Thursday, 2 February 2017

Budget 2017 ,Financial sector

Following are the highlights of Union Finance Minister Arun Jaitley's 2017 Budget
speech.
The Union Budget 2017 was broadly focused on 10 broad themes — farmers, rural
population, youth, poor and health care for the underprivileged; infrastructure; financial
sector for stronger institutions; speedy accountability; public services; prudent fiscal
management; tax administration for the honest.

Financial sector
1. FDI policy reforms - more than 90% of FDI inflows are now automated.
2. Shares of Railway PSE like IRCTC would be listed on stock exchanges.
3. Bill on resolution of financial firms to be introduced in this session of parliament.
4. Decided to abolish FIPB in 2017-18.
5. Foreign Investment Promotion Board to be abolished.
6. Revised mechanism to ensure time bound listing of CPSEs
7. Computer emergency response team for financial sector to be formed.
8. Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18
9. Digital India - Bhim app will unleash mobile phone revolution - two new schemes
to promote the app.
10. Govt to introduce two new schemes to promote BHIM App - referral bonus for
users and cash back for traders: FM.
11. Negotiable Instruments Act might be amended.
12. DBT to LPG consumers , Chandigarh is kerosene free, 84 govt schemes are on the
DBT platform.
13. Head post office as the central office for rendering passport services
14. Easy online booking system for Army, defence personnel
15. For big-time offences - including economic offenders fleeing India, the govt. will
introduce a legislative change or new law to confiscate the assets of these
people within the country

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