The Centre may announce a tax amnesty scheme to bring back black money stashed in banks abroad, finance minister Pranab Mukherjee hinted today. He declined to share the names of those who have black money in foreign banks “as it violates international law”. By one estimate, anything between $450 billion and $1.5 trillion is in these accounts. Mukherjee’s news conference was called today at the behest of Prime Minister Manmohan Singh who...

Despite a sharp rebound in economic growth for many countries, global unemployment in 2011 is likely to continue at the record highs of the past three years, highlighting the need for long-term policies that prioritize quality job creation, according to the United Nations labour agency. Moreover, a narrow focus in developed economies on reducing fiscal deficits without addressing the challenge of job creation will further weaken employment prospects in 2011, the...

The finance ministry has offered only a 12% increase in the budgetary support to the central plan for the coming fiscal against the Planning Commission's demand for an 18% hike. The plan panel sought higher support, citing increased requirement for the flagship schemes, particularly MGNREGA, or Mahatma Gandhi National Rural Employment Guarantee Act . The North Block, constrained by its compulsion to return to fiscal consolidation and additional expenditure due...

The National Advisory Council (NAC) had been widely credited with framing three pro-people legislations — the National Rural Employment Guarantee Scheme (NREGS), the Right to Information (RTI) and the Forest Rights Act — under the UPA 1 government. So when NAC 2 began discussions on the Food Security Act in mid-2010, expectations were high. The initial vision of an act with a universal public distribution system (PDS), extensive children's entitlements...

Unfazed by opposition attacks and questions from the Supreme Court, government on Tuesday maintained that it cannot disclose information received from foreign entities on black money held by Indians abroad because of absence of legal framework. Finance minister Pranab Mukherjee, however, dismissed opposition criticism that it was not disclosing information because such disclosure could result in the government's fall. "Let us understand the issue. No information can be made available unless there...