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Live Blog: Union Budget 2016

Live Blog: Union Budget 2016
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Highlights

Finance minister Arun Jaitley will present Union Budget for 2016-17 in Parliament. Stay with us for live updates.

12:45PM: FM Jaitley concludes, Union Budget 2016 speech lasted for 1 hour 41 minutes

12:44PM: No change in Income Tax slab

12:42PM: I propose to amend customs act to provide for deferred payment of custom duty for importers & exporters within proven track record: Jaitley

12:42PM: I accept suggestion from Rahul Gandhi on providing relief(exemption of duty on braille paper) to differently-abled people: FM Jaitley

12:38PM: I propose to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year:

12:38PM: To reduce multiplicity of taxes and cascading - 13 taxes with collection less than Rs. 50 Crores a year abolished- Finance Minister Jaitley

12:37PM: Excise duty on most tobacco products raised by 10-15%: Finance Minister Arun Jaitley

12:37PM: Limited tax compliance window: 45% incl. surcharge and penalties and immunity from prosecution: FM Jaitley

12:35PM: I propose to exempt service tax on general insurance service under Nirmaya health insurance scheme: Arun Jaitley

12:33PM: I propose to exempt service tax on services provided under Deen Dayal Upadhyaya gramin kaushalya yojana: Arun Jaitley

12:32PM: Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties: FM

12:31PM: Limited period compliance window for taxpayers to declare undisclosed income. Declarations to have immunity from prosecution-FM Jaitley

12:30PM: Our Govt is completely committed to removing black money from the economy-FM Jaitley

12:29PM: Krishi Kalyan cess to be imposed on all taxable services for agricultural sector- FM Jaitley

12:28PM: FLASH: Sensex down by 565.70 points, at 22,588.60

12:27PM: ..In financial year ending March 2015 to 29% per surcharge: Arun Jaitley

12:25PM: I propose to lower corporate IT rate for next financial yr of relatively small enterprises companies with turnovers nt exceeding 5cr-Jaitley

12:25PM: Service tax exemption for construction of affordable housing upto 60 sq. m. under state and central housing schemes-

12:23PM: Incentives for new manufacturing companies and smaller enterprise companies- FM Jaitley

12:21PM: To lessen burden on individuals with income not exceeding 5 lakh, I propose ceiling of tax rebate under sec 87A from 2000 to Rs5000:Jaitley

12:21PM: Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojna- FM Jaitley

12:21PM: I propose to increase limit of deduction in respect of rent paid from Rs 24000pa to Rs 60000 pa:

12:20PM: People who do not have any house of their own & don't get any house rent allowance from their employer get a reduction of Rs24000 pa-Jaitley

12:18PM: Committed to implementing GAAR from April 1, 2017- FM Jaitley

12:15PM: To lessen burden on individuals with income not exceeding 5 lakh, I propose sealing of tax rebate under sec 87A from 2000 to Rs5000:Jaitley

12:14PM: Tax proposals to provide relief to small taxpayers through rebates-FM Jaitley

12:09PM: Revenue deficit estimate for Financial Year 2015-16 down to 2.5% from earlier estimates-FM Arun Jaitley

12:07PM: Fiscal deficit at 3.9% in 2015-16 and at 3.5% in 2016-17; no deviation from fiscal deficit roadmap: FM Jaitley

12:06PM: 160 airports and airstrips can be revived at a cost of Rs 50-100 Crore each-Finance Minister Arun Jaitley

12:06PM: Fiscal deficit for Financial Year 2016-'17 targeted at 3.5%: FM Jaitley

12:05PM: I have proposed an allocation of Rs 25000 crores in Union Budget 2016 towards recapitalization of public sector banks: Arun Jaitley

12:05PM: An increased allocation of Rs 1,80,000 Crores under PM MUDRA Yojana: FM Arun Jaitley

12:04PM: Prudence lies in adhering to fiscal targets-FM Jaitley

12:04PM: A bill on targeted delivery of financial services using Aadhar to be introduced: Finance Minister Arun Jaitley

12:03PM: We are not interfering in lending and personal issues of the banks: Arun Jaitley

12:03PM: Public money should reach the poor and deserving without any leakage-FM Jaitley

12:03PM: We are confronted with stress assets prob in public sector banks which is legacy of past,hv already taken many steps in this regard: Jaitley

12:02PM:

12:02PM: Former Finance Minister P Chidambaram to brief media later today

12:00PM: A National Dialysis Services Program will be introduced under National Health Mission- FM Jaitley

11:59AM: I propose to amend the SEBI act 1992 in coming year to provide for more number of benches of Securities Appellate Tribunal: Jaitley

11:58AM: Comprehensive Code to be introduced to provide a specialised resolution mechanism for bankruptcy of banks/insurance companies: Jaitley

11:57AM: Department of Disinvestment to be renamed as Department of Investment and Public Asset Management-FM Jaitley

11:57AM: Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment-FM Jaitley

11:56AM: 100% FDI through FAPB route in marketing of food products produced and manufactured in India: FM Jaitley

11:55AM

11:55AM: Hard copies of #Budget not to be distributed at Parliament house&Media centre,numbers curtailed as part of green effort of Finance Ministry

11:55AM:To streamline institutional arrngmnt fr resolutn of disputes in infra related to construction contracts,public utility contracts,PPP-Jaitley

11:54AM: Rs 1,000 crore allocated for new EPF(Employees' Provident Fund) scheme- Arun Jaitley

11:49AM: Rs. 1000 cr set aside for higher education financing: Finance Minister Arun Jaitley

11:47AM: These shops should be given a choice to remain open on all 7 days of the week of voluntary basis-FM Jaitley

11:46AM: Will be further topped up by addl 15000cr to be raised by NHAI through bonds.Total investment in road sec -Rs 97000 crore in 2016-17-Jaitley

11:45AM: If shopping malls are kept open all 7 days of the week, why not small and medium shops?-FM Arun Jaitley

11:45AM

11:41AM: Retail trade is largest service sector employer in country. Many more jobs are created in this, provided the regulations are simplified: FM

11:40AM: Total outlay for infrastructure in #Budget2016 now stands at Rs2,21,246 Cr: FM Jaitley

11:40AM: Allocate Rs55,000 Crores for roads and highways, total investment in Road Sector would be Rs97,000 crore: FM Jaitley

11:39AM: A national careers service was launched in July 2015. We propose to make 100 model career centres operational by end of 2016: Arun Jaitley

11:38AM: Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM Jaitley

11:37AM: Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme: Arun Jaitley

11:37AM: 1500 Multi skill training institutes will be set up: Finance Minister Arun Jaitle

11:36AM: National SC/ST Hub to support SC/ST entrepreneurs- FM Jaitley

11:36AM: Govt will launch a new health protection scheme which will provide health cover upto Rs 1 lakh per family: Arun Jaitley

11:35AM: Stand Up India scheme allocated Rs.500 Crores for SC, ST and women entrepreneurs-2 projects to be promoted per bank branch per category: FM

11:32AM: Rs 9,000 crores allocated to Swaccha Bharat Abhiyaan: Finance Minister Arun Jaitley

11:32AM: I have set aside a sum of Rs. 2000 crores in this year's budget to meet the initial cost of providing these LPG connections-FM Jaitley

11:31AM: We have decided to embark upon massive mission to provide an LPG connection in the name of women members of poor households-FM Jaitley

11:31AM: For rural development as a whole I have allocated Rs 87765 crores in this budget: Jaitley

11:27AM: We plan to launch digital literacy mission scheme for rural India to cover around 6 crore additional households in next 3 years-Arun Jaitley

11:27AM: 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission-FM Arun Jaitley

11:27AM: #MNREGA to get 38,500 crore rupees, says Finance Minister Arun Jaitley

11:25AM: Govt is committed to achieve 100% village electrification by 1st May 2018: Arun Jaitley

11:25AM: Sensex rises by 30.11 points, at 23,184.41

11:25AM: Sum of Rs 2.87 lakh crore will be given as grant in aid to gram panchayat,municipalities as pr 14th finance comm recommendation: Jaitley

11:22AM: 65 eligible habitats to be connected via 2.23 lakh kms of road.Current construction pace is 100 kms per day-FM Jaitley

11:22AM: Allocation to PM Fasal Bima Yojana for 2016/17 is Rs. 5500 crores-FM Arun Jaitley

11:21AM: A unified agriculture market e-platform will be dedicated to nation on birthday of Dr. B.R. Ambedkar, says FM Arun Jaitley

11:21AM: A unified agricultural e-market platform will be dedicated to nation on birthday of Dr. BR Ambedkar this year: Arun Jaitley

11:20AM: Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana-FM Jaitley

11:20AM: A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD: FM Arun Jaitley

11:18AM: 5 lakh acres to be brought under organic farming over a three year period-FM Jaitley

11:18AM: Total allocation for agriculture and farmers'welfare is Rs. 35,984 crores: Finance Minister Arun Jaitley

11:18AM: Since foreign markets are weak we must rely on domestic demand and Indian markets to ensure that Indian growth doesn't slow down: Jaitley

11:18AM: Govt will reorient its intervention in the farm and non farm sector to double the income of farmers by 2022: FM Arun Jaitley

11:17AM: Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna-FM Jaitley

11:17AM

11:17AM: We had to work in unsupportive global environment,adverse weather conditions and obstructive political atmosphere-Jaitley

11:17AM: We are grateful to our farmers for being the backbone of the country's food security-Finance Minister Arun Jaitley

11:16AM: Our external situation is robust: Finance Minister Arun Jaitley

11:16AM: Govt has to prioritize expenditure. Focus on rural and social sectors, infrastructure and recapitalization of banks-FM Jaitley

11:12AM: Current account deficit has declined from 18.4 billion US dollars in 1st half of last year to 14.4 billion this year- Arun Jaitley

11:11AM: We inherited an economy of slow growth, high inflation and low faith in Government-FM Jaitley

11:10AM: Forex Reserves are at highest ever level, have reached their highest mark at $350 billion-FM Arun Jaitley

11:10AM: Financial Year 2017 will be challenging for Government expenditure-FM Jaitley

11:11AM

Foreign exchange reserves are at the highest ever level- FM Jaitley

11:10AM: ...aur phir ye dikha denge sabko ki in halaat mein ata hai dariya karna paar humein: Arun Jaitley

11:09AM: Kashti chalaane walon ne jab haar ke di patvaar humein, lehar lehar toofan mile, phir bhi dikhaaya hai humne..cntd: Jaitley

11:09AM: Growth of GDP has accelerated to 7.6% .CPI inflation has declined to 5.4%-FM Arun Jaitley

11:08AM: Amidst slowdown in global growth and trade, the Indian economy has held its ground firmly-Finance Minister Arun Jaitley

11:06AM: I am presenting this budget when global economy is in a serious crisis. Indian economy has held its ground firmly-A Jaitley

11:04AM: Amidst global headwinds, the Indian economy has held its own- FM Jaitley

11:03AM: FM Arun Jaitley begins Budget speech in Parliament

11:00AM

10:30AM

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