It is disappointing that the government has not taken any steps to provide for the Food Security Bill, which is in Parliament, in this budget. A significant announcement on it was anticipated this year; that would have been the only way to see it roll out in 2012. Now, I think, the government must be bargaining for legal processes to take over, which we know will take some time, before...

Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...

-PTI The Government today said it is likely to table a White Paper on black money during the ongoing Budget Session of Parliament, but maintained that there is no authentic estimate of the quantum of illicit wealth. "The white paper is likely to be brought during the Budget Session," Minister of State for Finance S S Palanimanickam informed the Rajya Sabha in a written reply. The White Paper is expected to contain information...

Funding agency for rural NGOs may be on its last legs IT IS a government agency that was set up specially to fund non-profits working on rural development. But of late the Council for People’s Action and Advancement of Rural Technology (CAPART) has been plagued by allegations of corruption and inefficiency. After a few failed attempts to reform CAPART, the government has now decided to overhaul the agency which has close...

-The Times of India Government agencies fear that terror funds are flowing into the real estate sector, apart from a substantial part of the black money generated within the country finding its way into the housing industry. An assessment prepared by revenue intelligence agencies and reviewed by the finance minister recently reveals that the highest component of undisclosed money detected by the income tax department was from the real estate sector. Officials suspect...