home Affairs Ministry's move to allow ten agencies to monitor any computer. Myanmar army pauses operations in north in rare conciliatory action The Myanmar military on Friday announced a more than four-month cessation of its activities in northern areas where it is fighting ethnic minority insurgents, in what appeared to be a rare conciliatory move aimed at kick-starting peace talks.

Days after Reserve Bank governor Urjit Patel's resignation, finance minister Arun Jaitely Tuesday said while enjoying functional autonomy, a regulator cannot be "isolationist" and has to consult all stakeholders.

Without mentioning the government invoking the never- before-used controversial Section 7 of the RBI Act, he said government used "every instrument available to our advantage to force a discussion with RBI" on the issues of liquidity and credit which is important for the economy.

He claimed that there was never a breakdown in the relationship between RBI and government, and that pleasant meetings were held regularly on the differences at all levels, including with the Prime Minister Narendra Modi.

"Institutions need to be independent, they need to have functional autonomy but institutions don't have to be isolationist," Jaitely said, speaking at an event organised by Republic channel.

Without specifying RBI, he said there is a need for regulators to consult all the stakeholders as that is when one gets a "feel of the market."

One cannot say that one reads the books, data and research papers before forming opinions, he said.

"The empirical situation in the market will be entirely different, unless you consult stakeholders," he said, adding there is a fair chance of a regulator going wrong on a subject because of the isolationist attitude.

It can be noted that in the weeks prior to his sudden exit from RBI, there were some reports of Patel refusing to meet key stakeholders, especially from non-bank lenders when they were in crisis.

Patel's successor Shaktikanta Das has made it clear on day one that he will be meeting all stakeholders more and already had a chat with city-based heads of state run banks.

Jaitley also hit out at previous government for displaying a "defeatist" attitude in the face of an "indifferent" RBI when it came to the matter of interest rate.

Improvising on a statement from his predecessor P Chidambaram of "walking alone" in face of non-cooperation by RBI under D Subbarao, he said, "when you walk, other decision-makers also have to talk with you".

He hoped RBI will look at the widening real interest rates, a consequence of a massive dip in inflation, while announcing the next policy review.

Jaitley also reiterated that government is not eyeing any windfall from the RBI's excess capital reserves which can be used for high public expenditure ahead of the elections.

He also affirmed government's commitment to meet the 3.3 per cent fiscal deficit target, despite the gap already having been overshot with five before the end of the fiscal.

As of October, government has already used up by its borrowing window by 4 percentage points at 104 per cent.

Jaitley said he hops the newly-formed Congress governments in Madhya Pradesh and Chhattisgarh find resources to fund farm loan waivers while flagging the importance of states also not missing their fiscal gap targets.

Referring to the pain caused by populist measures, he said a previous Congress government's free electricity to farmers resulted in state-run discoms' debt shooting up to Rs 70,000 crore from Rs 22,000 crore in five years after the announcement.&nbsp;

Days after Reserve Bank governor Urjit Patel's resignation, finance minister Arun Jaitely Tuesday said while enjoying functional autonomy, a regulator cannot be "isolationist" and has to consult all stakeholders.

Days after Reserve Bank governor Urjit Patel's resignation, finance minister Arun Jaitely Tuesday said while enjoying functional autonomy, a regulator cannot be "isolationist" and has to consult all stakeholders. Without mentioning the government invoking the never- before-used controversial Section 7 of the RBI Act, he said government used "every instrument available to our advantage to force a discussion with RBI" on the issues of liquidity and credit which is important for the economy. He claimed that there was never a breakdown in the relationship between RBI and government, and that pleasant meetings were held regularly on the differences at all levels, including with the Prime Minister Narendra Modi. "Institutions need to be independent, they need to have functional autonomy but institutions don't have to be isolationist," Jaitely said, speaking at an event organised by Republic channel. Without specifying RBI, he said there is a need for regulators to consult all the stakeholders as that is when one gets a "feel of the market." One cannot say that one reads the books, data and research papers before forming opinions, he said. "The empirical situation in the market will be entirely different, unless you consult stakeholders," he said, adding there is a fair chance of a regulator going wrong on a subject because of the isolationist attitude. It can be noted that in the weeks prior to his sudden exit from RBI, there were some reports of Patel refusing to meet key stakeholders, especially from non-bank lenders when they were in crisis. Patel's successor Shaktikanta Das has made it clear on day one that he will be meeting all stakeholders more and already had a chat with city-based heads of state run banks. Jaitley also hit out at previous government for displaying a "defeatist" attitude in the face of an "indifferent" RBI when it came to the matter of interest rate. Improvising on a statement from his predecessor P Chidambaram of "walking alone" in face of non-cooperation by RBI under D Subbarao, he said, "when you walk, other decision-makers also have to talk with you". He hoped RBI will look at the widening real interest rates, a consequence of a massive dip in inflation, while announcing the next policy review. Jaitley also reiterated that government is not eyeing any windfall from the RBI's excess capital reserves which can be used for high public expenditure ahead of the elections. He also affirmed government's commitment to meet the 3.3 per cent fiscal deficit target, despite the gap already having been overshot with five before the end of the fiscal. As of October, government has already used up by its borrowing window by 4 percentage points at 104 per cent. Jaitley said he hops the newly-formed Congress governments in Madhya Pradesh and Chhattisgarh find resources to fund farm loan waivers while flagging the importance of states also not missing their fiscal gap targets. Referring to the pain caused by populist measures, he said a previous Congress government's free electricity to farmers resulted in state-run discoms' debt shooting up to Rs 70,000 crore from Rs 22,000 crore in five years after the announcement.

Regulators can't work in isolation: Jaitley on row with RBI

Finance Minister Arun Jaitley Tuesday said Tuesday that <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">the government never sought the resignation of Urjit Patel</a> as governor of the Reserve Bank of India over differences in handling liquidity stress in certain sectors.

Speaking at a television news channel event, he said the government does not need a single penny from RBI's capital reserves during the current fiscal.

Responding to criticism over surprise resignation of Patel as RBI Governor earlier this month, he said there were cordial discussions at the meeting of the RBI board over issues such as the appropriate size of reserves the central bank must hold.

"The government never asked for his resignation," he said.

After Patel's resignation, the government appointed former bureaucrat Shaktikanta Das as the Governor of RBI.&nbsp;

Finance Minister Arun Jaitley Tuesday said Tuesday that the government never sought the resignation of Urjit Patel as governor of the Reserve Bank of India over differences in handling liquidity stress in certain sectors.

Finance Minister Arun Jaitley Tuesday said Tuesday that the government never sought the resignation of Urjit Patel as governor of the Reserve Bank of India over differences in handling liquidity stress in certain sectors. Speaking at a television news channel event, he said the government does not need a single penny from RBI's capital reserves during the current fiscal. Responding to criticism over surprise resignation of Patel as RBI Governor earlier this month, he said there were cordial discussions at the meeting of the RBI board over issues such as the appropriate size of reserves the central bank must hold. "The government never asked for his resignation," he said. After Patel's resignation, the government appointed former bureaucrat Shaktikanta Das as the Governor of RBI.

Govt did not ask for Urjit Patel's resignation as RBI governor: Jaitley

Finance Minister Arun Jaitley today hailed the life sentence given to Congress leader Sajjan Kumar in 1984 anti-Sikh riots case.

"Sajjan Kumar’s conviction by the Delhi High Court is a delayed vindication of Justice. The Congress and the Gandhi family legacy will continue to pay for the sins of 1984 riots," Jaitley tweeted on Monday after the Delhi High Court verdict.

The high court reversed the verdict of the trial court which had acquitted Kumar. He has to surrender by December 31, 2018.

Besides Congress' Sajjan Kumar, Captain Bhagmal, Girdhari Lal and former Congress councillor Balwan Khokhar have been sentenced to life imprisonment. Kishan Khokkar and former legislator Mahender Yadav have been sentenced to 10 years in prison.

A bench of Justices S Muralidhar and Vinod Goel had on October 29 concluded hearing arguments on the appeals filed by the CBI, riots victims and the convicts, and reserved the judgement.

Former Congress councillor Balwan Khokhar, retired naval officer Captain Bhagmal, Girdhari Lal and two others were held guilty in the case relating to the murder of five members of a family in Raj Nagar area of Delhi Cantonment on November 1, 1984 after the assassination of then prime minister Indira Gandhi.

Finance Minister Arun Jaitley today hailed the life sentence given to Congress leader Sajjan Kumar in 1984 anti-Sikh riots case. "Sajjan Kumar’s conviction by the Delhi High Court is a delayed vindication of Justice.

Finance Minister Arun Jaitley today hailed the life sentence given to Congress leader Sajjan Kumar in 1984 anti-Sikh riots case. "Sajjan Kumar’s conviction by the Delhi High Court is a delayed vindication of Justice. The Congress and the Gandhi family legacy will continue to pay for the sins of 1984 riots," Jaitley tweeted on Monday after the Delhi High Court verdict. The high court reversed the verdict of the trial court which had acquitted Kumar. He has to surrender by December 31, 2018. Besides Congress' Sajjan Kumar, Captain Bhagmal, Girdhari Lal and former Congress councillor Balwan Khokhar have been sentenced to life imprisonment. Kishan Khokkar and former legislator Mahender Yadav have been sentenced to 10 years in prison. A bench of Justices S Muralidhar and Vinod Goel had on October 29 concluded hearing arguments on the appeals filed by the CBI, riots victims and the convicts, and reserved the judgement. Former Congress councillor Balwan Khokhar, retired naval officer Captain Bhagmal, Girdhari Lal and two others were held guilty in the case relating to the murder of five members of a family in Raj Nagar area of Delhi Cantonment on November 1, 1984 after the assassination of then prime minister Indira Gandhi.

Delayed vindication of justice: Arun Jaitley on Sajjan Kumar's conviction in 1984 anti-Sikh riots case

With the general elections expected to take place within the next six months, <a href="http://www.wionews.com/india-news/matter-on-rafael-deal-has-been-thouroughly-through-the-supreme-court-laid-to-rest-sitharaman-184062">Union Finance Minister Arun Jaitley</a> asserted that going forward, India cannot afford to have "fragile coalitions."

Addressing an annual gathering of the Federation of Federation of Indian Chambers of Commerce and Industry (FICCI) on Friday, Jaitley noted that the need of the hour was to formulate policies that have clarity, directional stability and decisive leadership, and establish a market economy with social consciousness for ensuring equitable growth.

"The next six months would see a rise in political rhetoric with voices which may not be the expression of the real intent. The need of the hour is continuation of sound policies as against transient populism. The immediate target should be one that spells out the recipe for the next two decades; for an India where further reforms would be the only constant for aspirational people whose attitude is for change and desire for a better quality of life," he said while addressing members of the industry body.

Jaitley further said that if the current growth rate and India's global position is retained, the country will be able to go beyond growth rate of 7-8 per cent. In order to achieve this, however, Jaitley said it is important to identify several unreformed sectors such as state road transportation, railways, dealing with urbanisation, focusing on science and technology and research.

"India has done extremely well in infrastructure areas such as aviation and ports and it must be ensured that these success stories are not converted into challenges for the economy," he added.

Amid reports of Urjit Patel stepping down as the Reserve Bank of India (RBI) governor over the central bank's alleged stifled autonomy, Jaitley clarified that the government was in no way trying to interfere in the autonomy of the central bank.

He further said he was unable to perceive how an elected, sovereign government which flags off issues of credit and liquidity could be construed as infringing on the autonomy of the institution.

"Autonomy is not synonymous with isolationism, and therefore, bringing issues of concern to the notice of the central bank should not be regarded as a hindrance to the autonomy of the RBI," Jaitley asserted.

A tiff between the RBI and the Centre allegedly ensued after RBI deputy Governor Viral Acharya earlier this year stressed on the need to ensure the central bank's independence.

On Thursday, former chief economic advisor Arvind Subramanian had opined that creative tension between the RBI and the Centre should exist in line with the autonomy of the central bank.

"We want autonomy and independence but along with communication and cooperation because both parts of the government (i.e RBI and government) have to work together as many of their objectives are common. There will be some objectives which are different and that's why we created RBI. They will never agree, they should never agree, there has to be a creative tension," he had said.

With the general elections expected to take place within the next six months, Union Finance Minister Arun Jaitley asserted that going forward, India cannot afford to have "fragile coalitions.

With the general elections expected to take place within the next six months, Union Finance Minister Arun Jaitley asserted that going forward, India cannot afford to have "fragile coalitions." Addressing an annual gathering of the Federation of Federation of Indian Chambers of Commerce and Industry (FICCI) on Friday, Jaitley noted that the need of the hour was to formulate policies that have clarity, directional stability and decisive leadership, and establish a market economy with social consciousness for ensuring equitable growth. "The next six months would see a rise in political rhetoric with voices which may not be the expression of the real intent. The need of the hour is continuation of sound policies as against transient populism. The immediate target should be one that spells out the recipe for the next two decades; for an India where further reforms would be the only constant for aspirational people whose attitude is for change and desire for a better quality of life," he said while addressing members of the industry body. Jaitley further said that if the current growth rate and India's global position is retained, the country will be able to go beyond growth rate of 7-8 per cent. In order to achieve this, however, Jaitley said it is important to identify several unreformed sectors such as state road transportation, railways, dealing with urbanisation, focusing on science and technology and research. "India has done extremely well in infrastructure areas such as aviation and ports and it must be ensured that these success stories are not converted into challenges for the economy," he added. Amid reports of Urjit Patel stepping down as the Reserve Bank of India (RBI) governor over the central bank's alleged stifled autonomy, Jaitley clarified that the government was in no way trying to interfere in the autonomy of the central bank. He further said he was unable to perceive how an elected, sovereign government which flags off issues of credit and liquidity could be construed as infringing on the autonomy of the institution. "Autonomy is not synonymous with isolationism, and therefore, bringing issues of concern to the notice of the central bank should not be regarded as a hindrance to the autonomy of the RBI," Jaitley asserted. A tiff between the RBI and the Centre allegedly ensued after RBI deputy Governor Viral Acharya earlier this year stressed on the need to ensure the central bank's independence. On Thursday, former chief economic advisor Arvind Subramanian had opined that creative tension between the RBI and the Centre should exist in line with the autonomy of the central bank. "We want autonomy and independence but along with communication and cooperation because both parts of the government (i.e RBI and government) have to work together as many of their objectives are common. There will be some objectives which are different and that's why we created RBI. They will never agree, they should never agree, there has to be a creative tension," he had said.

India cannot function with fragile coalitions in future: Arun Jaitley

Hours after a&nbsp;three-judge Supreme Court bench said that <a href="http://www.wionews.com/india-news/no-probe-needed-in-rafale-fighter-jet-deal-rules-supreme-court-183957">detailed scrutiny of the Rafale fighter jet deal was not required</a>,&nbsp;Finance Minister Arun Jaitley hit out at the Congress party and said ''falsehood has short life''.&nbsp;

Defence Minister Nirmala Sitharaman and Arun Jaitley addressed a rare joint press conference on Friday.&nbsp;&nbsp;

Sitharaman said that on all three counts over which concerns were raised, the Supreme Court had today come out with a clear verdict. The matter has been thoroughly through the court and&nbsp;laid to rest, she said.

The Court clearly said "no evidence of commercial favouritism," Sitharaman added.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Finance Minister Arun Jaitley: Falsehood has a very short life. In this case, it was a few months. Falsehood lowers the credibility of its creator. <a href="https://twitter.com/hashtag/RafaleDeal?src=hash&amp;ref_src=twsrc%5Etfw">#RafaleDeal</a> <a href="https://t.co/BBG1F9JBUo">pic.twitter.com/BBG1F9JBUo</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1073531352048394241?ref_src=twsrc%5Etfw">December 14, 2018</a></blockquote>
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Jaitley&nbsp;stated that the Supreme Court has clearly deemed the purchase of the aircraft as "very important" to the country's defence and added&nbsp;"disrupters have lost."

Arun Jaitley lashed out at the Opposition stating that "Congress' fictional writing compromised national security."
<img alt="Rafale deal" data-align="center" data-entity-type="file" data-entity-uuid="e0aa6f86-b3cd-485a-92e1-a33a7bc5e843" src="/sites/default/files/inline-images/RAFALE%20DEAL%20CREATIVE%20%281%29.jpg" />
He added that the deal "protected both security and commercial interest of India."

"Security interest because it increases combat ability of India, commercial interest because the final price was significantly lower both for aircraft and weaponised aircraft than what was negotiated in 2007 and 2012," the Finance Minister noted.&nbsp;

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FM: <a href="https://twitter.com/hashtag/RafaleDeal?src=hash&amp;ref_src=twsrc%5Etfw">#RafaleDeal</a> protected both security&amp;commercial interest of India. Security interest because it increases combat ability of India, commercial interest because the final price was significantly lower both for aircraft&amp;weaponised aircraft than what was negotiated in 2007 &amp; 2012. <a href="https://t.co/ARWkNnsb1m">pic.twitter.com/ARWkNnsb1m</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1073533171910762496?ref_src=twsrc%5Etfw">December 14, 2018</a></blockquote>
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"All the figures by the govt are correct and all the figures by Mr Rahul Gandhi are false and I have justified it... The truth has only one version and falsehood has many. That is why Mr Rahul Gandhi quoted several figures," Jaitley said.&nbsp;

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Finance Minister Arun Jaitley: All the figures by the govt are correct and all the figures by Mr Rahul Gandhi are false and I have justified it... The truth has only one version and falsehood has many. That is why Mr Rahul Gandhi quoted several figures. <a href="https://twitter.com/hashtag/RafaleDeal?src=hash&amp;ref_src=twsrc%5Etfw">#RafaleDeal</a> <a href="https://t.co/fIyD1d13g4">pic.twitter.com/fIyD1d13g4</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1073535476634714114?ref_src=twsrc%5Etfw">December 14, 2018</a></blockquote>
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A three-judge Supreme Court bench today said that detailed scrutiny of the Rafale fighter jet deal was not required.

Chief Justice of India(CJI) Ranjan Gogoi said the need and quality control of the Rafale deal wasn't in question. The top court ruled out probe into the pricing details of the deal.

"There is no occasion to doubt the decision-making process in the Rafale deal," the court said while delivering the verdict.

"We can't compel the government to purchase 126 aircraft&nbsp;and its not proper for the court to examine each aspect of this case. It isn't a job of the court to compare pricing details," it said, adding,"we don't find substantial matter to interfere with the issue of procurement, pricing and offset partner in Rafale jet deal."&nbsp;

The top court dismissed all petitions pertaining to the Rafale fighter jet deal.

"Perception of individuals can't be the basis for roving inquiry in sensitive issue of defence procurement," the apex court added.&nbsp;

Hours after a three-judge Supreme Court bench said that detailed scrutiny of the Rafale fighter jet deal was not required, Finance Minister Arun Jaitley hit out at the Congress party and said ''falsehood has short life''.

Hours after a three-judge Supreme Court bench said that detailed scrutiny of the Rafale fighter jet deal was not required, Finance Minister Arun Jaitley hit out at the Congress party and said ''falsehood has short life''. Defence Minister Nirmala Sitharaman and Arun Jaitley addressed a rare joint press conference on Friday. Sitharaman said that on all three counts over which concerns were raised, the Supreme Court had today come out with a clear verdict. The matter has been thoroughly through the court and laid to rest, she said. The Court clearly said "no evidence of commercial favouritism," Sitharaman added. Finance Minister Arun Jaitley: Falsehood has a very short life. In this case, it was a few months. Falsehood lowers the credibility of its creator. #RafaleDeal pic.twitter.com/BBG1F9JBUo — ANI (@ANI) December 14, 2018 × Jaitley stated that the Supreme Court has clearly deemed the purchase of the aircraft as "very important" to the country's defence and added "disrupters have lost." Arun Jaitley lashed out at the Opposition stating that "Congress' fictional writing compromised national security." He added that the deal "protected both security and commercial interest of India." "Security interest because it increases combat ability of India, commercial interest because the final price was significantly lower both for aircraft and weaponised aircraft than what was negotiated in 2007 and 2012," the Finance Minister noted. FM: #RafaleDeal protected both security&commercial interest of India. Security interest because it increases combat ability of India, commercial interest because the final price was significantly lower both for aircraft&weaponised aircraft than what was negotiated in 2007 & 2012. pic.twitter.com/ARWkNnsb1m — ANI (@ANI) December 14, 2018 × "All the figures by the govt are correct and all the figures by Mr Rahul Gandhi are false and I have justified it... The truth has only one version and falsehood has many. That is why Mr Rahul Gandhi quoted several figures," Jaitley said. Finance Minister Arun Jaitley: All the figures by the govt are correct and all the figures by Mr Rahul Gandhi are false and I have justified it... The truth has only one version and falsehood has many. That is why Mr Rahul Gandhi quoted several figures. #RafaleDeal pic.twitter.com/fIyD1d13g4 — ANI (@ANI) December 14, 2018 × A three-judge Supreme Court bench today said that detailed scrutiny of the Rafale fighter jet deal was not required. Chief Justice of India(CJI) Ranjan Gogoi said the need and quality control of the Rafale deal wasn't in question. The top court ruled out probe into the pricing details of the deal. "There is no occasion to doubt the decision-making process in the Rafale deal," the court said while delivering the verdict. "We can't compel the government to purchase 126 aircraft and its not proper for the court to examine each aspect of this case. It isn't a job of the court to compare pricing details," it said, adding,"we don't find substantial matter to interfere with the issue of procurement, pricing and offset partner in Rafale jet deal." The top court dismissed all petitions pertaining to the Rafale fighter jet deal. "Perception of individuals can't be the basis for roving inquiry in sensitive issue of defence procurement," the apex court added.

Falsehood has a short life: Arun Jaitley after Supreme Court's judgement on Rafale deal

The government will stick to the 3.3 per cent fiscal deficit target in the current financial year, Finance Minister Arun Jaitley said Friday.

He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world's fastest growing major economy.

"Our ability to be within that 7-8 percent range is fairly certain though I see comments to the contrary but I am fairly certain.&nbsp;

"Even in this year, despite all the odds, we will be able to maintain our fiscal targets because when current account deficits are impacted by oil prices and strengthening dollar, the last thing that India can afford is to run itself into a twin deficit situation because a fallout of that is very serious," Jaitley said while addressing the annual general meeting of industry body FICCI here.

The government has budgeted to contain fiscal deficit at 3.3 per cent of the GDP in the current fiscal, lower than 3.5 per cent in 2017-18.

As per latest data, fiscal deficit in April-October period stood at 103.9 per cent of budget estimates.

Jaitley said oil prices have a direct impact on India, since the country is a major importer. India, he said, has a particular resistance capacity to deal with rising crude oil prices and when it breaches the limit, it can impact inflation, currency and the current account deficit (CAD).

The CAD, which is the difference between the inflow and outflow of foreign exchange, widened to 2.9 per cent of GDP in the July-September quarter from 2.4 per cent of GDP in April-June.

"When the global challenges stare us in the face, we want at least our internal domestic capacities be strengthened to put up our resistance. Indian economy is now fairly large for us to display a certain level of resilience not withstanding the adverse global trends, IMF forecast of slight slowdown. We still maintain our position as the fastest amongst the major economies in terms of growth," the minister said.

Listing out the challenges to the economy, Jaitley said there is a need to get out of the "syndrome of difficulties in credit" and improve the liquidity situation in the market.

The second challenge is "even when the election year debate goes on, many like you (industry) will have to flag to different players in the political system the importance of sound policy and how much they can be blended with good politics".

Jaitley said India cannot afford to have fragile coalitions for stable policy decisions and continue on the path of reforms.

"...You need a decisive leadership, you can't have fragile coalitions because at the end of the day if one partner says I can pull down the government if you don't declare my state as special status, then those worse off can even say why not me? And you would have half a dozen wanting a special status," he said.

He said a coalition government would lead to a situation where the country probably will have a helpless Centre dependent on these kind of players.

"And what the founders of our nation envisaged that India, which is Bharat, which is a union of states, then ending up as a confederation of states and that is the last thing that India can afford.&nbsp;

"If you need policy clarity, you will need policy and directional stability and you will need a decisive leadership which moves in that direction which will then create an economy which is fast growing with various market reforms," Jaitley said.

The minister also said that under Ayushman Bharat scheme as many as 5 lakh poor people got free medical treatment in the last two-and-a-half months.

Prime Minister Narendra Modi in September launched the Ayushman Bharat - Pradhan Mantri Jan Aarogya Yojana which aims to provide a coverage of Rs 5 lakh per family annually, benefiting more than 10.74 crore poor families for secondary and tertiary care hospitalisation through a network of empanelled health care providers.&nbsp;

The government will stick to the 3.3 per cent fiscal deficit target in the current financial year, Finance Minister Arun Jaitley said Friday. He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world's fastest growing major economy.

The government will stick to the 3.3 per cent fiscal deficit target in the current financial year, Finance Minister Arun Jaitley said Friday. He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world's fastest growing major economy. "Our ability to be within that 7-8 percent range is fairly certain though I see comments to the contrary but I am fairly certain. "Even in this year, despite all the odds, we will be able to maintain our fiscal targets because when current account deficits are impacted by oil prices and strengthening dollar, the last thing that India can afford is to run itself into a twin deficit situation because a fallout of that is very serious," Jaitley said while addressing the annual general meeting of industry body FICCI here. The government has budgeted to contain fiscal deficit at 3.3 per cent of the GDP in the current fiscal, lower than 3.5 per cent in 2017-18. As per latest data, fiscal deficit in April-October period stood at 103.9 per cent of budget estimates. Jaitley said oil prices have a direct impact on India, since the country is a major importer. India, he said, has a particular resistance capacity to deal with rising crude oil prices and when it breaches the limit, it can impact inflation, currency and the current account deficit (CAD). The CAD, which is the difference between the inflow and outflow of foreign exchange, widened to 2.9 per cent of GDP in the July-September quarter from 2.4 per cent of GDP in April-June. "When the global challenges stare us in the face, we want at least our internal domestic capacities be strengthened to put up our resistance. Indian economy is now fairly large for us to display a certain level of resilience not withstanding the adverse global trends, IMF forecast of slight slowdown. We still maintain our position as the fastest amongst the major economies in terms of growth," the minister said. Listing out the challenges to the economy, Jaitley said there is a need to get out of the "syndrome of difficulties in credit" and improve the liquidity situation in the market. The second challenge is "even when the election year debate goes on, many like you (industry) will have to flag to different players in the political system the importance of sound policy and how much they can be blended with good politics". Jaitley said India cannot afford to have fragile coalitions for stable policy decisions and continue on the path of reforms. "...You need a decisive leadership, you can't have fragile coalitions because at the end of the day if one partner says I can pull down the government if you don't declare my state as special status, then those worse off can even say why not me? And you would have half a dozen wanting a special status," he said. He said a coalition government would lead to a situation where the country probably will have a helpless Centre dependent on these kind of players. "And what the founders of our nation envisaged that India, which is Bharat, which is a union of states, then ending up as a confederation of states and that is the last thing that India can afford. "If you need policy clarity, you will need policy and directional stability and you will need a decisive leadership which moves in that direction which will then create an economy which is fast growing with various market reforms," Jaitley said. The minister also said that under Ayushman Bharat scheme as many as 5 lakh poor people got free medical treatment in the last two-and-a-half months. Prime Minister Narendra Modi in September launched the Ayushman Bharat - Pradhan Mantri Jan Aarogya Yojana which aims to provide a coverage of Rs 5 lakh per family annually, benefiting more than 10.74 crore poor families for secondary and tertiary care hospitalisation through a network of empanelled health care providers.

Government will stick to fiscal target this year: Jaitley

<a href="http://www.wionews.com/india-news/matter-on-rafael-deal-has-been-thouroughly-through-the-supreme-court-laid-to-rest-sitharaman-184062">Falsehood has a short life: Arun Jaitley after Supreme Court's judgement on Rafale deal</a>

Hours after a three-judge Supreme Court bench said that detailed scrutiny of the Rafale fighter jet deal was not required, Finance Minister Arun Jaitley hit out at the Congress party and said ''falsehood has short life''.&nbsp;

<a href="http://www.wionews.com/india-news/ashok-gehlot-named-chief-minister-of-rajasthan-pilot-to-be-deputy-cm-184061">Ashok Gehlot named </a><a href="http://www.wionews.com/india-news/ashok-gehlot-named-chief-minister-of-rajasthan-pilot-to-be-deputy-cm-184061">chief</a><a href="http://www.wionews.com/india-news/ashok-gehlot-named-chief-minister-of-rajasthan-pilot-to-be-deputy-cm-184061"> minister of Rajasthan, Pilot to be deputy CM</a>

Bringing an end to the three-day impasse over the question of leadership in Rajasthan, Congress party on Friday named veteran leader Ashok Gehlot as the state's new chief minister. &nbsp;

<a href="http://www.wionews.com/world/trumps-inaugural-committee-under-criminal-investigation-over-fund-wrongdoing-report-184063">Trump's inaugural committee under investigation over fund wrongdoing: Report</a>

President Donald Trump's 2017 inaugural committee is being investigated by federal prosecutors in New York over allegations that it misspent funds or accepted donations in exchange for access to his administration, according to a media report.

<a href="http://www.wionews.com/world/us-accusations-against-russian-butina-absolutely-unfounded-kremlin-184054">US accusations against Russian Butina 'absolutely unfounded': Kremlin</a>

Kremlin on Friday held the accusations made by Maria Butina, the first Russian to be convicted of working to influence US policy during the 2016 presidential race as "absolutely unfounded".

<a href="http://www.wionews.com/india-news/rafale-deal-truth-always-triumphs-supreme-court-order-exposes-rahul-gandhi-bjp-chief-amit-shah-184021">Amit Shah slams Rahul </a><a href="http://www.wionews.com/india-news/rafale-deal-truth-always-triumphs-supreme-court-order-exposes-rahul-gandhi-bjp-chief-amit-shah-184021">Gandhi,</a><a href="http://www.wionews.com/india-news/rafale-deal-truth-always-triumphs-supreme-court-order-exposes-rahul-gandhi-bjp-chief-amit-shah-184021"> says Rafale deal verdict is </a><a href="http://www.wionews.com/india-news/rafale-deal-truth-always-triumphs-supreme-court-order-exposes-rahul-gandhi-bjp-chief-amit-shah-184021">slap</a><a href="http://www.wionews.com/india-news/rafale-deal-truth-always-triumphs-supreme-court-order-exposes-rahul-gandhi-bjp-chief-amit-shah-184021"> on politics of lies</a>

Bharatiya Janata Party president Amit Shah on Friday welcomed Supreme Court's order on the Rafale deal saying that the "truth has won". He also slammed Congress party and its chief Rahul Gandhi saying that people were being misled by unfortunately the country's oldest party.

&nbsp;

Falsehood has a short life: Arun Jaitley after Supreme Court's judgement on Rafale deal Hours after a three-judge Supreme Court bench said that detailed scrutiny of the Rafale fighter jet deal was not required, Finance Minister Arun Jaitley hit out at the Congress party and said ''falsehood has short life''.

Falsehood has a short life: Arun Jaitley after Supreme Court's judgement on Rafale deal Hours after a three-judge Supreme Court bench said that detailed scrutiny of the Rafale fighter jet deal was not required, Finance Minister Arun Jaitley hit out at the Congress party and said ''falsehood has short life''. Ashok Gehlot named chief minister of Rajasthan, Pilot to be deputy CM Bringing an end to the three-day impasse over the question of leadership in Rajasthan, Congress party on Friday named veteran leader Ashok Gehlot as the state's new chief minister. Trump's inaugural committee under investigation over fund wrongdoing: Report President Donald Trump's 2017 inaugural committee is being investigated by federal prosecutors in New York over allegations that it misspent funds or accepted donations in exchange for access to his administration, according to a media report. US accusations against Russian Butina 'absolutely unfounded': Kremlin Kremlin on Friday held the accusations made by Maria Butina, the first Russian to be convicted of working to influence US policy during the 2016 presidential race as "absolutely unfounded". Amit Shah slams Rahul Gandhi, says Rafale deal verdict is slap on politics of lies Bharatiya Janata Party president Amit Shah on Friday welcomed Supreme Court's order on the Rafale deal saying that the "truth has won". He also slammed Congress party and its chief Rahul Gandhi saying that people were being misled by unfortunately the country's oldest party.

The Supreme Court order on the Rafale jet deal issue Friday rocked the Rajya Sabha which witnessed intense sloganeering by the ruling BJP and opposition Congress members leading to adjournment of House proceedings.

Amid noisy protests, Leader of the House and Finance Minister Arun Jaitley was heard saying that the Opposition has been demanding a debate on the jet deal and so the question hour should be suspended to take up the issue.

Besides the two major parties, members of the AIADMK and the Samajwadi Party too raised slogans in support of their respective demands.

No sooner the House assembled for the Zero hour, members of the Samajwadi Party raised slogans relating to the recent violence in UP's Bulandshahar district while AIADMK members trooped into the well over the Cauvery river water issue.

Buoyed by the clean chit given by the Supreme Court on the Rafale jet deal, members of treasury benches were heard raising slogans demanding an apology from Congress President Rahul Gandhi for his alleged lies on the issue.

Congress members too entered the Well of the House to demand a probe by a Joint Parliamentary Committee (JPC) into the purchase of jets from the French company Dassault.

Amidst uproar, the members were heard raising slogans -"We want JPC" and "Chowikdar Chor Hai".

BJP members were heard shouting slogans like 'Rahul Gandhi Jhootha Hai' (Rahul Gandhi is a liar).

The uproar started as soon as the proceedings began following which Deputy Chairman Harivansh first adjourned the House till 1130 hours.

However, as the protests intensified, he adjourned the Rajya Sabha till Monday after his repeated attempts to bring order in the House failed.

Before adjourning the House for the day, Harivansh tried to run the Zero Hour proceedings smoothly and some of the members even read out mentions amid uproar.

Unlike other days, there was ruckus in the House even when ministers were laying listed paper on the table of the House.&nbsp;

The Supreme Court order on the Rafale jet deal issue Friday rocked the Rajya Sabha which witnessed intense sloganeering by the ruling BJP and opposition Congress members leading to adjournment of House proceedings.

The Supreme Court order on the Rafale jet deal issue Friday rocked the Rajya Sabha which witnessed intense sloganeering by the ruling BJP and opposition Congress members leading to adjournment of House proceedings. Amid noisy protests, Leader of the House and Finance Minister Arun Jaitley was heard saying that the Opposition has been demanding a debate on the jet deal and so the question hour should be suspended to take up the issue. Besides the two major parties, members of the AIADMK and the Samajwadi Party too raised slogans in support of their respective demands. No sooner the House assembled for the Zero hour, members of the Samajwadi Party raised slogans relating to the recent violence in UP's Bulandshahar district while AIADMK members trooped into the well over the Cauvery river water issue. Buoyed by the clean chit given by the Supreme Court on the Rafale jet deal, members of treasury benches were heard raising slogans demanding an apology from Congress President Rahul Gandhi for his alleged lies on the issue. Congress members too entered the Well of the House to demand a probe by a Joint Parliamentary Committee (JPC) into the purchase of jets from the French company Dassault. Amidst uproar, the members were heard raising slogans -"We want JPC" and "Chowikdar Chor Hai". BJP members were heard shouting slogans like 'Rahul Gandhi Jhootha Hai' (Rahul Gandhi is a liar). The uproar started as soon as the proceedings began following which Deputy Chairman Harivansh first adjourned the House till 1130 hours. However, as the protests intensified, he adjourned the Rajya Sabha till Monday after his repeated attempts to bring order in the House failed. Before adjourning the House for the day, Harivansh tried to run the Zero Hour proceedings smoothly and some of the members even read out mentions amid uproar. Unlike other days, there was ruckus in the House even when ministers were laying listed paper on the table of the House.

Rafale deal issue rocks Rajya Sabha; House adjourned till Monday

Finance Minister Arun Jaitley on Tuesday said the <a href="http://www.wionews.com/business-economy/shaktikanta-das-appointed-new-rbi-governor-after-urjit-patels-exit-183297">new RBI Governor Shaktikanta Das</a> has the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation.&nbsp;

He asserted that the independence and autonomy of the RBI will be maintained, saying it is in the interest of the government. Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was appointed as RBI Governor, a day after Urjit Patel quit abruptly.&nbsp;

Das, an IAS officer from the Tamil Nadu cadre, will have a tenure of three years, according to a decision taken by the Appointments Committee of the Cabinet (ACC).&nbsp;

"The vacancy arose after Urjit Patel resigned and we accepted his resignation today," Jaitley said.&nbsp;

Talking about Das, the finance minister said, "I think he has the right credentials, he has been extremely professional. He has worked under various governments, has excelled himself and I am sure in meeting the challenges before India`s economy as a Governor of RBI. He`ll certainly add to that office."&nbsp;

To a question, he said that the government of India believes the RBI is an independent body and the government will support RBI and coordinate with it whenever required.&nbsp;

"It is interest of the government to maintain independence and autonomy of the RBI and the government is committed to this effect," said Jaitley.&nbsp;

Praising Das, he said, "Besides his experience as the Revenue Secretary, Economic Affairs Secretary, he also had the experience in preparing several budgets as joint secretary, in charge of budget division. Subsequently he has been a G20 Sherpa on behalf of India. He`s been a member of 15th Finance Commission," he added.&nbsp;

 
&nbsp;

Finance Minister Arun Jaitley on Tuesday said the new RBI Governor Shaktikanta Das has the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation.

Finance Minister Arun Jaitley on Tuesday said the new RBI Governor Shaktikanta Das has the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation. He asserted that the independence and autonomy of the RBI will be maintained, saying it is in the interest of the government. Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das, an IAS officer from the Tamil Nadu cadre, will have a tenure of three years, according to a decision taken by the Appointments Committee of the Cabinet (ACC). "The vacancy arose after Urjit Patel resigned and we accepted his resignation today," Jaitley said. Talking about Das, the finance minister said, "I think he has the right credentials, he has been extremely professional. He has worked under various governments, has excelled himself and I am sure in meeting the challenges before India`s economy as a Governor of RBI. He`ll certainly add to that office." To a question, he said that the government of India believes the RBI is an independent body and the government will support RBI and coordinate with it whenever required. "It is interest of the government to maintain independence and autonomy of the RBI and the government is committed to this effect," said Jaitley. Praising Das, he said, "Besides his experience as the Revenue Secretary, Economic Affairs Secretary, he also had the experience in preparing several budgets as joint secretary, in charge of budget division. Subsequently he has been a G20 Sherpa on behalf of India. He`s been a member of 15th Finance Commission," he added.

Jaitley confident new RBI governor Shaktikanta Das will meet challenges on economic front

Union Finance Minister Arun Jaitley on Tuesday reacted over the outcome of the Assembly polls results in the five states stating that "issues in state elections are entirely different."

The minister said that in the year 2003 when the BJP had won all these states, the party lost the Lok Sabha polls in 2004.&nbsp;

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FM Jaitley: I think result was certainly not as expected&amp;it's an opprtunity to pause and analyse, for results were not as per expected. In both Chhattisgarh&amp;MP we were in power for 15 yrs&amp;we have done well. I don't think there was aniti-incumbency but fatigue factor does come in. <a href="https://t.co/EbrVEbm3A4">pic.twitter.com/EbrVEbm3A4</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1072521002448510977?ref_src=twsrc%5Etfw">December 11, 2018</a></blockquote>
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"Therefore these results don't reflect automatically. The 2019 elections will be around the performance of Central govt and leadership of PM Modi," Jaitley said.&nbsp;

"The election issue really will be, do we need a tried and tested leadership and govt in place or we want some kind of an unstable non-ideological coalition which is bound to splinter away sooner than later," he said.&nbsp;

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FM Jaitley: Issues in state elections are entirely different, we won all these states in 2003 Dec &amp; lost the general election in 2004. Therefore these results don't reflect automatically. The 2019 elections will be around the performance of Central govt &amp; leadership of PM Modi. <a href="https://t.co/MuYBGjDjs0">pic.twitter.com/MuYBGjDjs0</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1072525527817338882?ref_src=twsrc%5Etfw">December 11, 2018</a></blockquote>
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Jaitley further added that the results have called for the party to "pause and analyse" as the results were not expected.&nbsp;

"In both Chhattisgarh and Madhya Pradesh we were in power for 15 years and we have done well. I don't think there was anti-incumbency but fatigue factor does come in," he said.&nbsp;

The official data by the Election Commission signal a win for the Congress in Madhya Pradesh, Chhattisgarh and Rajasthan. The <a href="http://www.wionews.com/india-news/imposing-prohibition-on-liquor-repairing-roads-on-agenda-mnf-chief-after-assembly-poll-win-183258">Mizo National Front swept Mizoram</a> with 26 over 40 assembly seat. KCR's Telangana Rashtra Samiti also registered a landslide victory with 83 seats in its kitty, leading&nbsp;in 7.

Union Finance Minister Arun Jaitley on Tuesday reacted over the outcome of the Assembly polls results in the five states stating that "issues in state elections are entirely different.

Union Finance Minister Arun Jaitley on Tuesday reacted over the outcome of the Assembly polls results in the five states stating that "issues in state elections are entirely different." The minister said that in the year 2003 when the BJP had won all these states, the party lost the Lok Sabha polls in 2004. FM Jaitley: I think result was certainly not as expected&it's an opprtunity to pause and analyse, for results were not as per expected. In both Chhattisgarh&MP we were in power for 15 yrs&we have done well. I don't think there was aniti-incumbency but fatigue factor does come in. pic.twitter.com/EbrVEbm3A4 — ANI (@ANI) December 11, 2018 × "Therefore these results don't reflect automatically. The 2019 elections will be around the performance of Central govt and leadership of PM Modi," Jaitley said. "The election issue really will be, do we need a tried and tested leadership and govt in place or we want some kind of an unstable non-ideological coalition which is bound to splinter away sooner than later," he said. FM Jaitley: Issues in state elections are entirely different, we won all these states in 2003 Dec & lost the general election in 2004. Therefore these results don't reflect automatically. The 2019 elections will be around the performance of Central govt & leadership of PM Modi. pic.twitter.com/MuYBGjDjs0 — ANI (@ANI) December 11, 2018 × Jaitley further added that the results have called for the party to "pause and analyse" as the results were not expected. "In both Chhattisgarh and Madhya Pradesh we were in power for 15 years and we have done well. I don't think there was anti-incumbency but fatigue factor does come in," he said. The official data by the Election Commission signal a win for the Congress in Madhya Pradesh, Chhattisgarh and Rajasthan. The Mizo National Front swept Mizoram with 26 over 40 assembly seat. KCR's Telangana Rashtra Samiti also registered a landslide victory with 83 seats in its kitty, leading in 7.

Results not as expected, it's an opportunity to pause and analyse: Arun Jaitley

RBI Governor <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513">Urjit Patel has resigned</a>,&nbsp;saying he was doing so for "personal reasons".&nbsp;

"On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," Patel said in a statement.&nbsp;

"Support and hard work of RBI staff, officers and management has been proximate driver of Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and directors of RBI Central Board and wish them all the best for future," he added.&nbsp;

Pointedly, he made no mention of the finance ministry or the government with which he had been tussling with of late over the issue of the bank's reserve funds.

The government was of the opinion that the bank should hand over a larger share of them to the government.&nbsp;

The government was also keen that the central bank free up credit — by loosening its curbs on the non-banking financial sector — for small and medium enterprises.&nbsp;

The government had wanted to kick-start growth. (A general election is to be held before May next year.)

Patel is the first RBI governor to step down before completing his term since 1990.&nbsp;&nbsp;

The larger battle between the government and Patel had devolved down to one of autonomy. RBI Deputy Governor Viral Acharya had recently warned that any government that does not respect the central bank's financial autonomy <a href="http://www.wionews.com/india-news/a-govt-that-does-not-respect-rbis-independence-will-incur-wrath-of-markets-rbi-deputy-governor-173752">will have to face the wrath of the markets</a>.&nbsp;

The government however&nbsp;reportedly invoked Section 7 of the RBI act which allows it to issue directions to the central bank. The section has never before been invoked in independent India.&nbsp;

"We will miss him immensely," Prime Minister Narendra Modi said in a pair of tweeets after Patel announced his departure.&nbsp;

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Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability.
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1072104938908508161?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely.
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1072105285303492614?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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"He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability," Modi added.&nbsp;

Finance Minister Arun Jaitley also put out a pair of tweets, saying "It was a pleasure for me to deal with him and benefit from his scholarship."&nbsp;

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The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship. (1/2)
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1072103484642783233?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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I wish Dr. Patel all the very best and many more years of public service. (2/2)
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1072103756056195077?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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He added that "I wish Dr. Patel all the very best and many more years of public service."&nbsp;

&nbsp;

RBI Governor Urjit Patel has resigned, saying he was doing so for "personal reasons". "On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately.

RBI Governor Urjit Patel has resigned, saying he was doing so for "personal reasons". "On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," Patel said in a statement. "Support and hard work of RBI staff, officers and management has been proximate driver of Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and directors of RBI Central Board and wish them all the best for future," he added. Pointedly, he made no mention of the finance ministry or the government with which he had been tussling with of late over the issue of the bank's reserve funds. The government was of the opinion that the bank should hand over a larger share of them to the government. The government was also keen that the central bank free up credit — by loosening its curbs on the non-banking financial sector — for small and medium enterprises. The government had wanted to kick-start growth. (A general election is to be held before May next year.) Patel is the first RBI governor to step down before completing his term since 1990. The larger battle between the government and Patel had devolved down to one of autonomy. RBI Deputy Governor Viral Acharya had recently warned that any government that does not respect the central bank's financial autonomy will have to face the wrath of the markets. The government however reportedly invoked Section 7 of the RBI act which allows it to issue directions to the central bank. The section has never before been invoked in independent India. "We will miss him immensely," Prime Minister Narendra Modi said in a pair of tweeets after Patel announced his departure. Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability. — Narendra Modi (@narendramodi) December 10, 2018 × Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely. — Narendra Modi (@narendramodi) December 10, 2018 × "He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability," Modi added. Finance Minister Arun Jaitley also put out a pair of tweets, saying "It was a pleasure for me to deal with him and benefit from his scholarship." The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship. (1/2) — Arun Jaitley (@arunjaitley) December 10, 2018 × I wish Dr. Patel all the very best and many more years of public service. (2/2) — Arun Jaitley (@arunjaitley) December 10, 2018 × He added that "I wish Dr. Patel all the very best and many more years of public service."

RBI Governor Urjit Patel resigns, says it's for 'personal reasons'

Union Finance Minister Arun Jaitley on Monday welcomes UK court's order of <a href="http://www.wionews.com/india-news/legal-team-will-take-proper-steps-over-whatever-judgement-is-pronounced-mallya-182872">clearing liquor baron Vijay Mallya's extradition to India</a>. Describing the move as a "victory for ethics and probity," Jaitley said that it is a signal that "no one can cheat India."

"It's a victory for ethics &amp; probity. It's also a signal to all that nobody can cheat India, it's people, economy and go hide somewhere in the world, and India will never be able to get at him," he noted.

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Arun Jaitley on Vijay Mallya to be extradited to India: Great Day for India. No one who cheats India will go scot free. The judgement of UK’s Court is welcomed. An offender benefited during the UPA. The NDA brings him to book. (File pic) <a href="https://t.co/HaZfgka82r">pic.twitter.com/HaZfgka82r</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1072113281228292096?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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"Great Day for India. No one who cheats India will go scot free. The judgement of UK’s Court is welcomed. An offender benefited during the UPA. The NDA brings him to book," Jaitley stated.&nbsp;

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a>: Arun Jaitley says on UK court orders extradition of <a href="https://twitter.com/hashtag/VijayMallya?src=hash&amp;ref_src=twsrc%5Etfw">#VijayMallya</a> to India, "It's a victory for ethics &amp; probity. It's also a signal to all that nobody can cheat India, it's people, economy &amp; go hide somewhere in the world, &amp; India will never be able to get at him" <a href="https://t.co/dhKvKlFU4l">pic.twitter.com/dhKvKlFU4l</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1072131824846077952?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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Jaitley lashed out at the Congress calling it the "culprit" for giving loans to Mallya.

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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a>: Finance Minister Arun Jaitley says on UK court orders extradition of <a href="https://twitter.com/hashtag/VijayMallya?src=hash&amp;ref_src=twsrc%5Etfw">#VijayMallya</a> to India, "This judgement should also give a lot of room to Congress party &amp; its President to seriously introspect. He should introspect for every falsehood that he has spoken on this topic" <a href="https://t.co/WGbuCGB0gl">pic.twitter.com/WGbuCGB0gl</a>
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"You created a situation in which ppl like these could prosper and we've succeeded now in getting him back. It's a proud moment for India," he said.

"This judgement should also give a lot of room to Congress party and its President to seriously introspect. He should introspect for every falsehood that he has spoken on this topic," Jaitley added.&nbsp;

UK's Westminster Magistrates' Court on Monday ordered liquor baron Vijay Mallya's extradition to India.

According to reports, Mallya has 14 days to appeal his extradition in High Court. He will be extradited within a month if he loses appeal. Mallya has an option to move the European Court of Justice.

&nbsp;

Union Finance Minister Arun Jaitley on Monday welcomes UK court's order of clearing liquor baron Vijay Mallya's extradition to India. Describing the move as a "victory for ethics and probity," Jaitley said that it is a signal that "no one can cheat India.

Union Finance Minister Arun Jaitley on Monday welcomes UK court's order of clearing liquor baron Vijay Mallya's extradition to India. Describing the move as a "victory for ethics and probity," Jaitley said that it is a signal that "no one can cheat India." "It's a victory for ethics & probity. It's also a signal to all that nobody can cheat India, it's people, economy and go hide somewhere in the world, and India will never be able to get at him," he noted. Arun Jaitley on Vijay Mallya to be extradited to India: Great Day for India. No one who cheats India will go scot free. The judgement of UK’s Court is welcomed. An offender benefited during the UPA. The NDA brings him to book. (File pic) pic.twitter.com/HaZfgka82r — ANI (@ANI) December 10, 2018 × "Great Day for India. No one who cheats India will go scot free. The judgement of UK’s Court is welcomed. An offender benefited during the UPA. The NDA brings him to book," Jaitley stated. #WATCH: Arun Jaitley says on UK court orders extradition of #VijayMallya to India, "It's a victory for ethics & probity. It's also a signal to all that nobody can cheat India, it's people, economy & go hide somewhere in the world, & India will never be able to get at him" pic.twitter.com/dhKvKlFU4l — ANI (@ANI) December 10, 2018 × Jaitley lashed out at the Congress calling it the "culprit" for giving loans to Mallya. #WATCH: Finance Minister Arun Jaitley says on UK court orders extradition of #VijayMallya to India, "This judgement should also give a lot of room to Congress party & its President to seriously introspect. He should introspect for every falsehood that he has spoken on this topic" pic.twitter.com/WGbuCGB0gl — ANI (@ANI) December 10, 2018 × "You created a situation in which ppl like these could prosper and we've succeeded now in getting him back. It's a proud moment for India," he said. "This judgement should also give a lot of room to Congress party and its President to seriously introspect. He should introspect for every falsehood that he has spoken on this topic," Jaitley added. UK's Westminster Magistrates' Court on Monday ordered liquor baron Vijay Mallya's extradition to India. According to reports, Mallya has 14 days to appeal his extradition in High Court. He will be extradited within a month if he loses appeal. Mallya has an option to move the European Court of Justice.

Great day for India: Arun Jaitley on Mallya's extradition

<a href="http://www.wionews.com/india-news/supreme-court-dismisses-pil-against-fm-arun-jaitley-182167">Finance Minister Arun Jaitley</a>&nbsp;on Monday appreciated the service rendered by RBI Governor Urjit Patel saying it was a pleasure to deal with him and has benefitted from his scholarship.

<a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">Patel on&nbsp; Monday resigned as RBI Governor</a>, nearly 9 months ahead of his three-year tenure was to come to an end.

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Finance Minister Arun Jaitley: Govt acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as Governor &amp; Deputy Governor of RBI. I wish Dr Patel all the very best and many more years of public service. (File pic) <a href="https://t.co/o7W5OwG9Ah">pic.twitter.com/o7W5OwG9Ah</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1072105184690487296?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote>
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"The Government acknowledges with a deep sense of appreciation the services rendered by Dr Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of the RBI. It was a pleasure for me to deal with him and benefit from his scholarship," Jaitley tweeted.

"I wish Dr Patel all the very best and many more years of public service," he said.

Finance Minister Arun Jaitley on Monday appreciated the service rendered by RBI Governor Urjit Patel saying it was a pleasure to deal with him and has benefitted from his scholarship.

Finance Minister Arun Jaitley on Monday appreciated the service rendered by RBI Governor Urjit Patel saying it was a pleasure to deal with him and has benefitted from his scholarship. Patel on Monday resigned as RBI Governor, nearly 9 months ahead of his three-year tenure was to come to an end. Finance Minister Arun Jaitley: Govt acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as Governor & Deputy Governor of RBI. I wish Dr Patel all the very best and many more years of public service. (File pic) pic.twitter.com/o7W5OwG9Ah — ANI (@ANI) December 10, 2018 × "The Government acknowledges with a deep sense of appreciation the services rendered by Dr Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of the RBI. It was a pleasure for me to deal with him and benefit from his scholarship," Jaitley tweeted. "I wish Dr Patel all the very best and many more years of public service," he said.

Government appreciates Urjit Patel's service as RBI Governor: Jaitley

Finance Minister Arun Jaitley Friday said the number of income tax-payers can double to almost 12 crore with the increased formalisation of the economy.

As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five-year term, he said.

"3.8 crore people filed I-T returns in 2014 when the NDA government came to power. There are 25-26 crore families here. The country is capable of having a 10-11-12 crore tax payer base," Jaitley said at the 'Jagran Conclave' here.

India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, he said.

"Oil prices are a drag.... India can continue to grow at the same pace for two decades, but we need mature leadership for that," the minister said.

The Indian economy grew at 6.7 per cent in 2017-18 fiscal. In the April-June and July-September quarters of the current financial year, the GDP expanded by 8.2 per cent and 7.1 per cent respectively.

Jaitley said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world.

Fitch Ratings in its Global Economic Outlook Thursday forecast global GDP growth at 3.3 per cent for 2018. India, it said, will grow at 7.2 per cent in the current fiscal ending March 2019.&nbsp;

Finance Minister Arun Jaitley Friday said the number of income tax-payers can double to almost 12 crore with the increased formalisation of the economy. As many as 6.

Finance Minister Arun Jaitley Friday said the number of income tax-payers can double to almost 12 crore with the increased formalisation of the economy. As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five-year term, he said. "3.8 crore people filed I-T returns in 2014 when the NDA government came to power. There are 25-26 crore families here. The country is capable of having a 10-11-12 crore tax payer base," Jaitley said at the 'Jagran Conclave' here. India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, he said. "Oil prices are a drag.... India can continue to grow at the same pace for two decades, but we need mature leadership for that," the minister said. The Indian economy grew at 6.7 per cent in 2017-18 fiscal. In the April-June and July-September quarters of the current financial year, the GDP expanded by 8.2 per cent and 7.1 per cent respectively. Jaitley said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world. Fitch Ratings in its Global Economic Outlook Thursday forecast global GDP growth at 3.3 per cent for 2018. India, it said, will grow at 7.2 per cent in the current fiscal ending March 2019.

Number of income tax payers can double to 12 crore: Jaitley

The Supreme Court Friday dismissed a PIL raising allegations against Finance Minister Arun Jaitley relating to capital reserve of the Reserve Bank of India.

The apex court also imposes a cost of Rs 50,000 on advocate M L Sharma, who had filed the public interest litigation (PIL).&nbsp;

"We find no reason whatsoever to entertain this PIL," a bench comprising Chief Justice Ranjan Gogoi and Justcie S K Kaul said.

Sharma had accused the Finance Minister of "plundering" the capital reserve of the RBI.

The bench also directed the apex court registry not to allow Sharma to file any PIL till he deposits Rs 50,000.

The top court imposed the cost as the advocate continued with the argument after dismissal of the PIL.

The Chief Justice warned him not to continue with the submissions, saying cost will be imposed if he was unable to satisfy the court.

The apex court expressed displeasure that the advocate made the finance minister as the main party in the PIL.

The bench said, "What is this PIL? You cannot go on with such misadventure. What exactly is this? You are saying the finance minister is plundering the capital reserve of the RBI. You are not bringing honour to this institution. Why do we permit you to go ahead with this PIL."&nbsp;

&nbsp;

The Supreme Court Friday dismissed a PIL raising allegations against Finance Minister Arun Jaitley relating to capital reserve of the Reserve Bank of India. The apex court also imposes a cost of Rs 50,000 on advocate M L Sharma, who had filed the public interest litigation (PIL).

The Supreme Court Friday dismissed a PIL raising allegations against Finance Minister Arun Jaitley relating to capital reserve of the Reserve Bank of India. The apex court also imposes a cost of Rs 50,000 on advocate M L Sharma, who had filed the public interest litigation (PIL). "We find no reason whatsoever to entertain this PIL," a bench comprising Chief Justice Ranjan Gogoi and Justcie S K Kaul said. Sharma had accused the Finance Minister of "plundering" the capital reserve of the RBI. The bench also directed the apex court registry not to allow Sharma to file any PIL till he deposits Rs 50,000. The top court imposed the cost as the advocate continued with the argument after dismissal of the PIL. The Chief Justice warned him not to continue with the submissions, saying cost will be imposed if he was unable to satisfy the court. The apex court expressed displeasure that the advocate made the finance minister as the main party in the PIL. The bench said, "What is this PIL? You cannot go on with such misadventure. What exactly is this? You are saying the finance minister is plundering the capital reserve of the RBI. You are not bringing honour to this institution. Why do we permit you to go ahead with this PIL."

Supreme Court dismisses PIL against FM Arun Jaitley

<a href="http://www.wionews.com/india-news/arun-jaitley-defends-revised-gdp-numbers-for-upa-era-says-cso-credible-organistaion-180175">Finance Minister Arun Jaitley</a> on Thursday said that there was a dire need for India to have an integrated health policy to provide maximum benefits to the patient population across the country.

Jaitley, who was speaking at the Confederation of Indian Industry Health Tech Summit here, said, "All the state and central health schemes such as Ayushman Bharat and schemes need to be merged together so that their benefit reaches the patient population of the country in a consolidated manner."

"This will surely be implemented by the states which is centrally coordinated. It will also not result in the rise of turf between the states and the Central governments. Such a scheme will essentially measure that if patients of one state are better than the patients of another state pertaining to the facilities and health infrastructure," he added.

"The fundamental principle is you need resources and to invest in the social sector you need more resources. The idea is to strengthen the states with more revenue," the Union Finance Minister," added, while elaborated upon the idea by citing the example of Goods and Services Tax (GST) implemented by the Centre in 2016.

"When we implemented GST, we created an institution comprised of Central Finance Minister and all Finance Ministers of the states. We sat together to decide on a common tax system and end up merging Central and state taxes by virtue of a federal body which was coordinating it. It was India`s first experiment in implementing the first common tax regime by creating the first federal institution," he said.

He further said, "When my government assumed office in 2014, only 3.8 crore people out of 130 crore filed tax returns. At the end of 5-year tenure, the figures will be doubled. The quantum has also jumped. The first year of GST added 74 per cent of the more revenue and slowly the revenue will keep increasing. Every state today gets 42 per cent of the Central revenue and 50 per cent share of GST and taxes and then we have Central sector schemes like Ayushman Bharat Yojana from where they get additional revenue."

Jaitley also touched upon the importance of Swachch Bharat Abhiyan in marking a sea change in the dignity of the lives of the rural population, especially women. "A preventive health programme like Swachch Bharat in India has been successful after the figure of 39 per cent rural sanitation going up to 92 per cent," he said.

"The mission became successful because it partly became a women`s movement in villages. We were giving Rs 12,000 for every toilet established in the rural home. Once the percentage of the programme reaches 98 per cent we don`t have to invest too much money into it," he said.

Jaitley said the Central government has made efforts to establish institutions of excellence pertaining to health care across India and the private players are also investing in health care in Tier II cities," he added.&nbsp;

Finance Minister Arun Jaitley on Thursday said that there was a dire need for India to have an integrated health policy to provide maximum benefits to the patient population across the country.

Finance Minister Arun Jaitley on Thursday said that there was a dire need for India to have an integrated health policy to provide maximum benefits to the patient population across the country. Jaitley, who was speaking at the Confederation of Indian Industry Health Tech Summit here, said, "All the state and central health schemes such as Ayushman Bharat and schemes need to be merged together so that their benefit reaches the patient population of the country in a consolidated manner." "This will surely be implemented by the states which is centrally coordinated. It will also not result in the rise of turf between the states and the Central governments. Such a scheme will essentially measure that if patients of one state are better than the patients of another state pertaining to the facilities and health infrastructure," he added. "The fundamental principle is you need resources and to invest in the social sector you need more resources. The idea is to strengthen the states with more revenue," the Union Finance Minister," added, while elaborated upon the idea by citing the example of Goods and Services Tax (GST) implemented by the Centre in 2016. "When we implemented GST, we created an institution comprised of Central Finance Minister and all Finance Ministers of the states. We sat together to decide on a common tax system and end up merging Central and state taxes by virtue of a federal body which was coordinating it. It was India`s first experiment in implementing the first common tax regime by creating the first federal institution," he said. He further said, "When my government assumed office in 2014, only 3.8 crore people out of 130 crore filed tax returns. At the end of 5-year tenure, the figures will be doubled. The quantum has also jumped. The first year of GST added 74 per cent of the more revenue and slowly the revenue will keep increasing. Every state today gets 42 per cent of the Central revenue and 50 per cent share of GST and taxes and then we have Central sector schemes like Ayushman Bharat Yojana from where they get additional revenue." Jaitley also touched upon the importance of Swachch Bharat Abhiyan in marking a sea change in the dignity of the lives of the rural population, especially women. "A preventive health programme like Swachch Bharat in India has been successful after the figure of 39 per cent rural sanitation going up to 92 per cent," he said. "The mission became successful because it partly became a women`s movement in villages. We were giving Rs 12,000 for every toilet established in the rural home. Once the percentage of the programme reaches 98 per cent we don`t have to invest too much money into it," he said. Jaitley said the Central government has made efforts to establish institutions of excellence pertaining to health care across India and the private players are also investing in health care in Tier II cities," he added.

Finance Minister Arun Jaitley bats for one nation, one health policy

Finance Minister Arun Jaitley Thursday jumped to defend the <a href="http://www.wionews.com/india-news/ahead-of-2019-polls-govt-slashes-gdp-growth-rates-during-upa-era-180147">revision in India's GDP growth rate</a> during the previous UPA era, saying the Central Statistics Office (CSO), which came out with the revised numbers, was a credible organisation and maintains arm's length distance from the finance ministry.

A day after Chief Statistician Pravin Srivastava, in an unusual move, announced the revised numbers based on back series data alongside Niti Aayog vice chairman Rajiv Kumar, Jaitley said, "I don't think any service is being rendered by those who discredit the highly credible organisation, CSO."

Former Finance Minister P Chidambaram had Wednesday called the revision a "bad joke."

"Niti Aayog's revised GDP numbers are a joke. They are a bad joke," he had tweeted. "Actually they are worse than a bad joke. The numbers are the result of a hatchet job."

Jaitley said when the CSO had revised upward the growth rate of 2012-13 and 2013-14, the then government had welcomed the decision.

The same yardstick has been applied by the CSO while revising the growth downwards, he said.

Just months before the general elections, the country's economic growth rate during the previous<a href="http://www.wionews.com/india-news/modi-government-manipulating-gdp-data-of-previous-years-congress-180145"> Congress-led UPA</a> regime was lowered Wednesday, shaving off over 1 percentage point from the only year when India posted double-digit GDP growth post liberalisation and from each of the three years with 9-plus per cent expansion.

Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the CSO estimated that India's GDP grew by 8.5 per cent in the financial year 2010-11 (April 2010 to March 2011) and not at 10.3 per cent as previously estimated.

Similarly, 9.3 per cent growth rate each in 2005-06 and 2006-07 was lowered to 7.9 per cent and 8.1 per cent, respectively, while 7.7 per cent rate was now estimated for 2007-08 instead of 9.8 per cent.

Chidambaram had called the revision a "hatchet job" by Niti Aayog.

"Now that Niti Aayog has done the hatchet job, it is time to wind up the utterly worthless body," he had tweeted. "The earlier numbers were calculated by the National Statistical Commission. Has the commission been disbanded?"

"Former Chief Statistician Pranab Sen is absolutely correct. Niti Aayog has nothing to do with tabulation of data," he had said. "I wonder if Niti Aayog Vice Chairman Rajiv Kumar will agree to a debate the data than telling journalists that their questions are "undeserving of an answer", he said.

Finance Minister Arun Jaitley Thursday jumped to defend the revision in India's GDP growth rate during the previous UPA era, saying the Central Statistics Office (CSO), which came out with the revised numbers, was a credible organisation and maintains arm's length distance from the finance ministry.

Finance Minister Arun Jaitley Thursday jumped to defend the revision in India's GDP growth rate during the previous UPA era, saying the Central Statistics Office (CSO), which came out with the revised numbers, was a credible organisation and maintains arm's length distance from the finance ministry. A day after Chief Statistician Pravin Srivastava, in an unusual move, announced the revised numbers based on back series data alongside Niti Aayog vice chairman Rajiv Kumar, Jaitley said, "I don't think any service is being rendered by those who discredit the highly credible organisation, CSO." Former Finance Minister P Chidambaram had Wednesday called the revision a "bad joke." "Niti Aayog's revised GDP numbers are a joke. They are a bad joke," he had tweeted. "Actually they are worse than a bad joke. The numbers are the result of a hatchet job." Jaitley said when the CSO had revised upward the growth rate of 2012-13 and 2013-14, the then government had welcomed the decision. The same yardstick has been applied by the CSO while revising the growth downwards, he said. Just months before the general elections, the country's economic growth rate during the previous Congress-led UPA regime was lowered Wednesday, shaving off over 1 percentage point from the only year when India posted double-digit GDP growth post liberalisation and from each of the three years with 9-plus per cent expansion. Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the CSO estimated that India's GDP grew by 8.5 per cent in the financial year 2010-11 (April 2010 to March 2011) and not at 10.3 per cent as previously estimated. Similarly, 9.3 per cent growth rate each in 2005-06 and 2006-07 was lowered to 7.9 per cent and 8.1 per cent, respectively, while 7.7 per cent rate was now estimated for 2007-08 instead of 9.8 per cent. Chidambaram had called the revision a "hatchet job" by Niti Aayog. "Now that Niti Aayog has done the hatchet job, it is time to wind up the utterly worthless body," he had tweeted. "The earlier numbers were calculated by the National Statistical Commission. Has the commission been disbanded?" "Former Chief Statistician Pranab Sen is absolutely correct. Niti Aayog has nothing to do with tabulation of data," he had said. "I wonder if Niti Aayog Vice Chairman Rajiv Kumar will agree to a debate the data than telling journalists that their questions are "undeserving of an answer", he said.

Arun Jaitley defends revised GDP numbers for UPA era, says CSO credible organistaion

Finance Minister Arun Jaitley has said the government does not need any extra funds from the Reserve Bank or any other institution to meet the fiscal deficit target.

However, he added that extra funds, which may accrue from the new capital framework of the Reserve Bank, can always be used for poverty alleviation programmes over the years by future governments.

"We don't need any extra funds from any other institution to finance our fiscal deficit. Let's be very clear that's not the intention of the government. And we are not saying that in next six months give me some money. I don't need it, the minister said in an interview to TV channel Times Now.

India's fiscal deficit is slated to come down to 3.3 per cent of GDP at the end of the current fiscal.

Responding to criticism that the government was eyeing RBI's reserves, Jaitley said globally central banks have a capital framework which determines the amount of funds that ought to be maintained as reserves.

"All we are saying is there has to be some discussion and some norms under which Reserve Bank will have a capital framework," he said, adding that surplus funds could be used for poverty alleviation programmes by future governments over the next several years.

The RBI board at its meeting earlier in the month decided to set up a high-level committee for examining the Economic Capital Framework (ECF) to determine the appropriate levels of reserve the central bank should hold.

The RBI is reported to be holding a massive Rs 9.59 lakh crore of reserves.

Answering questions with regard to the autonomy of the Reserve Bank, Jaitley said it has to be exercised within the framework of law.

"The government's viewpoint is that we respect and we will always maintain the autonomy within the framework of the laws which have been laid down," he said.

The government, Jaitley added, would continue to flag issues with the Reserve Bank in the larger interest of the economy, and there has to be coordination between the central bank and the government.

"If there are sectors of economy which are starved of liquidity or credit, as a sovereign government... We certainly will flag those issues wherever the RBI has the authority to decide certain things," the minister said, adding there is no institutional failure.

He further said that during the Congress-led UPA regime, fiscal deficit went as high as 6 per cent of the GDP.

"We inherited a 4.6 per cent fiscal deficit. This government since 1947 in five-year tenure has the best record of fiscal prudence that any government has. From 4.6 per cent this year we are going to bring it down to 3.3 per cent," he added.&nbsp;

Finance Minister Arun Jaitley has said the government does not need any extra funds from the Reserve Bank or any other institution to meet the fiscal deficit target.

Finance Minister Arun Jaitley has said the government does not need any extra funds from the Reserve Bank or any other institution to meet the fiscal deficit target. However, he added that extra funds, which may accrue from the new capital framework of the Reserve Bank, can always be used for poverty alleviation programmes over the years by future governments. "We don't need any extra funds from any other institution to finance our fiscal deficit. Let's be very clear that's not the intention of the government. And we are not saying that in next six months give me some money. I don't need it, the minister said in an interview to TV channel Times Now. India's fiscal deficit is slated to come down to 3.3 per cent of GDP at the end of the current fiscal. Responding to criticism that the government was eyeing RBI's reserves, Jaitley said globally central banks have a capital framework which determines the amount of funds that ought to be maintained as reserves. "All we are saying is there has to be some discussion and some norms under which Reserve Bank will have a capital framework," he said, adding that surplus funds could be used for poverty alleviation programmes by future governments over the next several years. The RBI board at its meeting earlier in the month decided to set up a high-level committee for examining the Economic Capital Framework (ECF) to determine the appropriate levels of reserve the central bank should hold. The RBI is reported to be holding a massive Rs 9.59 lakh crore of reserves. Answering questions with regard to the autonomy of the Reserve Bank, Jaitley said it has to be exercised within the framework of law. "The government's viewpoint is that we respect and we will always maintain the autonomy within the framework of the laws which have been laid down," he said. The government, Jaitley added, would continue to flag issues with the Reserve Bank in the larger interest of the economy, and there has to be coordination between the central bank and the government. "If there are sectors of economy which are starved of liquidity or credit, as a sovereign government... We certainly will flag those issues wherever the RBI has the authority to decide certain things," the minister said, adding there is no institutional failure. He further said that during the Congress-led UPA regime, fiscal deficit went as high as 6 per cent of the GDP. "We inherited a 4.6 per cent fiscal deficit. This government since 1947 in five-year tenure has the best record of fiscal prudence that any government has. From 4.6 per cent this year we are going to bring it down to 3.3 per cent," he added.

Govt does not need extra funds from RBI to meet fiscal deficit target: Arun Jaitley

A day after Andhra Pradesh and West Bengal <a href="http://www.wionews.com/india-news/after-andhra-west-bengal-withdraws-general-consent-to-cbi-bjp-sees-grand-alliance-of-corrupt-parties-177777">withdrew the "general consent"</a> accorded to the CBI to conduct raids and carry out probe in the state, Finance minister Arun Jaitley rebuked the two governments saying scams cannot be wiped off by such a decision.

At the launch of the party mainifesto for the upcoming assembly polls in Madhya Pradesh, the finance minister targetted the two governments saying that only those who have a lot to hide will take steps to keep the CBI out of the state.

He further added that the CBI was created initially for employees of the Central government and then to investigate very serious cases referred to it either by states or on court orders.&nbsp;

Targetting the West Bengal government Jaitley&nbsp;referred to the Sarada ponzi scam and the Narada sting operation which involved cash bribes and senior Trinamool Congress leaders.

In Andhra Pradesh, the minister said the decision to keep the CBI away was not motivated by any particular case but by the fear of "what is likely to happen". "It is only those who have a lot to hide will take step of saying let CBI not come to my state," he said.&nbsp;

Responding to the withdrawal, BJP spokesperson G V L Narasimha Rao said leaders of the Trinamool Congress government in West Bengal and the Gandhi family of the Congress were facing probe in "corruption" cases. He further added that the steps taken by the two governments was to ensure that its "corruption" was not exposed.

The Congress, on the other hand, had cited the Andhra Pradesh government's decision to claims that states do not have faith in the CBI and other central agencies due to their "misuse" by the Narendra Modi government at the Centre.

(With inputs from agencies)

A day after Andhra Pradesh and West Bengal withdrew the "general consent" accorded to the CBI to conduct raids and carry out probe in the state, Finance minister Arun Jaitley rebuked the two governments saying scams cannot be wiped off by such a decision.

A day after Andhra Pradesh and West Bengal withdrew the "general consent" accorded to the CBI to conduct raids and carry out probe in the state, Finance minister Arun Jaitley rebuked the two governments saying scams cannot be wiped off by such a decision. At the launch of the party mainifesto for the upcoming assembly polls in Madhya Pradesh, the finance minister targetted the two governments saying that only those who have a lot to hide will take steps to keep the CBI out of the state. He further added that the CBI was created initially for employees of the Central government and then to investigate very serious cases referred to it either by states or on court orders. Targetting the West Bengal government Jaitley referred to the Sarada ponzi scam and the Narada sting operation which involved cash bribes and senior Trinamool Congress leaders. In Andhra Pradesh, the minister said the decision to keep the CBI away was not motivated by any particular case but by the fear of "what is likely to happen". "It is only those who have a lot to hide will take step of saying let CBI not come to my state," he said. Responding to the withdrawal, BJP spokesperson G V L Narasimha Rao said leaders of the Trinamool Congress government in West Bengal and the Gandhi family of the Congress were facing probe in "corruption" cases. He further added that the steps taken by the two governments was to ensure that its "corruption" was not exposed. The Congress, on the other hand, had cited the Andhra Pradesh government's decision to claims that states do not have faith in the CBI and other central agencies due to their "misuse" by the Narendra Modi government at the Centre. (With inputs from agencies)

They have a lot to hide: Jaitley rebukes West Bengal, Andhra Pradesh govt over CBI withdrawal

Union Finance Minister Arun Jaitley Saturday defended demonetisation, saying it was a "highly ethical" move and not a political one.

His statement comes a day after Prime Minister Narendra Modi and Rahul Gandhi engaged in a war of words during the respective election rallies over the decision suddenly announced in November 2016 to junk a bulk of the currency in circulation.

"It was a highly ethical move," Jaitley told reporters here in response to a query over demonetisation. "It was not a political move."

Jaitley was speaking after releasing the BJP's manifesto here ahead of the November 28 Madhya Pradesh Assembly election.

The minister said demonetisation has increased the tax return filings and also increased the revenue of the states and the Centre immensely.

Congress president Rahul Gandhi on Friday criticised the government over demonetisation, saying it was the "biggest scam" of India.

Addressing a rally in Ambikapur in Chhattisgarh ahead of the second phase of voting on November 20, Modi claimed people did not have issues with demonetisation, but "only a family".

The prime minister claimed the Congress was "worried" that he took away all the money its "minions and friends" had stashed under their beds and in sacks in one stroke.

Modi had said his government was investing the money recovered post-demonetisation on carrying out public works and funding welfare schemes.&nbsp;

Union Finance Minister Arun Jaitley Saturday defended demonetisation, saying it was a "highly ethical" move and not a political one. His statement comes a day after Prime Minister Narendra Modi and Rahul Gandhi engaged in a war of words during the respective election rallies over the decision suddenly announced in November 2016 to junk a bulk of the currency in circulation.

Union Finance Minister Arun Jaitley Saturday defended demonetisation, saying it was a "highly ethical" move and not a political one. His statement comes a day after Prime Minister Narendra Modi and Rahul Gandhi engaged in a war of words during the respective election rallies over the decision suddenly announced in November 2016 to junk a bulk of the currency in circulation. "It was a highly ethical move," Jaitley told reporters here in response to a query over demonetisation. "It was not a political move." Jaitley was speaking after releasing the BJP's manifesto here ahead of the November 28 Madhya Pradesh Assembly election. The minister said demonetisation has increased the tax return filings and also increased the revenue of the states and the Centre immensely. Congress president Rahul Gandhi on Friday criticised the government over demonetisation, saying it was the "biggest scam" of India. Addressing a rally in Ambikapur in Chhattisgarh ahead of the second phase of voting on November 20, Modi claimed people did not have issues with demonetisation, but "only a family". The prime minister claimed the Congress was "worried" that he took away all the money its "minions and friends" had stashed under their beds and in sacks in one stroke. Modi had said his government was investing the money recovered post-demonetisation on carrying out public works and funding welfare schemes.

Demonetisation highly ethical move, not political: Arun Jaitley

The <a href="http://www.wionews.com/business-economy/petrol-diesel-prices-dip-further-for-6th-straight-day-176957">fuel prices continued to decline</a> on Thursday with price&nbsp;of petrol reaching Rs 77.28 per litre in Delhi,&nbsp;0.15 paise lower from Wednesday.

In Mumbai, petrol is being sold at Rs 82.20 per litre after a decrease of 0.14 paise.

Meanwhile, diesel is available at Rs 72.09 per litre in national capital, 0.12 paise lower than Wednesday&nbsp;while in Mumbai,&nbsp;diesel is being retailed at Rs 75.53 per litre following a decrease of 0.11 paise. &nbsp;

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Petrol and diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> today are Rs 77.28 per litre (decrease by Rs 0.15) and Rs 72.09 per litre (decrease by Rs 0.10), respectively. Petrol and diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs 82.80 per litre (decrease by Rs 0.14) and Rs 75.53 (decrease by Rs 0.11), respectively. <a href="https://t.co/32YaYizUCK">pic.twitter.com/32YaYizUCK</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1062869637933776901?ref_src=twsrc%5Etfw">November 15, 2018</a></blockquote>
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The <a href="http://www.wionews.com/business-economy/rupee-bonds-surge-on-lower-oil-prices-rbi-bond-buy-announcement-177227">fuel prices</a> in the country have witnessed a relentless hike since the past few months in the country, burning a hole in the commuter's pocket.

In a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley on October 2 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices.

Petrol price has been cut by more than Rs 5.35 per litre and diesel by Rs 3.71 in the last 30 days in Mumbai.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.

Global oil prices recorded 12 straight days of losses on Tuesday and the steepest one-day loss in more than three years to recover by one per cent on Thursday. Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63.

US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017. Last month, <a href="http://www.wionews.com/business-economy/asia-stocks-shaken-by-plunge-in-crude-oil-growth-worries-177178">crude prices</a> had reached over $80 a barrel but have since cooled to below $70 a barrel. 
&nbsp;

The fuel prices continued to decline on Thursday with price of petrol reaching Rs 77.28 per litre in Delhi, 0.15 paise lower from Wednesday. In Mumbai, petrol is being sold at Rs 82.

The fuel prices continued to decline on Thursday with price of petrol reaching Rs 77.28 per litre in Delhi, 0.15 paise lower from Wednesday. In Mumbai, petrol is being sold at Rs 82.20 per litre after a decrease of 0.14 paise. Meanwhile, diesel is available at Rs 72.09 per litre in national capital, 0.12 paise lower than Wednesday while in Mumbai, diesel is being retailed at Rs 75.53 per litre following a decrease of 0.11 paise. Petrol and diesel prices in #Delhi today are Rs 77.28 per litre (decrease by Rs 0.15) and Rs 72.09 per litre (decrease by Rs 0.10), respectively. Petrol and diesel prices in #Mumbai are Rs 82.80 per litre (decrease by Rs 0.14) and Rs 75.53 (decrease by Rs 0.11), respectively. pic.twitter.com/32YaYizUCK — ANI (@ANI) November 15, 2018 × The fuel prices in the country have witnessed a relentless hike since the past few months in the country, burning a hole in the commuter's pocket. In a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley on October 2 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices. Petrol price has been cut by more than Rs 5.35 per litre and diesel by Rs 3.71 in the last 30 days in Mumbai. As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar. Global oil prices recorded 12 straight days of losses on Tuesday and the steepest one-day loss in more than three years to recover by one per cent on Thursday. Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63. US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017. Last month, crude prices had reached over $80 a barrel but have since cooled to below $70 a barrel.

Fuel prices drop in Delhi, Mumbai as global prices continue downward spiral

A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday.

Addressing the 25th World Congress of Savings and Retail Banks in Delhi, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.

"Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon the quality of life but we are conscious of the fact that dangers of development and progress benefiting a few and leaving many others out of inclusion system are also there," he said.

Therefore, he said, "the penetration effect of growth will certainly take place but it will be a slow process and aspirational society is not willing to wait indefinitely."

Talking about the financial inclusion drive of the Narendra Modi government since 2014, he said the ultimate objective was to bank the unbanked, secure the unsecured, fund the unfunded and service the unserviced areas.&nbsp;

Banks, especially public sector banks, opened 330 million accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in a few months, he said.&nbsp;

Initially, it was zero balance accounts and gradually people started putting in money.

To incentivise operational accounts, he said an overdraft facility was provided to them.

Noting that India predominately is an uninsured and unpensioned society, he said the government offered insurance at a very affordable premium as part of the social security system through the PMJDY account.

A total of 141 million people are enrolled under accident insurance while 55 million have availed life insurance under the scheme, he said.

Besides, a low premium pension policy called Atal Pension Yojana was launched, targeted at providing sustenance pension after 60 years of age.&nbsp; 
For funding the unfunded, the government introduced the Mudra scheme.

Once these accounts became operational, he said the government moved towards formalising and digitising the economy.&nbsp;

"To formalise the economy, the government demonetised high-value currency which compelled people to put all their cash into the banking system," he said.&nbsp;

The government also introduced a new taxation regime -- the Goods and Services Tax (GST) -- where multiple taxes were combined into one, he said, adding the tax system became completely online and brought many activities into the formal system.

This is still work on progress, Jaitley added.

Speaking at the occasion, Financial Services Secretary Rajiv Kumar said enthused by the success of PMJDY, the government recently launched its second phase with a target of providing bank accounts to all individuals and doubling overdraft facility to Rs 10,000.&nbsp;

A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday. Addressing the 25th World Congress of Savings and Retail Banks in Delhi, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.

A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday. Addressing the 25th World Congress of Savings and Retail Banks in Delhi, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor. "Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon the quality of life but we are conscious of the fact that dangers of development and progress benefiting a few and leaving many others out of inclusion system are also there," he said. Therefore, he said, "the penetration effect of growth will certainly take place but it will be a slow process and aspirational society is not willing to wait indefinitely." Talking about the financial inclusion drive of the Narendra Modi government since 2014, he said the ultimate objective was to bank the unbanked, secure the unsecured, fund the unfunded and service the unserviced areas. Banks, especially public sector banks, opened 330 million accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in a few months, he said. Initially, it was zero balance accounts and gradually people started putting in money. To incentivise operational accounts, he said an overdraft facility was provided to them. Noting that India predominately is an uninsured and unpensioned society, he said the government offered insurance at a very affordable premium as part of the social security system through the PMJDY account. A total of 141 million people are enrolled under accident insurance while 55 million have availed life insurance under the scheme, he said. Besides, a low premium pension policy called Atal Pension Yojana was launched, targeted at providing sustenance pension after 60 years of age. For funding the unfunded, the government introduced the Mudra scheme. Once these accounts became operational, he said the government moved towards formalising and digitising the economy. "To formalise the economy, the government demonetised high-value currency which compelled people to put all their cash into the banking system," he said. The government also introduced a new taxation regime -- the Goods and Services Tax (GST) -- where multiple taxes were combined into one, he said, adding the tax system became completely online and brought many activities into the formal system. This is still work on progress, Jaitley added. Speaking at the occasion, Financial Services Secretary Rajiv Kumar said enthused by the success of PMJDY, the government recently launched its second phase with a target of providing bank accounts to all individuals and doubling overdraft facility to Rs 10,000.

High growth necessary for poverty alleviation: Arun Jaitley

Hitting back at Rahul Gandhi, Finance Minister Arun Jaitley Tuesday said the Congress President's failed politics is compelling him to resort to 'falsehood' and 'petty hair-splitting' to make the sensitive Rafale purchase defence deal controversial.

Jaitley also said that it was the Congress-led UPA which delayed the purchase of the Rafale aircraft which was necessary to improve the combat ability of Indian Air Force.

He was responding to allegations made by Gandhi that Prime Minister Narendra Modi has admitted to "theft" in the Rafale deal before the Supreme Court and to changes in the contract without asking the Air Force.

In a series of tweets, Jaitley said that 'falsehood' cannot be a substitute for "failed politics" of Gandhi.

"UPA delayed the Rafale purchase, much required for improving the combat ability of Indian Air force. Is Rahul Gandhi's failed politics compelling him to render India's sensitive defence requirements controversial?" Jaitley questioned.

The Centre on Monday disclosed to the Supreme Court the pricing details for the 36 Rafale jets that were negotiated on "better terms" and said it "completely followed" the Defence Procurement Procedure laid out in 2013 and secured the Cabinet Committee on Security (CCS) approval before the deal that has whipped up a political storm was inked with France.

Jaitley, in a tweet, said, "Falsehood is not a substitute for Rahul Gandhi's failed politics. Realising that the Modi government bought the Rafale at a price cheaper than what UPA was negotiating the disrupters are now reporting to petty hair-splitting".

Earlier in the day, Gandhi in a tweet said "Modiji has admitted to his theft in the Supreme Court. In the affidavit, he admitted to changes in the contract without asking the Air Force and put Rs 30,000 crore in Ambani's pocket.&nbsp;

Hitting back at Rahul Gandhi, Finance Minister Arun Jaitley Tuesday said the Congress President's failed politics is compelling him to resort to 'falsehood' and 'petty hair-splitting' to make the sensitive Rafale purchase defence deal controversial.

Hitting back at Rahul Gandhi, Finance Minister Arun Jaitley Tuesday said the Congress President's failed politics is compelling him to resort to 'falsehood' and 'petty hair-splitting' to make the sensitive Rafale purchase defence deal controversial. Jaitley also said that it was the Congress-led UPA which delayed the purchase of the Rafale aircraft which was necessary to improve the combat ability of Indian Air Force. He was responding to allegations made by Gandhi that Prime Minister Narendra Modi has admitted to "theft" in the Rafale deal before the Supreme Court and to changes in the contract without asking the Air Force. In a series of tweets, Jaitley said that 'falsehood' cannot be a substitute for "failed politics" of Gandhi. "UPA delayed the Rafale purchase, much required for improving the combat ability of Indian Air force. Is Rahul Gandhi's failed politics compelling him to render India's sensitive defence requirements controversial?" Jaitley questioned. The Centre on Monday disclosed to the Supreme Court the pricing details for the 36 Rafale jets that were negotiated on "better terms" and said it "completely followed" the Defence Procurement Procedure laid out in 2013 and secured the Cabinet Committee on Security (CCS) approval before the deal that has whipped up a political storm was inked with France. Jaitley, in a tweet, said, "Falsehood is not a substitute for Rahul Gandhi's failed politics. Realising that the Modi government bought the Rafale at a price cheaper than what UPA was negotiating the disrupters are now reporting to petty hair-splitting". Earlier in the day, Gandhi in a tweet said "Modiji has admitted to his theft in the Supreme Court. In the affidavit, he admitted to changes in the contract without asking the Air Force and put Rs 30,000 crore in Ambani's pocket.

Failed politics compelling Rahul to make Rafale deal controversial: Jaitley

The current tussle between the Central Government and the Reserve Bank of India (RBI) has brought into focus the issue of autonomy of the central bank in operationalising its monetary policy. While the RBI wants to bring in more discipline into banks’ lending operations, the Centre wants a greater share of the RBI’s surplus and has also criticised the central bank for being too conservative on lending restrictions, thereby tightening liquidity especially for Non-Banking Finance Companies (NBFCs).

Central banks were initially opened as bankers to the government. They held the government’s tax revenues, non-tax revenues and loans. Over time, these banks were nationalised and brought fully under government control. In later years, it became evident that the central bank, being a banker to the government, had an information advantage over other banks. It could use that information advantage to regulate the activities of other banks to reduce possibilities of moral hazard and adverse selection – the two most important market failures in the financial sector. Even later, it evolved into a banker to the banks and a lender of last resort. By standing as a guarantee to other banks, the central bank brought trust into the banking system and reduced bank runs.

The RBI came into existence in 1935 based on the recommendations of the Hilton-Young Commission. It is governed by the Reserve Bank of India Act, 1934. Although it was initially owned by private shareholders, it was nationalised in 1949 after India’s Independence. Prior to the 1991 reforms, the RBI enjoyed very little autonomy vis-a-vis the government. It was primarily responsible for monetising the government budget deficit. At the same time, it was accused of keeping interest rates deliberately low to reduce the government’s interest payments. This period was therefore called the period of fiscal dominance.

Post the reforms of 1991, the RBI gained considerable autonomy. The automatic monetisation of the fiscal deficit was phased out between 1993 and 1997. The FRBM Act further gave statutory backing to this restricted application of monetization of debt. There was also a move towards market-determined tools like interest rates and open market operations (OMOs) for administering monetary policy, instead of statutory controls like the Cash Reserve Ratio (CRR).

The recent move towards inflation targeting is another attempt at granting more autonomy and accountability to the RBI. The RBI can now use any tool at its disposal to achieve an inflation rate of 2-6 per cent. However, it will be answerable for its failure to do so.

Yet, considerable issues remain to be resolved. First, the RBI manages the government’s debt and also sets the benchmark interest rates. This leads to a conflict of interest. Second, the RBI’s ability to regulate Public Sector Banks (PSBs) is limited by the fact that both the RBI and the PSBs are government owned and again, there is a conflict of interest. Finally, excessive focus on inflation targeting can make the RBI’s approach to monetary policy too conservative, hurting investment prospects.

Thus, there is an urgent need to resolve these issues. A committee of experts from the banking sector, RBI and the government can be constituted. 
 
(This article was originally published on DNA. Read the <a href="https://www.dnaindia.com/analysis/column-evolution-of-central-banking-in-india-2684415">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp;

The current tussle between the Central Government and the Reserve Bank of India (RBI) has brought into focus the issue of autonomy of the central bank in operationalising its monetary policy.

The current tussle between the Central Government and the Reserve Bank of India (RBI) has brought into focus the issue of autonomy of the central bank in operationalising its monetary policy. While the RBI wants to bring in more discipline into banks’ lending operations, the Centre wants a greater share of the RBI’s surplus and has also criticised the central bank for being too conservative on lending restrictions, thereby tightening liquidity especially for Non-Banking Finance Companies (NBFCs). Central banks were initially opened as bankers to the government. They held the government’s tax revenues, non-tax revenues and loans. Over time, these banks were nationalised and brought fully under government control. In later years, it became evident that the central bank, being a banker to the government, had an information advantage over other banks. It could use that information advantage to regulate the activities of other banks to reduce possibilities of moral hazard and adverse selection – the two most important market failures in the financial sector. Even later, it evolved into a banker to the banks and a lender of last resort. By standing as a guarantee to other banks, the central bank brought trust into the banking system and reduced bank runs. The RBI came into existence in 1935 based on the recommendations of the Hilton-Young Commission. It is governed by the Reserve Bank of India Act, 1934. Although it was initially owned by private shareholders, it was nationalised in 1949 after India’s Independence. Prior to the 1991 reforms, the RBI enjoyed very little autonomy vis-a-vis the government. It was primarily responsible for monetising the government budget deficit. At the same time, it was accused of keeping interest rates deliberately low to reduce the government’s interest payments. This period was therefore called the period of fiscal dominance. Post the reforms of 1991, the RBI gained considerable autonomy. The automatic monetisation of the fiscal deficit was phased out between 1993 and 1997. The FRBM Act further gave statutory backing to this restricted application of monetization of debt. There was also a move towards market-determined tools like interest rates and open market operations (OMOs) for administering monetary policy, instead of statutory controls like the Cash Reserve Ratio (CRR). The recent move towards inflation targeting is another attempt at granting more autonomy and accountability to the RBI. The RBI can now use any tool at its disposal to achieve an inflation rate of 2-6 per cent. However, it will be answerable for its failure to do so. Yet, considerable issues remain to be resolved. First, the RBI manages the government’s debt and also sets the benchmark interest rates. This leads to a conflict of interest. Second, the RBI’s ability to regulate Public Sector Banks (PSBs) is limited by the fact that both the RBI and the PSBs are government owned and again, there is a conflict of interest. Finally, excessive focus on inflation targeting can make the RBI’s approach to monetary policy too conservative, hurting investment prospects. Thus, there is an urgent need to resolve these issues. A committee of experts from the banking sector, RBI and the government can be constituted. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Evolution of central banking in India

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