Budget 2014

10Jul

Budget 2014 : Ganga to receive ocean of funds

Ganga to receive ocean of funds – for clean-up, ghat development, and NRI contributions. Modi’s Varanasi constituency should be happy. Money also allocated for studying inter-linking of rivers.

10Jul

Budget 2014 : SOPS FOR SAVERS

Two big schemes for small savers – Investment limits for public provident fund raised to Rs 1.5 lakh per year. Special natinoal savings certificates and savings instruments for parents to invest in name of girl child also announced. Does this mean the 80C limits will also go up? One-rank-one-pension scheme for retired soldiers also being implemented with allocation of Rs 1,000 crore this year.It’s like a senior citizen’s scheme in effect.

10Jul

Budget 2014 : FINANCIAL SECTOR REFORMS

FM Mr. Jaitley to move forward on the Financial Sector Legislative Reforms Committee (FSLRC) to adopt Indian Financial Code after talks with stakeholders. The RBI is bitterly opposed to some steps – especially shifting the powers of Governor to a monetary policy committee where the finance ministry has more nominees. Indian Depository Receipts to be revamped. Insurance sector regulations to be improved.

10Jul

Budget 2014 : Consolidation of Banks

Consolidation of banks – government will consider it. But this means nothing till he actively promotes it. But a big change is banks will be allowed to raise long-term funds with no CRR/SLR obligations. This means more funds will flow to infrastructure sector. Six debt recovery tribunals also to be set up to improve banks’ bad loans situation.

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