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In a post-budget interaction with industry stakeholders today, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> Sanjay Malhotra highlighted that the government aims to comprehensively review the <keyword id="19985623" type="General" weightage="20" keywordseo="Direct-Tax-Code" source="keywords">Direct Tax Code</keyword> within the next 6 months, and it is too early to say whether or not that would entail any significant overhauls. However, "we would like to have a collaborative approach for its implementation, and would certainly present the draft for public opinion” Malhotra added. Buybacks taxed as dividend Starting October 1, 2024, the amount received by the shareholder on buyback of his/her shares by the company will be treated as dividend income, and will be taxable at the hands of shareholders. Also, the cost incurred by the investor to acquire those shares will not be allowed as a deduction against the income, but can be set off as a capital loss, only against other <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword>, for a maximum of 8 subsequent years Malhotra explained the government's rationale behind this proviso, noting that buyback does not fundamentally alter the company's capital structure, and like dividend distribution, is a way for the company to give out its surplus. Moreover, it is up to the investor, whether or not they want to participate in a buyback or not. Hence, going ahead, funds from buyback will be deemed as dividend income. Credit on TCS paid Previously, in case your employer has already deducted TCS (tax collected at source) from your monthly salary, it would not be accounted for, or considered while calculating your annual tax liability. As a result, it had to be claimed back separately as a refund, resulting in duplication of processes. However, effective April 1, 2025, salaried employees will be able to adjust the TCS they've already, previously paid while calculating their tax due. The Old tax regime heading towards a sunset? While the officials have given no clarity on this, they noted that the idea of taxation is not to push people into investing, saving or buying insurance for the sole purpose of saving taxes as the old regime did. "It is a moral debate on whether tax regimes are supposed to push people towards financial planning measures like buying health or life insurances. However, as we go ahead, the focus will entirely on greater, more deep-rooted focus on how tax filing and compliance can be simplified and transformed into a hassle-free, smooth process. The new tax regime was finding increased grounding amongst both investors and corporates. For the previous assessment year, 2/3rd of total taxpayers had opted for the new tax regime, while 58% of corporate tax flows had come via them. Loss of indexation benefit only psychological Raman Chopra, Joint Secretary, CBDT, <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> noted that scrapping away indexation benefits is only psychological, and tax payers will not have to bear any real losses as such. "Indexation was a complicated process. Think of this as the cost of simplification of the tax process. Now, we only have two holding periods across all asset classes, making it easier. While indexation benefits continues for properties purchased before 2001, investors continue to receive rollover benefits in case they find that their tax incidence under the reduced tax rates is high.

Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary

<ul class="summary-list"><li>Trump's proposals would dramatically worsen Social Security's finances, a nonpartisan budget group is warning.</li><li>The group predicts Trump's agenda would push up Social Security insolvency by 3 years.</li></ul>Americans are in danger of <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">losing their full benefits by the mid-2030s</a> — and a nonpartisan budget group is warning that if Trump is elected, his policies could push the funding crisis years sooner.The Committee for a Responsible Federal Budget (CRFB), <a target="_blank" class="" href="https://www.crfb.org/about-us">a nonpartisan nonprofit</a> that examines the impacts of fiscal policies, <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">released a report</a> Monday outlining the negative effects it predicts a second Trump presidency would have on Social Security."We find President Trump's campaign proposals would dramatically worsen Social Security's finances," the CRFB wrote in its report.In a recent report, the Congressional Budget Office <a target="_blank" href="https://www.cbo.gov/publication/60691">predicted</a> that a main Social Security trust fund could be exhausted in 2034, meaning that Americans wouldn't get their full benefits. The <a target="_blank" href="https://www.ssa.gov/oact/trsum/">Social Security and Medicare Boards of Trustees</a> estimated that the fund would run out a year later, in 2035.But the CRFB estimates in its report that if Trump wins a second term and enacts his current campaign proposals, those funds would become insolvent three years sooner than the CBO's prediction, in 2031. The CRFB says that would lead to Americans losing 33% of their Social Security benefits across the board by 2035 — a bigger cut compared to the CBO's current 23% projection.The CRFB estimates that the Republican presidential nominee's promises to <a target="_blank" class="" href="https://truthsocial.com/@realDonaldTrump/113109583526373402">stop taxing Social Security benefits</a>, <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/113165952199823385">eliminate taxes on tips and overtime</a>, <a target="_blank" href="https://www.businessinsider.com/trumps-tariff-outlook-trade-policy-income-tax-consequences-fiscal-crisis-2024-7">impose tariffs</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-mass-deportation-immigraiton-plan-federal-reserve-inflation-2024-9">increase deportations</a> would worsen Social Security's cash deficits when combined.But that's not all the damage Trump's proposals would do, according to the CRFB.In addition to advancing the insolvency timeline and reducing Americans' benefits, Trump's agenda would raise Social Security's ten-year cash shortfall by $2.3 trillion through 2035 and raise its annual shortfall by about 50% in 2035, the CRFB predicts in its report. For Social Security to restore 75-year solvency under these conditions, current law benefits would need to be decreased by about a third, or revenue would need to increase by half.The Trump campaign's national press secretary, Karoline Leavitt, disputed the CRFB's report in a statement shared with Business Insider."The so-called experts at CRFB have been consistently wrong throughout the years. President Trump delivered on his promise to protect Social Security in his first term, and President Trump will continue to strongly protect Social Security in his second term," Leavitt said in the statement."By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security on a stronger footing for generations to come, all the while eliminating taxes on Social Security for America's well-deserving seniors," Leavitt continued.Meanwhile, the CRFB had a rosier outlook when it examined Kamala Harris' policy proposals.The CRFB says in its report that the Democratic presidential nominee's campaign proposals "would not have large effects on Social Security trust fund solvency." Because Harris's policies would only affect the insolvency timeline by weeks or months, the group did not create a similar report for her, CRFB's senior policy director Marc Goldwein said, <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/21/social-security-crfb-trump-harris/">according to the Washington Post</a>.Both <a target="_blank" class="" href="https://www.donaldjtrump.com/platform">Trump</a> and <a target="_blank" class="" href="https://abcnews.go.com/Politics/read-kamala-harris-full-speech-democratic-national-convention/story?id=113086031">Harris</a> have said they would protect Social Security, but neither candidate has laid out specific plans to alleviate the expected <a target="_blank" class="" href="https://www.crfb.org/blogs/16500-cut-awaits-retirees-if-social-security-isnt-reformed">$16,500/year cut to benefits</a> that a typical couple retiring just before insolvency could face, the CRFB said in its report.The Harris campaign did not immediately respond to a request for comment from Business Insider.The promise of Social Security to provide a retirement free from poverty is <a target="_blank" class="" href="https://www.businessinsider.com/boomer-retirement-savings-social-security-pension-budgeting-2024-7">already not living up to the reality</a> many Americans are facing.Business Insider <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">previously spoke to over 40 baby boomers and some Gen Xers</a> who said they're struggling to reach a comfortable retirement, and Social Security isn't doing enough to keep them afloat. Some <a target="_blank" class="" href="https://www.businessinsider.com/social-security-benefits-loopholes-mean-teachers-police-get-less-retirement-2024-9">retirees have even had their benefits unexpectedly slashed</a> thanks to murky provisions.

A Trump presidency would drain Social Security's finances faster, budget group warns 

New Delhi, <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Secretary <keyword id="20317960" type="General" weightage="20" keywordseo="t-v-somanathan" source="keywords">T V Somanathan</keyword> has said the government's resolve to bring down the fiscal deficit by 70 basis points to 5.1 per cent in 2024-25 is ambitious but achievable in view of the tax buoyancy and expenditure management. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> in the interim Budget presented on Thursday refrained from announcing any populist measures but significantly trimmed the fiscal deficit to 5.1 per cent of the Gross Domestic Product (GDP) next fiscal and 4.5 per cent in FY26. "So it is ambitious but it is also realistic. There are three pillars on which this is based. One is we have assumed growth in tax revenue about 11.5 per cent. I think that's a very realistic assumption," Somanathan told PTI Videos in an interview. Besides, he said, the government has projected a slight increase in non-tax revenue from a high base during the current financial year. On the expenditure side, he said, "<keyword id="19951996" type="General" weightage="20" keywordseo="capex" source="keywords">Capex</keyword> has increased 11.1 per cent... the revenue expenditure we believe is realistically projected. We have been helped by the fact that some of our subsidies have not grown and whether it is food or fertiliser. Both of them are either stagnant or slightly declined. <keyword id="20090941" type="General" weightage="20" keywordseo="fertilizer" source="keywords">Fertilizer</keyword> is assisted by decline in commodity prices globally." The government has projected the fertiliser subsidy of Rs 1.64 lakh crore for the next financial year as against Rs 1.88 lakh crore allocated for the current fiscal. Similarly, food subsidy outgo will come down to Rs 2.05 lakh crore compared to Rs 2.12 lakh crore for the current fiscal. "On the basis of three parts, reasonable revenue growth and reasonable increase in non-tax revenue that is tight control over avoidable expenditure and an optimal balanced increase in capital expenditure we are quite confident that we will achieve this (fiscal deficit target of 5.1 per cent of GDP)," he said. In absolute terms, the fiscal deficit would be Rs 16,85,494 crore against Rs 17,34,773 crore for the current fiscal. For the Budget calculation purposes, the government projected nominal GDP growth of 10.5 per cent for the next financial year against the 11 per cent estimated for the current fiscal. The nominal GDP for BE 2024-25 has been projected at Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 2,96,57,745 crore, as per the First Advance Estimates of FY24. To meet the fiscal deficit, the gap between revenue receipt and expenditure, the government raises funds by issuing bonds in the market. The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 lakh and Rs 11.75 lakh crore, respectively. Dismissing criticism on capital expenditure (capex), Somanathan said, "There is an increase of 11.1 per cent over a very high base. So this is an increase of more than Rs 1 lakh crore... Earlier, we had a small base but now we have a large base so it can only be a small increment." Capital expenditure of Rs 11.11 lakh crore cannot be done by signing a cheque, he said, adding that it requires action on the ground because there are issues of permission, land acquisition, and construction. "So it is a very realistic and balanced provision, which is what the economy needs right now," he said.

Fiscal deficit target of 5.1% ambitious but achievable: Finance Secretary

<keyword id="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics". <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div> <div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div> Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <h2>Who is Shaktikanta Das? </h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

The first draft of a new simplified <keyword id="20211090" type="General" weightage="20" keywordseo="income-tax-law" source="keywords">income tax law</keyword>, as proposed in the Budget, will be prepared by an internal committee of the tax department and will undertake stakeholder consultation before finalising the legislation, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> <keyword id="301743" type="General" weightage="20" keywordseo="Sanjay-Malhotra" source="Orion">Sanjay Malhotra</keyword> said on Thursday. Malhotra said that the exercise is not linked to bringing a new <keyword id="22542056" type="General" weightage="20" keywordseo="direct-taxes-code" source="keywords">direct taxes code</keyword>, but a comprehensive review of the <keyword id="6354751" type="General" weightage="100" keywordseo="Income-Tax" source="Orion">income tax</keyword> law. Finance Minister Nirmala Sitharaman in her Budget speech earlier this week announced that a comprehensive review of the Income-tax Act, 1961 will be completed in six months. "The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation," Sitharaman said. To a question whether the review would mean that the government will come with a direct tax code, Malhotra said "It is not a new direct tax code... It is a comprehensive review". He said the first draft of the <keyword id="22542055" type="General" weightage="20" keywordseo="simplified-Income-Tax" source="Orion">simplified income tax</keyword> law, post the review, would be prepared by an internal committee of the tax department. "We would like to have a collaborative approach.... The first draft will be prepared by an internal team and then we will see how to go ahead with stakeholder consultation," Malhotra said at an interactive session with industry chamber Ficci.

First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary

Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday morning chaired a <keyword id="20255269" type="General" weightage="20" keywordseo="pre-budget-meeting" source="keywords">pre-budget meeting</keyword> with Finance Ministers of all States and Union Territories. The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature) to take suggestions for the upcoming <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Ministers of State along with other stakeholders are participating in the meeting and visuals showed Uttar Pradesh finance minister Suresh Kumar Khanna, and finance minister of Rajasthan Diya Kumari at the Bharat Mandapam venue before the meeting commenced this morning. The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. Sitharaman chaired the first pre-budget consultations with leading economists on June 19. The meeting was attended by Union minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser. Meanwhile, Sitharaman will also chair the 53rd <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="GST Council" meta.hostid="261" meta.entityid="GST Council">GST council</keyword> after the formation of the new government. State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India's indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country's economic objectives. The information on the agenda of Council meeting is not yet in public domain. However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led <keyword id="22141478" type="General" weightage="20" keywordseo="National-Democratic-Alliance-government" source="keywords" meta.keywordsubtype="org" meta.entityname="National Democratic Alliance government" meta.hostid="261" meta.entityid="National Democratic Alliance government">National Democratic Alliance government</keyword>.

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

New Delhi [India], July 24 (ANI): A <keyword id="4261957" type="General" weightage="20" keywordseo="general-discussion" source="Orion">general discussion</keyword> on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> and the budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25 will be held in the <keyword id="19895369" type="General" weightage="100" keywordseo="Rajya-Sabha" source="keywords">Rajya Sabha</keyword> later on Wednesday. <keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented both the Union Budget and the <keyword id="22525621" type="General" weightage="20" keywordseo="Jammu-and-Kashmir-Budget" source="keywords">Jammu and Kashmir Budget</keyword> in the House on July 23. The discussion is crucial as both the budgets shape the financial direction of the country and the Union Territory, respectively. The Union Budget outlines the government's revenue and expenditure plans for the upcoming fiscal year, while the budget for the Union Territory of Jammu and Kashmir is a significant event considering the developmental needs. As per the list of businesses of the Rajya Sabha, the discussion on these two budgets will be convened later in the day. The discussion over these two budgets is expected to start in the second half of the day. According to the list of business of the Rajya Sabha, the ministers that are set to lay the papers on the table are Jayant Chaudhary for the Ministry of Education; Pankaj Chaudhary for the Ministry of Finance; Nityanand Rai for the Ministry of Home Affairs; and Sukanta Majumdar for the Ministry of Education. Besides, Rajya Sabha Secretary General PC Mody will lay on the table the Public Accounts Committee reports. This includes the 124th Report on Construction of Toilets in Schools by CPSEs; the 125th Report on Rejuvenation of the Ganga (Namami Gange); the 126th Report on Avoidable Payment due to Non-Charging of Service Tax/GST from the Passengers; and the 127th Report on Action Taken by the Government on the Observations and Recommendations of the Committee contained in their 46th Report (16th Lok Sabha) on Implementation of the Public-Private Partnership Project at Chhatrpati Shivaji International Airport, Mumbai, among others. The reports were presented to the Speaker on February 23 and April 29, 2024, and to the Chairman, Rajya Sabha, on February 28 and May 13, 2024, before the dissolution of the 17th Lok Sabha. The Speaker had ordered the printing, publication and circulation of the reports. As per the business list of the Rajya Sabha, Union Minister for Parliamentary Affairs Kiren Rijiju will move the motion for election to the committee on the welfare of other backward classes. Kiren Rijiju will also move the motion for nomination to the committee on the welfare of scheduled castes and scheduled tribes. The motion for nomination to the committee on public accounts will also be moved by Union Minister Rijiju in the House today. Moreover, Kiren Rijiju will move the motion for nomination to the committee on public undertakings. Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday during the Monsoon Session of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword>. Nirmala Sitharaman became the first finance minister to present seven consecutive budget speeches, surpassing former prime minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964. In her seventh budget, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities. These included productivity and resilience in agriculture, employment, and skilling and services. Prime Minister Narendra Modi on Tuesday hailed the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> presented by Finance Minister Nirmala Sitharaman. "This budget strengthens every section of society. It takes the country's poor, village and farmers on the path of prosperity," the prime minister said in a video message. The Prime Minister praised the budget, emphasising its potential for job generation by incentivizing the top 500 companies to recruit more youth and also induct interns. The PM said the budget would help India achieve its objective of becoming the third largest economy, besides laying a strong foundation for Viksit Bharat. Union Home Minister Amit Shah on Tuesday also said the Union Budget 2024-25 is game-changing and will go down in history for coupling Bharat's economic growth with the torque of its youth power. He also lauded the government's decision to provide training and internship programmes to youth. The Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, welcomed the Union Budget 2024 laid before Parliament on Tuesday. Calling the Union Budget 2024 a 'visionary document', Sonowal said, "The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the 'Garib' (poor), 'Mahilayen' (women), 'Yuva' (youth), and Annadata' (farmers) so that the process of development reaches every citizen of the country." Assam Chief Minister Himanta Biswa Sarma said on Tuesday that Union Budget 2024 stands out for its unprecedented push towards employment generation and powering small businesses.

Rajya Sabha to hold general discussion on Union Budget, Jammu and Kashmir Budget today

New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

<ul class="summary-list"><li>Former Treasury Secretary Larry Summers called for Russia's frozen funds to be made available for Ukraine</li><li>It would be financially and politically expensive for the US to fund Kyiv's needs, he told Bloomberg TV.</li></ul>Funding Ukraine out of the US budget would be both financially and politically detrimental, former Treasury Secretary Larry Summers told <a href="https://twitter.com/i/status/1704868613306339735" target="_blank" rel="noopener">Bloomberg TV</a>.Instead, he suggested the Biden administration could push to use Russian assets that were frozen by the West to help Ukraine build a viable economy that will help "win the peace" after the war."It's a very difficult budgetary time, in the United States and other major economies. What those facts say to me is that we're not going to find hundreds of billions of dollars for Ukraine in our budgets," Summers said. "And then if we find a lot of money, it's gonna be enormously expensive money, in terms of what it means politically, and in terms of what it means for the rest of the world."Taking over the Russian funds should be achievable, and would free the US to commit its budget to other concerns, such as climate change protection, he added. The assets, amounting to hundreds of billions of dollars in value, were first frozen by <a href="https://www.businessinsider.com/repo-global-task-force-freeze-330-billion-russia-oligarch-assets-2022-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1ylkcd0*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY5NTMwNzg3Ni4yMzQuMS4xNjk1MzEwMjgwLjQxLjAuMA..">Western institutions</a> in response to Moscow's invasion of Ukraine last year.In February, Hermitage Capital Management CEO Bill Browder called to <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-foreign-currency-reserves-ukraine-sanctions-bill-browder-2023-2">free up the reserves</a> for Ukraine, determining that it could be done through collective action. A vocal critic of Russian leadership, he noted that international norms were already broken when Moscow launched a war on a peaceful state.While legal questions remain about seizing those foreign exchange and gold reserves, <a href="https://markets.businessinsider.com/news/currencies/ukraine-war-interest-euroclear-russia-frozen-assets-wartime-fund-bonds-2023-9?_gl=1*rum7mn*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY5NTEyNzk0NS4yMjIuMC4xNjk1MTI3OTQ1LjYwLjAuMA..">Ukraine is seeking to obtain the interest that clearinghouses collect</a> on the Russian assets.Summers' call to use Russian assets for Ukraine comes as he has <a href="https://markets.businessinsider.com/news/bonds/larry-summers-deficits-unsustainable-debt-costs-medicare-medicaid-social-security-2023-7">voiced concern</a> in recent months about the trajectory of American spending, and warned against unsustainable deficits.This fiscal year, the government is nearing $2 trillion in overspending, while US debt hit an all-time high of <a href="https://www.businessinsider.in/stock-market/news/treasury-yields-highest-since-2007-after-us-debt-hits-a-record-33-trillion/articleshow/103815642.cms" target="_blank" rel="noopener">$33 trillion this week</a>. Such factors could <a href="https://www.businessinsider.in/stock-market/news/the-debate-about-fed-rate-hikes-is-missing-a-key-argument-former-treasury-secretary-larry-summers-says/articleshow/103673303.cms" target="_blank" rel="noopener">push interest higher</a>, as servicing debt becomes more costly, he has said.

Former Treasury Secretary Larry Summers says Ukraine's needs are 'enormously expensive' for the US to finance - and frozen Russian assets should be used instead

<ul class="summary-list"><li>Mike Johnson said Republicans will deliver articles of impeachment against Mayorkas next month.</li><li>House Republicans have long delayed presenting their impeachment articles to the Senate.</li></ul>House Republicans are finally ready to proceed with Homeland Security Secretary<a target="_blank" href="https://www.businessinsider.com/house-republicans-impeach-mayorkas-150-years-vote-2-2024"> Alejandro Mayorkas</a>' impeachment trial.House Speaker Mike Johnson announced that a group of GOP lawmakers will formally deliver its two articles of impeachment on April 10. House lawmakers narrowly voted to impeach Mayorkas on February 13. They have since delayed the process amid a debate over government funding and other matters.House Republicans approved charges based on a failure to enforce immigration laws and to cooperate with their various probes. Mayorkas and the Biden administration have strongly denied wrongdoing. <a target="_blank" href="https://www.businessinsider.com/which-republicans-voted-against-impeaching-dhs-secretary-alejandro-mayorkas-2024-2">Three Republicans</a> voted against impeaching Mayorkas, arguing that the GOP was setting a potentially dangerous precedent by impeaching a Cabinet official over what could be viewed as policy disputes. Due to the opposition and their narrow majority, <a target="_blank" href="https://www.businessinsider.com/house-republicans-2-big-losses-one-night-still-a-mess-2024-2">Republicans failed to impeach Mayorkas</a> on their first try.Johnson called for the Senate to hold a full trial on Mayorkas, who is just the second Cabinet secretary in history to be impeached. It's unlikely Johnson will be pleased with the Senate's response.Senate Majority Leader Chuck Schumer has called the impeachment a "sham" and "a new low for House Republicans." Democrats, who narrowly control the Senate, could move to dismiss the trial quickly. They could also punt the question to a special committee. Either tactic would not require Republican votes, though even some Senate Republicans have expressed unease with the House's case.If Republicans want to force a full trial, they will have to pressure Senate Democrats facing tough reelection campaigns to vote against a quick dismissal. Republicans have hoped a trial could give them a big platform to challenge Biden's immigration policies before the election.No one expects Mayorkas to be convicted, which requires two-thirds support.<h2>Why are Republicans attacking Mayorkas?</h2>As Homeland Security secretary, Mayorkas oversees a vast agency that includes US Customs and Border Protection. As a result, the GOP has tried to make him the poster boy for what they view as Biden's failed immigration policies.House Speaker Mike Johnson, who recently led a Republican delegation to the border, has repeatedly said the situation is <a target="_blank" href="https://www.cbsnews.com/news/mike-johnson-house-speaker-face-the-nation-transcript-01-07-2024/">"a humanitarian catastrophe</a>" with major national security concerns. Rep. Mark Green, who chairs the Homeland Security Committee, has argued that Mayorkas has violated his oath of office. Green has gone as far as to say, "Hamas can walk just right in."Politically, Republicans also view the issue as a winner. A CBS poll earlier this year found that views of Biden's handling of immigration are <a target="_blank" href="https://www.cbsnews.com/news/cbs-news-opinion-poll-americans-border-crisis/">at an all-time low</a>. Democratic mayors and governors <a target="_blank" href="https://www.nytimes.com/2024/01/04/us/politics/biden-immigration-republicans-democrats.html">have also complained to the White House</a> in the wake of Republicans sending waves of migrants to their cities.<h2>What happens next?</h2>The 11 House Republican impeachment managers, including Rep. Marjorie Taylor Greene of Georgia, will be formally escorted across the Capitol before arriving in the Senate.According to Fox News, Schumer's office <a target="_blank" href="https://twitter.com/ChadPergram/status/1773396090408108359">intends</a> for senators to be formally sworn in on April 11. At that time, senators could then move to dismiss the case quickly.<h2>How is this different from presidential impeachments?</h2>The biggest difference is that Chief Justice John Roberts will not preside over the trial. The US Constitution only requires the chief justice's presence when the president is impeached.Roberts did not preside over Trump's second trial as Trump was no longer president when senators moved forward with the trial on February 9, 2021. Then-Sen. Patrick Leahy (D-Vt.), president pro tempore of the Senate at the time, presided over the brief trial.In this case, Leahy's successor, Sen. Patty Murray, a Washington state Democrat, will preside.<h2>What is the situation at the border like?</h2>Last year ended with what was an undeniable crisis at the border, a record number of encounters, 10,000 people per day along the border."The numbers we are seeing now are unprecedented," Troy Miller, the acting commissioner of US Customs and Border Protection, told The Washington Post.US Customs and Border Protection said at the time more than 2.3 million migrants had been released into the United States at the southern border under Biden's watch, <a target="_blank" href="https://www.washingtonpost.com/immigration/2024/01/06/biden-migrants-us-mexico-border/">The Post reported. </a>Republicans often cite the more than 6 million people that have been taken into custody, a much different measure.The situation is different now. "Arrests for illegal crossings on the US border with Mexico <a target="_blank" href="https://apnews.com/article/immigration-border-security-migrants-homeland-security-1c6e9f612dff721191c0254f980947a5">fell by half in January,</a>" the Associated Press reported.There is some debate about how to compare Biden's record. <a target="_blank" href="https://www.politifact.com/article/2024/jan/03/key-facts-about-immigration-data-what-it-can-and-c/">Politifact previously pointed out</a> that there are some caveats to comparing the record-high influx under Biden to the past. The context is important, especially when comparing Trump and Biden administration data, which measures "encounters" as opposed to "apprehensions." Immigration patterns, including who is trying to come into the United States and how often they attempt to cross the border, have also changed. <a target="_blank" href="https://www.npr.org/2021/10/23/1048522086/border-patrol-apprehensions-hit-a-record-high-but-thats-only-part-of-the-story">As NPR previously pointed out</a>, the number of migrants making <a target="_blank" href="https://trac.syr.edu/reports/694/">repeat attempts has skyrocketed</a>. This means that when it comes to encounters, a single person could be responsible for multiple encounters if they repeatedly try to enter the United States.<h2>What is the White House saying?</h2>The White House has said the US immigration system has been "broken for decades." Officials have repeatedly pointed out that at the same time that Republicans are trying to impeach Mayorkas, he is working with senators from both parties on what would be the largest changes to US immigration laws in years.Biden quickly blasted the impeachment after the vote on February 13."History will not look kindly on House Republicans for their blatant act of unconstitutional partisanship that has targeted an honorable public servant in order to play petty political games," Biden said in a statement released by the White House.<h2>Has a Cabinet secretary been impeached before?</h2>In its entire history, the House has only ever impeached one Cabinet secretary: former Secretary of War William Belknap under the Grant administration. Lawmakers <a target="_blank" href="https://www.senate.gov/about/powers-procedures/impeachment/impeachment-belknap.htm">accused Belknap of taking bribes</a> to finance a lavish lifestyle while living on a meager government salary. In the face of his likely ouster, the former Civil War general rushed to the White House to hand President Ulysses S. Grant his resignation.The House <a target="_blank" href="https://archive.is/GyIdz#selection-571.0-574.0">still impeached Belknap</a>, though he was acquitted during a Senate trial. The core of Belknap's defense was that he was technically a private citizen both at the time of his impeachment (by just minutes) and during his monthslong trial. If that sounds familiar, it's because former President Donald Trump and most Senate Republicans made a similar defense during Trump's trial following the January 6 Capitol riot.

Republicans are finally ready for DHS Secretary Alejandro Mayorkas' impeachment trial

<ul><li>The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings.</li><li>It will be the fifth Budget of the Narendra Modi 2.0 government and Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>.</li><li>The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session. </li></ul> The government on <keyword id="21684" type="General" weightage="20" keywordseo="monday" source="Orion">Monday</keyword> will kick off its annual Budget making exercise for financial year 2023-24, that is expected to look at measures to revive growth amid a gloomy <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> outlook. The meeting would start with consultations with various ministries and departments on the revised estimates (RE) of expenditure for ongoing financial year and the fund requirement for 2023-24. On the first day on Monday, RE meetings with <keyword id="48413" type="General" weightage="20" keywordseo="Ministry" source="Orion">Ministry</keyword> of Environment, Forest and Climate Change, Ministry of Labour And Employment, Ministry of Information and Broadcasting, Ministry of Statistics and Programme Implementation and Ministry of Youth Affairs and Sports would take place. Most of these discussions to finalise RE for ongoing financial year (2022-23) and Budget Estimate for 2023-24 would be chaired by the <keyword id="46929" type="General" weightage="20" keywordseo="Finance-Secretary" source="Orion">Finance Secretary</keyword> and Expenditure Secretary. The month-long deliberations would end on November 10, with consultations with Ministry of Cooperation, Department of Agriculture and Farmers Welfare, Department of Agricultural Research and Education, Ministry of Road Transport and Highways, Ministry of Railways and Ministry of Petroleum and Natural Gas, as per a notification of Budget Division of the finance ministry. The Budget Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings. These meetings would take place against the backdrop of many institutions, including the <keyword id="50847" type="General" weightage="20" keywordseo="Reserve-Bank" source="Orion">Reserve Bank</keyword> and the World Bank slashing India's growth forecast to 7 per cent and 6.5 per cent, respectively. It will be the fifth Budget of the Narendra Modi 2.0 government and Finance Minister Nirmala Sitharaman and the last full Budget before the general elections due in April-May 2024. During the <keyword id="6359191" type="General" weightage="20" keywordseo="election" source="Orion">election</keyword> year, the government presents Vote on Account for the limited period. Usually, the Budget is cleared till July. The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session which usually begins in the last week of January every year. The Budget 2022-23 had projected a growth rate of 7-7.5 per cent in real terms while fiscal deficit was pegged at 6.4 per cent of gross domestic product (GDP). Prime Minister Narendra Modi-led government scrapped the colonial-era tradition of presenting the Budget at the end of February. The then finance minister Arun Jaitley had for the first time presented the annual accounts on February 1, 2017. With the change in the date of Budget presentation, ministries are now allocated their budgeted funds from the start of a financial year beginning April. This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans. Previously, when Budget was presented at the end of February, the three-stage Parliament approval process would get completed some time in mid-May, weeks ahead of the onset of monsoon rains. This meant government departments would start spending on projects only from August-end or September, after the monsoon season ended. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/pakistani-rupee-becomes-worlds-best-performing-currency/articleshow/94724119.cms">Pakistani rupee becomes 'world's best performing currency'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

Govt to kick off FY24 Budget making exercise on Monday

The <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Friday passed the Finance Bill 2023 without any discussion through voice vote, amid protests by the Congress-led opposition. Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that a panel under the finance secretary would be set up to look into the issue of pensions. As many as 75 amendments are there in the Finance Bill, all of which were approved through voice vote, even as the Congress members protested in the well of the <keyword id="7173" type="General" weightage="80" keywordseo="house" source="Orion">House</keyword>, shouting slogans and seeking a JPC probe in the Adani matter. The opposition MPs raised slogans and showed placards saying "Allow <keyword id="5268" type="General" weightage="50" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword> to speak in the House" and "We fought the British, we will fight Modi and RSS". Meanwhile, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> announced while speaking on the bill, that a committee under the finance secretary would be set up to look into the issue of pensions and for evolving an approach which addresses the needs of employees, while maintaining fiscal prudence to protect common citizens. She also informed the House that the approach will be designed for adoption by both the central government and state governments. Sitharaman further said, "It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) and they escape tax collection at source. The RBI is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon." Soon after the finance bill was passed, the Lower House was adjourned till March 27. Opposition members could be seen tearing their placards and throwing them at the Speaker's chair after the House was adjourned. The Finance Bill 2023, gives effect to the financial proposals of the central government for 2023-24. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/ipl-2023-jio-introduced-new-cricket-plans-providing-3gb-data-per-day/articleshow/98962965.cms">IPL 2023: Jio introduced new cricket plans providing 3GB data per day</a>

You Searched For "secretary finance" and got 12 results

Comprehensive review of the IT Act imminent in 6 months, notes revenue secretary

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Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

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Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

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Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

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Former Treasury Secretary Larry Summers says Ukraine's needs are 'enormously expensive' for the US to finance - and frozen Russian assets should be used instead

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Finance Bill passed in Lok Sabha amid opposition protest

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