NEW DELHI:”The government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country,” Jaitley said.
Finance Minister Arun Jaitley on Thursday said the government would formulate a comprehensive Gold Policy to develop the precious metal as an asset class.
The government had been planning to formulate a Gold Policy for long to set standard norms in the industry.
“The government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country,” Jaitley said while announcing the Union Budget 2018-19
Talking about government’s Gold Monetisation Scheme, he said it would be revamped to enable people to open a hassle-free Gold Deposit Account.
Home Ministry gets Rs 93,450 cr, a 5.6% hike.Presenting the Budget in Parliament, Union Finance Minister Arun Jaitley on Thursday announced the outlay of 93,450 crore for the Home Ministry.
The Home Ministry has been allocated Rs 93,450 crore in the 2018-19 Union Budget, a hike of 5.6 per cent, with most funds earmarked for police, including the Central Armed Police Forces that are responsible for internal and border security.
Presenting the Budget in Parliament, Union Finance Minister Arun Jaitley on Thursday announced the outlay of 93,450 crore for the Home Ministry.The Ministry was allocated Rs 88,143 crore in the 2017-18 Budget.
Govt introduces 10 per cent tax on long-term capital gains on equities
Gains from sale of stocks after one year were exempt from capital gains tax. Following the announcement, the benchmark BSE Sensex plunged over 400 points but recovered later.
The government today introduced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh, sending the markets tumbling. Presenting the Budget proposals for 2018-19, Finance Minister Arun Jaitley said returns from the stock market are quite attracting and it was time to bring them under the ambit of capital gains tax.
“The return on investment in equity is already quite attractive even without the tax exemption. There is, therefore, a strong case for bringing long-term capital gains from listed equities in the tax net,” he said.
However, observing that a vibrant equity market is essential for economic growth, Jaitley said, “I propose only a modest change in the present regime. I propose to tax such long-term capital gains exceeding Rs 1 lakh at the rate of 10 per cent without allowing the benefit of any indexation.” He further said all gains up to January 31, 2018 from sale of equity will be grandfathered.
Railways get largest-ever allocation of Rs 1.48 lakh crore
“Railways capex for 2018-19 has been pegged at Rs 1,48,528 crore,” Jaitley said in his Budget speech.
Stressing on boosting the safety aspect of Railways and its carrying capacity, Finance Minister Arun Jaitley on Thursday announced the largest-ever allocation of Rs 1.48 lakh crore capital expenditure for the Indian Railways in 2018-19.
“Railways capex for 2018-19 has been pegged at Rs 1,48,528 crore,” Jaitley said in his Budget speech. The amount is Rs 17,000 crore higher than the previous year’s budget.
In 2017-18 Union Budget, the total capex of Railways was pegged at Rs 1,31,000 crore.
Jaitley said that modern-train sets with state-of-the-art amenities and features would be commissioned during 2018-19.
The 92-year-old practice of a separate Railway Budget was discontinued from last year and was merged with the Union Budget.
The Finance Minister said that enhancing the carrying capacity has been a major focus of the government. “A large part of the capex is devoted to railways capacity creation,” he said.
“Doubling of 18,000 km and work on 5,000 km of third and fourth lines to convert them into broad gauge will eliminate capacity constraint. It will also transform almost the entire network into broad gauge,” Jaitley said.
“There has also been significant improvement in the achievement of physical targets by railways. We are moving fast towards optimal electrification of railway network. About 4,000 km are targeted for commissioning during 2017-18,” he said.
The Finance Minister said that work on the Eastern and Western Dedicated Freight Corridors was also in full swing.
He said that 12,000 wagons, 5,160 coaches and 700 locomotives are being procured in the year 2018-19.
He said that a major programme has been initiated to strengthen infrastructure at the goods sheds and fast track commissioning of private sidings.
“A ‘safety first’ policy, with allocation of adequate funds under Rashtriya Rail Sanraksha Kosh is the cornerstone of Railways’ focus on safety,” he said, adding, “Maintenance of track infrastructure is being given special attention.”
“Over 3,600 kms of track renewal is targeted during the current fiscal. Other major steps include increasing use of technology like Fog Safe and Train Protection and Warning System.”
He said that a decision has been taken to eliminate 4,267 unmanned level crossings in the broad gauge network in the next two years.
The Finance Minister said that redevelopment of 600 major railway stations is being taken up by Indian Railway Station Development Corporation Limited. “All stations with more than 25,000 footfalls will have escalators. All railway stations and trains will be progressively provided with wifi,” he said.
The government will also install CCTVs at all stations and on trains to enhance security of passengers.
“Modern train-sets with state-of-the-art amenities and features are being designed at Integrated Coach Factory, Perambur. And first such train-set will be commissioned during 2018-19,” Jaitley said.
Speaking about the 508 km Mumbai-Ahmedabad High Speed Rail Project, Jaitley said, “Foundation for the bullet train project, country’s first high speed rail project, was laid on September 14, 2017.
“An Institute is coming up at Vadodara (Gujarat) to train manpower required for high speed rail projects,” the Finance Minister added.