Public finance Current Affairs, GK & News

Government extends the term of 14th Finance Commission

The Cabinet has approved the extension of the deadline for the submission of the Report of the 14th Finance Commission by two months to December 31, 2014. The Commission had sought extension of its earlier deadline of October 31 in order for it to ‘examine financial projections and carry out consultations with the governments of Andhra Pradesh ..

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SC Declares Tax Tribunal Unconstitutional

A five judge bench of the SC declared the National Tax Tribunal Act of 2005 as unconstitutional. The impugned legislation envisages creation of tribunals to deal with tax related cases only. The law was declared unconstitutional on the grounds that it took away powers of the higher judiciary to determine questions of substantial law and ..

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Government chooses 3 institutes to assess the quantum of black money by Indians

The government has assigned the work of finding out the amount of black money stashed by Indians in the country and abroad to 3 institutes. These institutes are National Institute of Public Finance and Policy National Institute of Finance Management National Council for Applied Economic Research These institutes are expected to complete their study by ..

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RBI warns of Higher Inflation

Recently, RBI said that it expects economic growth to moderate to 8% or below in 2011-12 due to global uncertainty and rising interest rates. The central bank also expects inflation to be high for most of the year. Economic growth will moderate to 8% or below in 2011-12 because of global uncertainty and rising interest ..

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General Compendium-2

1. What are State Finance Commissions?2. What are Functions of State Finance Commissions?3. Which sectors get Funds granted by State Finance Commission?4. In which state State Finance Commissions have been set up till now?5. What is Financial Emergency Under Article 360?6. What is Falcon?7. What is COBE? 1. What are State Finance Commissions?State Finance Commissions ..

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