What India Expects from Budget 2018

National News

Finance Minister Arun Jaitley is all set to present his last full budget tommorow in Parliament.

Here is a list of what India expects

Taxation

Raise in upper limit of income tax ceiling

Tax relief for senior citizens

Further reduction of taxes in GST

Exemption of taxation on essential commodities like sanitary napkin, medicines and food

Reduction in corporate tax rates & Minimum Alternative Tax

Remove tax on angel investors

Remove tax on digital services

Agriculture

Encourage micro-credit for farmers

Reduce waivers on fertilizers & allied products

Investment in micro-irrigation projects

Waive off loans on farmers

Invest in ‘in-situ’ processing units to reduce dependency on transport

Invest in cold storage plants

Banks

Revive banks with non-performing assests

Simplify procedures for insolvency

Incentives for digital monetary transactions

Encourage long term investments

Infrastructure

Increase investment into infrastructure projects

Increase investment in waterways

Focus on Railway Infrastructure & safety

Auto sector

Reduce import tax on raw material

Lower GST rates on electric vehicles

Real estate sector

single-window clearance for all real estate projects

Reduce taxes on under-construction projects

Focus on sustainable, cheap housing projects

Energy sector

Focus on clean energy sector

Provide incentives for alternate & clean fuel

Incentives for solar projects

Reduce cess on oil and gas exploration and production

Metals and mining sector

Decrease customs duty on coking coal

Decrease in export duty on iron ore

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VISITING BANKS FOR CASH? GET READY TO BE INKED!

National News

Even as the crowds at ATMs and banks grew longer, the government has come up with a unique solution to combat the cash crunch that has severely affected the country. Speaking at a press conference Economic Affairs Secretary Shaktikanta Das announced that indelible ink would be used at banks to stop multiple withdrawals. He also announced the creation of a Special Task Force to monitor fake currency that was being circulated in the market.

‘To solve this problem we have decided to use indelible ink marks,similar to elections,on cash counters.’

SHAKTIKANTA DAS, SECRETARY, ECONOMIC AFFAIRS

 

Places of worship, who receive smaller denomination notes, have been requested to deposit money in banks so that supply of these notes increased.

Opposition takes on Prime Minister Narendra Modi

National News

The political war of words over the issue of demonetisation hit the  crescendo after opposition put on a united front against the ruling NDA.

BSP, Congress and the AAP held three separate press conferences and this is what they had to say.

“After demonetisation, the poor are enjoying a sound sleep while rich are running from pillar to post to buy sleeping pills” -Arvind Kejriwal, AAP

“Whatever may be the differences, political parties should not shy away from voicing the concern of the people so as to address the grievances” – Randeep Singh Surjewala, Congress

“In order to divert people’s attention from his failures, Modi levels baseless allegations against his poltical opponents which is condemnable…allegations on policy matters are different but personal ones should not be made…he cannot tolerate that a dalit ki beti is presented garland of notes” -Mayawati,BSP

 

Daily ATM Cash Withdrawal limits increased to INR 2500

National News

Indian Finance Ministry has increased the cash withdrawal limit from INR 2000 to INR 2500.

Daily exchange limits have been increased to INR 4,500 from the previous limit of INR 4,000.