Jaitley rejects Congress conditions for GST Bill passage

India's Finance Minister Arun Jaitley (L) gestures as India's Junior Finance Minister Jayant Sinha watches during a news conference in New Delhi, India, August 14, 2015. India needs to minimise political interference in public sector banks, Finance Minister Jaitley said on Friday, as the government announced measures to improve the performance of state-run banks that are struggling with rising bad loans. REUTERS/Adnan Abidi   | Photo Credit: ADNAN ABIDI

Finance Minister Arun Jaitley on Friday rejected the conditions put forth by Congress for the passage of the Goods and Services Taxes Bill, saying the party's pre-conditions were just an "afterthought" and that "Congress-ruled states are part of the consensus".

"It is not prudent politics to put pre-conditions on matter of fiscal Centre-State relations," he said.

He was speaking at a press conference called to address the government’s plans for restructuring Public Sector Union banks, among other issues. Also present were Minister of State Jayant Sinha, Financial Services Secretary Hasmukh Adhia and CEA Arvind Subramanian.

Full text of the press conference:

5.20 pm: I strongly feel time has come to revisit rules of business of legislatures to enable efficient functioning: Union Minister Venkaiah Naidu - PTI

5.15 pm: Transmission of RBI's rate cuts by banks is lagged as cost of deposits isn't allowing: Financial Services Secy Adhia

5.13 pm: On the One Rank One Pension issue: "The government is committed to OROP principle; only arithmetic translation is being worked out," says Jaitley.

Pressure mounts on government over One Rank One Pension issue. >Read here.

5.13 pm: Jaitley says that there is no decision to merge Bharatiya Mahila Bank with any other public sector bank, reports PTI.

5.12 pm: Inflation and deposit data moderation in gold imports point to a big structural shift in the underlying process of inflation: CEA Arvind Subramanian.

5.10 pm: On the historic low WPI of -4.05% - "It is positive; with other indicators, we expect good improvement this year," says FM Arun Jaitley.

Wholesale Price Inflation falls to a historic low of -4.05 per cent. >Read here.

5.08 pm: Finance Minister Arun Jaitley rejects conditions put by Congress for allowing passage of GST bill in Parliament.

5.07 pm: On the topic of Yuan devaluation: CEA Arvind Subramanian says, "Macroeconomic fundamentals of India strong, so rupee fall on China's devaluation is only atemporary adjustment."

5.05 pm: Congress party's pre-conditions to talks with Modi government on GST are an afterthought as Congress-ruled states are part of the consensus: Jaitley

5.04 pm: In 2013, the Standing Committee on GST unanimously opposed disputes resolution mechanism which as Finance Minister, Mr. Chidambaram accepted: Jaitley

5.02 pm: FM Arun Jaitley on Congress' dissent to the GST Bill: It is not prudent politics to put pre-conditions on matter of fiscal Centre-State relations

4.57 pm: Centre will release Rs. 20,000 crore for the capitalisation of banks within a month: Financial Services Secretary Hasmukh Adhia

4.56 pm: Capital requirement of extra capital for next 4 years till 2019 will be Rs. 1,80,000 crore.

4.53 pm: Bank Bureau will start functioning from April 1 2016: MoS Jayant Sinha

4.52 pm: Bank Board Bureau will make way for bank holding companies in future; raise capital from markets and takeover some of government's supervisory role: Sinha

4.50 pm: Minister of State Jayant Sinha: PSU banks have been given nod to come up with plans for mergers and acquisitions among themselves.

4.46 pm: Performance-linked bonus for PSU banks' management to be hiked from a maximum of Rs 8 lakh a year; Employee stock options planned too: Adhia

4.45 pm: Government proposes to make available Rs. 70,000 crore for recapitalization of PSU banks.

4.40 pm: Government insisting banks have robust grievance redressal mechanisms for customers & staff: Financial Services Secretary Adhia

4.34 pm: Financial Services Secretary Hasmukh Adhia says gros non-performing asssests of PSU banks are improving.

(Photo: Puja Mehra)

4.32 pm: The Modi government announces a Bank Board Bureau (Chairman plus 6 members: 3 from government, 3 from private sector) for bank appointments and advisory.

4.30 pm: In a first, Modi government appoints two private sector executives as PSU bank heads, reports Puja Mehra.

4.20 pm: The ABCDEFG of Indradhanush for psu banks restructuring Modi Government is pursuing.

(Photo: Puja Mehra)

4. 17 pm: Today we will launch a plan where each bank will be monitored on key performance indicators, says Jaitley

4.15 pm: "To destress PSU banks, States need to pursue reforms for stressed power distributiuon companies; Centre persuading States to do these."

4.12 pm: Steel, power, highways, sugar predominantly responsible for stress in PSU banks so need to deal with them: Jaitley

4.10 pm: Public sec banks faced challenges in last few yrs due to slowdown but there no cause for panic or alarm: Jaitley

4.00 pm: Finance Minister Arun Jaitley will unveil a plan for restructuring public sector banks, Indradhanush, reports Puja Mehra.

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Printable version | Jan 28, 2022 2:47:53 AM |

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