Jaitley said the implementation of GST is bounded by a calendar deadline as the Constitutional Amendment provides that the existing indirect tax regime can continue only till September 16, 2017.
On the evening of November 8, the government announced that Rs 500 and Rs 1,000 notes would no longer be legal tender
"Earlier mindset of policymakers was that just by dishing out a few favours to the affluent you can bring changes in the country’s economy,"said Jaitley.
The effect of changes in the US growth and monetary policy on Asia's trade and general financial market confidence will be greater on smaller and more open economies of the region: S&P Global Ratings
Downside risks in the near term could travel through two major channels. One is "short-run disruptions in economic activity in cash-intensive sectors such as retail trade, hotels and restaurants and transportation, and in the unorganised sector".
These are the first official numbers given by RBI regarding issue of new currency
The RBI will be guided by the newly-formed six-member monetary policy committee.
Questions over cost of exercise; will tax black money hoarders, says Adhia
Finance ministry sources said the CBEC has so far extended 24X 7 customs clearance facilities to 19 sea ports and 17 Air Cargo complexes.
The design of these notes would be similar in all respects to the old Rs. 100 notes having ascending size of numerals in the number panels, bleed lines, and enlarged identification mark, on the obverse.
Logistics and warehousing sector is expected to be the largest contributor creating direct employment opportunities for about 1 million.
With interest rates being cut after unexpected clampdown on cash, foreign investors will look for assurance from new RBI Governor Urjit Patel over monetary policy.
By majority the Supreme Court has opined that non-discriminatory taxes do not interfere in the free movement of goods across the territory of India.
The reason for this sharp decline was low offtake of credit by small and medium enterprises and also by large industries.
The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector companies on a monthly basis, stood at 46.7 in November, down from 54.5 in October.
The index has registered a contraction for the first time since June 2015 and marked the sharpest reduction in output in almost three years.
Meanwhile, the benchmark BSE Sensex rose 42.63 points, or 0.16 per cent, to 26,273.29 in early trade today.
After the government announced abolishing of 500 and 1,000 rupee notes on November 8, deposits in Jan Dhan accounts increased by more than Rs 27, 000 crore to Rs 72,834.72 crore in just two weeks.
Patel, in his first policy as RBI Governor, in October reduced the repo rate (short term lending rate) by 0.25 per cent to 6.25 per cent.
"There is a Rs 13,860 crore hole in the Rs 65,000 crore IDS ! How many more holes?," Chidambaram tweeted.
Deposits in the 25.85 crore such accounts totalled Rs 74,321.55 crore at the end of November 30, as per the Finance Ministry data.
"Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies," a Finance Ministry statement said on Sunday.
Commenting on the USD 300 billion mark, Ficci and CII said that India is perceived as a safe and dynamic destination by global investors.
At present, the Act covers all those employees in certain categories of establishments whose wage does not exceed Rs 18,000 per month.
The university had asked the former RBI Governor to speak on the topic “understanding black money” but Reddy said he changed the topic to Union-State fiscal relations.
Jaitley discussed this with state FMs on the sidelines of the GST Council meeting.
Discussion on cross-empowerment issue in progress, says Jaitley
The next meeting of the Council, according to an official, will be on December 11 and 12.
The GST Council meeting on Saturday failed to reach any consensus after states and Centre sparred over dual control.
According to Adi Godrej, while it is good to migrate in some measure to some other forms of payment, “cash will be important”.
The resolution of the issue of dual control will be crucial for the targeted rollout of the indirect tax regime by April 1, 2017.
Adi Godrej speaks to The Indian Express in Mumbai.
Almost all states have tweaked the regulations of RERA in the interest of real estate developers mainly by excluding ongoing projects.
It provides the option to take part in real estate as an investment class without having to invest either a lot of money or a lot of research.
Following the currency scrap, the total balance in these accounts had crossed Rs 65,000 crore to Rs 66,636 crore.
The fifth meeting of GST Council, headed by Union Finance Minister Arun Jaitley will also deliberate on impact of demonetisation on revenue.