Welcome to live coverage of the Union Budget 2012-13.
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AVIATION SOPS
FDI of 49% in aviation is actively being considered and the government will also permit direct import of ATF (air turbine fuel)
ECB for working capital of up to $1bn has been allowed for aviation companies. This move would bebe positive for Kingfisher, Spicejet, Jet
FDI of 49% in aviation is actively being considered and the government will also permit direct import of ATF (air turbine fuel)
Micro-finance Institution Regulation Bill, National Housing Bank Regulation Bill, Bank Regulation Bill and Public Debt Management Bill likely to be passed this session. The finance minister also proposes to recapitalise banks -- rural, urban and argiculture-related banks -- to the extent of Rs 15,000 crores.
11:35 pm: Sensex at 17858, up 182 points,
Good news for investors: Changes in IPO norms will also be introduced which will increase participation in small townsThe finance minister seeks to bring down subsidies to a level of 1.7% of the GDP over the next three years. He also plans to roll out a computerised scheme for transfer of fertilizer subsidy.
The finance minister assured the Lok Sabha that he plans to implement the Direct Taxes Code "at the earliest". Speaking about the Goods and Services Tax, he said that GST would be operational by August 2012.
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