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Highlights of Union Budget 2013-14

India TV Business [ Updated 28 Feb 2013, 16:36:19 ]
Highlights of Union Budget 2013-14

New Delhi, Feb 28: Highlights of budget for 2013-14 presented in the Lok Sabha Thursday by Finance Minister P. Chidambaram:

* Duty-free limit for gold raised to Rs 50,000 for men and Rs 1 lakh for women

* No plans to revise direct tax rates

* Surcharge of 10% on Rs 1 crore plus income earners

* 5-10% surcharge on local companies income above Rs 10 crore

* TDS of 1% on land deals over Rs 50 lakh, agricultural land exempted

* Commodity transaction tax introduced

* Coal blending only solution as coal imports to rise 185 million tonnes by 2016-17

* Constraints will not come in the way for providing additional funds for security of the nation

* Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14

* Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH

* National Institute for Sports to train coaches to be set up at Patiala at a cost of Rs 250 crore

* Rs 532 crore to make post offices part of core banking

* Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013-14

* 'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gang-rape incident

* 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme

* No revision in tax slabs

* But for tax payers in the bracket of Rs 2 to 5 lakh, a tax credit of Rs 2500

* Those with taxable income exceeding Rs 1 crore a year will have to pay a surcharge of 10% additional surcharges only for one year — 2013-14

* 42,800 people with annual taxable income higher than Rs 1 crore to be taxed. They will have to pay a surcharge of 10% for 2013-14

* Chidambaram proposes to reduce securities transaction tax (STT) on equity futures to .01% from .017%

* Donations to National Children Fund will get 100% tax exemption

* Big relief to the common man, no change in Income Tax slab

* Finance Minister sets defence spending at Rs 2.03 lakh crore

* Also, ETFs will be eligible for pension, insurance investments. Insurance and pension companies can directly trade in debt segment, FM announces

* FIIs can now participate in currency derivative segment. However, the exposure will be subject to forex exposure

* Finance minister says India will follow international best practices for differentiating between FII and FDI

* The finance minister is keenly looking into the proposal to amend the SEBI Act to give more powers to the market regulator

* Increase in allocation for ministry of science and technology and Department of Atomic Energy

* The finance minister says FY14 fiscal deficit seen at 4.8% versus 5.2% in FY13

* The finance minister pegs FY14 revenue deficit target at 3.3%

* KYC in banks sufficient for acquiring insurance policy

* National Housing Bank (NHB) to set up urban housing bank fund and Rs 2,000 crore will be allocated in this regard

* Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA

* All Regional Rural Banks and cooperative banks to be e-linked by this year-end

* Rs 6,000 crore to be allocated for rural housing fund in 2013-14

* PSU banks to have ATMs at all their branches by March 31, 2014

* SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore

* Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR) activities, says FM

* Rs 500 crore would be allocated for addressing environmental issues faced by textile industry

* Concessional six per cent interest on loans to weavers

* Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month

* Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India

* Rs 14,000 crore capital infusion into public sector banks in 2013-14

* India's capital market is the world's best regulated market
* Bank’s correspondents allowed to sell micro finance

* SEBI to simplify procedures for the entry of foreign portfolio investors in India

* Clean, green energy is a priority, generation based incentive for wind energy projects

* Natural Gas pricing policy to be reviewed

* Oil Gas policy to move from profit share to revenue share 

* Financial inclusion has made rapid strides

* DIPP and Japan's JICA preparing plan for Chennai-Bengaluru Industrial corridor
* Two new major ports to be set up in West Bengal and Andhra Pradesh, says FM
* Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM
* Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed

* Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17

* 5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14
* FM asks state governments to prepare financial restructuring plan for power distribution companies at the earliest

* A first for India! FM announces his plans to set up an all-women's bank via public sector. It will be a women bank, by women, for women.  The FM will provide Rs 1,000 crore initial capital to the proposed all-women's bank

* Will provide Rs 14,000 crore for PSB recapitalization. He will constitute a panel on transaction costs, and financial policies

* The government plans to encourage PPP projects along with Coal India. It will encourage shale gas projects and review the natural gas pricing policy.

* Finance Minister says blocked NELP blocks will be cleared and there will be a policy on shale gas based on revenue sharing

* Finance minister inflation-indexed bonds to be announced On June 1. The government will introduce inflation-indexed instruments, the minister announced. "Will up to Rs 25 lakh 1st home loan to get more tax cuts," he says

* The income limit for RGESS eligibility has been raised to Rs 12 lakh.

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