India Budget 2017: No cash?transaction over 3 lakhs, govt considering new law to confiscate assets of economic offenders

The Speaker of Lok Sabha, Sumitra Mahajan started the proceedings with an obituary reference to former union minister and MP E. Ahamed who passed away today.

Finance minister Arun Jaitley has begun his budget speech:

Inflation in double-digit has been controlled

We have started a war on black money

According to the IMF, India will be one of the fastest growing economies in 2017-18

Pressure on protectionism is going up: Impact on exports

We have moved from a discretionary administration to a policy-based administration

Fiscal deficit has declined

Demonetisation has been a bold move, it will have long-term benefits. The pace of remonetisation has picked up

Growth will pick up in 2017.

There is early evidence of bank loans at lower rates

Current account deficit has declined, the govt will spend more on poor

Transform, energise and clean India

Government's Agenda:

Will double farmers' income in 5 years

Focus will be on more jobs for the youth

Target for agriculture credit set for 2017-18 set at 10 lakh crore

Government has done away with planned and non-planned expenditure for states

Demonetisation will not spill over to next year

Government promises to bring 1 crore households out of poverty

Dairy processing infrastructure fund to be created.

Rural road targets to be increased, 138 km roads to be built per day

48,000 crore allocated to MNREGA, "this is the biggest ever allocation for MNREGA"

EDUCATION

Emphasis on science and local innovation

Reform of UGC

Leverage IT technology to help students

350 online courses with top faculty

Quality education will energise the youth

Single authority for exam entrance

100 skill centres across India

Women & Children

Mahila shakti Kendra to be set up

Higher investment in affordable housing

National Housing Bank will refinance loans

Government initiatives

Reform of Labour laws 

Will reduce cost of life-saving drugs

5 special tourism zones to be set-up

Railways

1 lakh thirty-one thousand crore expenditure in 2017-18

Passenger safety, cleanliness, finance and accounting to be the key

Rail Sanraksha fund to be set up

Redevelopment of stations

Shares of IRCTC to be listed

Transformative steps:

Service charge on e-tickets withdrawn

7,000 stations to get solar power

Other Policies

New Metro rail policy to be announced which will open up job opportunity.

Airports in tier-2 cities to be revamped

Bio-toilets to be set up.

FDI

Abolition of FIPB (Foreign Investment Promotion Board)

New FDI policy under consideration

Disinvestment policy to continue

Promotion of Digital Economy

'India at the cusp of digital economy'

Bheem app launched will help in transforming the digital economy

Cash back scheme and referral scheme to be launched to push digital economy

Aadhar to push digital transformation. Aadhar enabled payment scheme to be launched.

"Govt considering new law to confiscate assets of economic offenders"

Increase in capital expenditure by 25.4 per cent

Fiscal Deficit pegged at 3.2 per cent of GDP

Tax Proposals

India tax to GDP ratio is very low

Only 24 lakh showed income over 10 lakhs

'Burden of taxes falls on just a few'

Committed to making tax rates reasonable.

Only 1.74 crore people filing taxes in India

Bring transparency in poll funding.

34.8 per cent increase in income tax declaration

"We are a non-tax compliant society"

Changes in capital gains on sale of property

Relaxation of tax norms on unoccupied property

Income tax exception to startups increased

Tax exception for land pooling

Income tax for small companies reduced, MSME sector to get a boost

Holding period for realty sales now to be 2 years

No cash transaction over 3 lakhs

Tax on income upto 5 lakhs cut by 5 per cent

Surcharge on those earning more than 1 crore to continue

No tax upto 3 lakh rupees

10% surcharge on income between 50 lakhs to 1 crore.

Poll funding

Political funding reduced to Rs 2,000 per head

Political parties can get payment through cheques or digital payments

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