Fin Min rejects plan for 20 IIITs

An ambitious proposal of HRD
Ministry to set up 20 Indian Institutes of Information
Technology (IIIT) could be a non-starter with the Finance Ministry not favouring it during the 11th Plan.

Yarn for bulletproof jackets gets excise, customs relief

The Finance Ministry has exempted a special kind of yarn used to manufacture bulletproof jackets meant for the armed and police forces from
excise and customs duties.

Chidambaram still the Finance Ministry boss!

Old habits die hard! It has been
more than a year since P Chidambaram took over as Home
Minister but for a top banker he is still the boss.

Finance ministry moves for AI-IA demerger: The Times of India

If you can`t fix it, merge it. And if you still can`t fix it, demerge it. This seems to the government`s prescription for Air India and Indian Airlines which were merged in August 2007 despite widespread criticism.

Finance Ministry adviser sees prices dip, rates steady

Indian food prices will cool off in one to two months and inflation will turn around, a newspaper reported on Wednesday quoting the Finance Ministry`s Chief Economic Advisor Kaushik Basu.

Govt unlikely to offer more stimulus to textile

The government is unlikely to offer more stimulus to the textile sector as data points to a pick-up in exports, mainly to developed countries coming out of an economic slump, the Finance Secretary said on Wednesday.

FinMin writes to RBI in support of ADAG`s borrowing plans

Finance Ministry is understood to
have supported Anil Ambani group`s plans to raise USD 1.1
billion of overseas loans for power business.

Finance Ministry seeks clarification on CIL stake-sale

The Finance Ministry has sought certain clarifications on the proposed disinvestment in Coal India, and has asked the Coal Ministry to submit a revised proposal on it.

Bharti may have to seek FIPB approval: FinMin sources

Finance Ministry on Wednesday said Bharti may have to seek FIPB approval for the deal with MTN as the transaction involves swapping of shares.

Finmin, RBI to firm up borrowing schedule for second half soon

Finance Ministry and Reserve
Bank officials will meet in the next 10-12 days to decide on
a schedule for government borrowings for the second half of
the current fiscal.

Govt may complete FY10 borrowing by Feb end: Official

The government may complete its record Rs 4.51 trillion borrowing plan for FY10 by the end of February, a Finance Ministry official said on Tuesday.

ONGC opposes Fin Min directive on surplus funds

ONGC has opposed Finance Ministry directive of parking its surplus funds with only PSU banks saying it is losing Rs 360 crore of interest revenues annually as state-run banks offer lower interest rates.

FinMin wants EPFO to invest 3-5% funds in stocks index

The government has asked the
Employees Provident Fund Organisation to begin parking three
to five percent of its subscribers` retirement funds in
stocks for better returns.

No plan to go slow on H1 borrowing: Fin min

The government has no plan to go slow on its borrowing schedule for the first half of the 2009/10 fiscal year than began in April, a top finance ministry official said on Monday.

RBI`s focus remains growth, no exit policy now: Finance Secy

Finance Secretary Ashok Chawla on Tuesday said the RBI`s focus is growth and the time is not ripe for any reversal in the central bank`s accommodative monetary policy despite some concerns regarding inflation.

Reliance Life seeks nod for early IPO: Report

The life insurance unit of Reliance Capital is seeking an exemption from the normal qualification period before a private insurer can hold an initial public offer, the a media report said on Monday citing finance ministry sources.

FinMin to finalise bailout package for AI next fortnight

The Finance Ministry would give
a final shape to a bailout package for Air India over the next
fortnight and present it before the second meeting of the
high-level Committee of Secretaries on August 29, official sources said.

Govt appoints Dis`ment Secy, small stake sell-off first

The Finance Ministry on Tuesday said that the disinvestment programme will kick off with the dilution of government equity in listed entities, where public holding is less.