Universal Social Security System for all Specially the Poor and the Under-Privileged

Soon-To-Be-Launched Pradhan Mantri Suraksha Bima Yojana

The Atal Pension Yojana Launched

  The Prahan Mantri Jeevan Jyoti Bima Yojana Announced

Scheme to Subsidize the Premiums of Vulnerable Groups Such as Old Age Pensioners, BPL Card-Holders, Small and Marginal Farmers and Others

Integrated Education and Livelihood Scheme ‘Nai Manzil’ will be Launched for Minorities

            The Union Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, here today said that a large proportion of India’s population is without insurance of any kind – health, accidental or life worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister proposed to work towards creating a universal social security system for all Indians, specially the poor and the under-privileged.

            Shri Jaitley said that soon Pradhan Mantri Suraksha Bima Yojana will be launched to cover accidental death risk of Rs. 2 lakh for a premium of just Rs. 12 per year. Similarly, we will also launch the Atal Pension Yojana, which will provide a defined pension, depending on the contribution, and its period. To encourage people to join this scheme, the Government will contribute 50% of the beneficiaries’ premium limited to Rs. 1,000 each year, for five years, in the new accounts opened before 31^st December, 2015.

            The Finance Minister further said that the third Social Security Scheme that is to announce is the Pradhan Mantri Jeevan Jyoti Bima Yojana which covers both natural and accidental death risk of Rs. 2 lakhs. The premium will be Rs. 330 per year, or less than one rupee per day, for the age group 18-50.

            Shri Jaitley said that there are unclaimed deposits of about Rs. 3,000 crore in the PPF, and approximately Rs. 6,000 crore in the EPF corpus. The Finance Minister proposed the creation of a Senior Citizen Welfare Fund, in the Finance Bill, for appropriation of these amounts to a corpus which will be used to subsidize the premiums of vulnerable groups such as old age pensioners, BPL card-holders, small and marginal farmers and others. Shri Jaitley informed that a detailed scheme would be issued in March.

            The Finance Minister further said that special regard needs to be paid to the population of senior citizens in the country which is now approximately 10.5 crore, out of which over one crore are above the age of 80 years. 70% live in rural areas and a large number are in the BPL category. A sizable percentage of them also suffer from age related disabilities. The Finance Minister proposed a new scheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the poverty line.

            Shri Jaitley said that in sum, these social security schemes reflect our commitment to utilize the Jan Dhan platform, to ensure that no Indian citizen will have to worry about illness, accidents, or penury in old age. Being sensitive to the needs of the poor, under-privileged and the disadvantaged, my Government also remains committed to the ongoing welfare schemes for the SCs, STs and Women. Despite serious constraints on Union finances, allocations made this year are as follows:

                        SC                   Rs. 30,851 crore

                        ST                    Rs. 19,980 crore

                        Women            Rs. 79,258 crore

            The Minister announced an integrated education and livelihood scheme called ‘Nai Manzil’ will be launched this year to enable Minority Youth who do not have a formal school-leaving certificate to obtain one and find better employment. Further, to showcase civilization and culture of the Parsis, the Government will support, in 2015-16, an exhibition, ‘The Everlasting Flame’.

Courtesy: pib.nic.in

Shri Jaitley Announces Measures to Improve the Ease of Doing Business with Simplification of Tax Procedures in Finance Bill 2015

The Union Finance Minister Shri Arun Jaitley in his Budget Speech in Lok Sabha today announced measures to improve the ease of doing business so as to achieve ‘Minimum Government and Maximum Governance’. He sought to bring about simplification of tax procedures in the Financial Bill 2015. Monetary limits for a case to be heard by a single member bench of ITAT is proposed to be increased from Rs 5 lakh to Rs 15 lakh. The proposed amendments in the Income-tax Act provide that:

·         Penalty provision in indirect taxes are being rationalized to encourage compliance and early dispute resolution.

·         Central excise/ Service tax assesses to be allowed to use digitally signed invoices and maintain record electronically.

·         Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over Rs 1 crore annually.

·         Provision of indirect transfers in the Income-tax Act suitably cleaned up.

·         Applicability of indirect transfer provisions to dividends paid by foreign companies to their shareholders to be addressed through a clarificatory circular.

·         Domestic transfer pricing threshold limit increased from Rs 5 crore to Rs 20 crore.

·         MAT rationalized for FIIs and members of an AOP.

·         Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year.

·         Education cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty.

·         Specific rates of central excise duty in case of certain other commodities revised.

·         Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed.

·         Excise duty on footwear with leather uppers and having retail price of more than Rs 1000 per pair reduced to 6 %.

·         Online central excise and service tax registration to be done in two working days.

·         Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.

·         Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST.

·         Donation made to National Fund for Control to Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.

·         Seized cash can be adjusted towards assesses tax liability.

courtesy:pib.nic.in

Eligible Donations to Swachh Bharat Kosh and Clean Ganga Fund to be 100% Deductible

The Finance Minister, Shri Arun Jaitley presenting the Budget for 2015-16 in Lok Sabha today, proposed that donations (other than CSR contributions under the Companies Act 2013) to the Swachh Bharat Kosh (by residents and non residents) and Clean Ganga Fund (by residents) will be 100 % deductible under section 80G of the Income-tax Act. 

He emphasized on improving the quality of life and public health through Swachh Bharat initiatives. He increased the clean energy cess from Rs. 100 to Rs. 200 per metric tonne of coal etc. to finance clean environment initiatives. Shri Jaitley further raised excise duty from 12 % to 15 % on sacks and bags of polymers of ethylene other than for industrial use. He further introduced an enabling provision to levy Swachh Bharat cess at 2 % or less on all or certain services if required. Shri Jaitley proposed in the budget to exempt services by common effluent treatment plants from service tax. Concessions on custom and excise duty for electrically operated vehicles and hybrid vehicles are to be extended upto 31.03.2016, Shri Jaitley said. 

courtesy: pib.nic.in

PM welcomes Union Budget; terms it positive and pragmatic

The Prime Minister, Shri Narendra Modi has welcomed the Union Budget. 

”Union Budget 2015 is a Budget with a clear vision. It is a Budget that is progressive, positive, practical, pragmatic and prudent. 

Budget 2015 has a distinct focus on farmers, youth, poor, neo-middle class and the Aam Nagrik. It delivers on growth, equity and job creation. 

Budget is investment friendly and removes all doubts on tax issues. It assures investors that we have a stable, predictable and fair tax system. 

From housing for all, jobs, health, education and total electrification, FM laid down goals to be achieved by 2022, India's Amrut Mahotsav. 

I congratulate FM for doing an excellent job in respecting aspirations of the States and at the same time delivering on National priorities. 

Budget indicates our commitment to ensure that development of Eastern and North-Eastern parts of India gets an impetus and drives future growth. 

Details of the Black Money law being introduced demonstrates our firm commitment to bring back every Rupee of Black Money stashed abroad. 

Success of Jan Dhan Yojana is gladdening. Building on that, key schemes are announced that will comprehensively transform lives of the poor. 

Suraksha Bima Yojana, Atal Pension Yojana, Jeevan Jyoti Bima Yojana, Vidya Lakshmi Karyakram mark a shift from Jan Dhan to Jan Kalyan. 

Atal Innovation Mission and SETU underline our commitment to enable innovation, entrepreneurship and start-ups to grow and shine in India. 

FM @arunjaitley must be congratulated for this pro-poor, pro-growth, pro-middle class, pro-youth and paradigm shifting Budget. 

2015 Budget will further reignite our growth engine, signalling the dawn of a prosperous future.#SabkaBudget”, the Prime Minister said.

courtesy:pib.nic.in

Government to Launch A National Skills Mission Soon Aiims to be Launched in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in 2015-16

Student Financial Aid Authority to Administer Scholarships and Educational Loan Schemes for Poor Students

The Government will soon launch a National Skills Mission through the Skill Development and Entrepreneurship Ministry. The Finance Minister, Shri Arun Jaitley, in his Budget Speech 2015-16 today, said that the Mission will consolidate skill initiatives spread across several Ministries. It will allow the Government to standardize procedures and outcomes across 31 Sector Skill Councils, he added. Shri Arun Jaitely said “India is one of the youngest nations in the world with more than 54% of the total population below 25 years of age. Yet today less than 5% of our potential workforce gets formal skill training to be employable and stay employable”. The Finance Minister said that the Deen Dayal Upadhyay Grameen Kaushal Yojana was launched to enhance the employability of Rural Youth which is the key to unlocking India’s demographic dividend. A sum of Rs. 1500 crore has been allocated for this scheme, he said, for which disbursement will be through a digital voucher directly into qualified student’s bank account. A 100th Birth Anniversary Celebration Committee will be announced soon and adequate resources will be provided for the celebration of 100th Birth Anniversary of the Great Nationalist Shri Deen Dayal Ji Upadhyay, he added. Shri Jaitley announced that the Government will launch all India Institute of Medical Sciences (AIIMS) in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in the fiscal year 2015-16. Similarly, to augment Medical Sciences in Bihar, another AIIMS like Institute is proposed to be set in the State. In his Budget Speech, the Finance Minister also proposed to set up an IIT in Karnataka, and upgrade Indian School of Mines, Dhanbad into a full fledged IIT. IIMs will be set in J&K and Andhara Pradesh, the Minister added. Three new National Institutes of Pharmaceuticals Education and Research are proposed to be set up in Maharashtra, Rajasthan and Chattisgarh along with Institutes of Science and Education Research in Nagaland and Odisha. For the North Eastern States, a Centre for Film Production, Animation and Gaming will be set up in Arunachal Pradesh while an Apprenticeship Training Institute for Women will be set in Haryana and Uttarakhand during 2015-16. To enable all poor and middle class students to pursue higher education of their choice without any constraints of funds, a fully IT based Student Financial Aid Authority is proposed to be set up during the year 2015-16. It will administer and monitor scholarships as well as Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakaram to ensure that no student misses out on higher education for lack of funds. courtesy:pib.nic.in

Public Debt Management Agency (Pdma) to be Set Up

A Public Debt Management Agency (PDMA) will be set-up which will bring both India’s external borrowings and domestic debt under one roof. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley stated that deepening of the Indian Bond market is one vital factor in promoting investment in India. The process of bringing the Indian Bond Market at the same level as India’s world class equity market is proposed to be initiated by setting-up PDMA. '

courtesy:pib.nic.in

Task Force to Establish a Sector Neutral Financial Redressal Agency to be Set Up

The Union Finance Minister Shri Arun Jaitley has proposed to create a task force to establish a sector neutral financial redressal agency that will address grievances against all financial service providers. Presenting the General Budget 2015-16 in the Lok Sabha here today, Shri Jaitley stated that a properly functioning capital market requires proper consumer protection. 

The Finance Minister also informed that the work assigned to the Task Forces on the Financial Data Management Centre, the Financial Sector Appellate Tribunal, the Resolution Corporation, and the Public Debt Management Agency are progressing satisfactorily. 

The Government has also received a large number of suggestions regarding the Indian Financial Code (IFC) which are currently being reviewed by the Justice SriKrishna Committee. The Finance Minister hoped that he would be able to introduce the IFC in Parliament for consideration in due course. 

courtesy: pib.nic.in

Investment In Infrastructure To Go Up By Rs.70,000 Crore In Year 2015-16 Over Year 2014-15

The Union Finance Minister Shri Arun Jaitley has proposed an increase in investment in infrastructure by Rs. 70,000 crore in the year 2015-16 over the year 2014-15 from the Centre’s funds and resources of CPSEs. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Finance Minister stated that the present state of infrastructure does not match the growth ambitions. Hence he has increased outlay on both the roads and the gross budgetary support to the Railways by Rs. 14,031 crore and Rs. 10,050 crores. The CAPEX of the public sector units is expected to be Rs.3,17,889 crores, an increase of approx. Rs. 80,844 crores over RE 2014-15. 

courtesy: pib.nic.in

National Investment and Infrastructure Fund to be Set up

The Union Finance Minister Shri Arun Jaitley has announced the setting up of a National Investment and Infrastructure Fund (NIIF). Presenting the General Budget 2015-16 in the Lok Sabha here today, the Finance Minister stated that an annual flow of Rs.20,000 crore will be ensured for the NIIF. This will enable the Trust to raise debt, and in turn, invest as equity, in infrastructure finance companies such as IRFC and NHB. The infrastructure finance companies can then leverage this extra equity, manifold. 

courtesy: pib.nic.in

Corporate Tax to be Reduced and GST to be Implemented

The Finance Minister Shri Arun Jaitley has said that the Corporate Tax Rate is proposed to be reduced from the current 30% to 25% over the next 4 years. In his Budget Speech in the Lok Sabha here today, Shri Jaitley said this is expected to lead to higher level of investment, higher growth and more jobs. The Minister however said that the reduction has to be accompanied by rationalization and removal of various kinds of exemptions and incentives which is leading to a large number of tax disputes. He pointed out that the effective collection of Corporate Tax today is about 23%. 

The Finance Minister said he did not start the process of reduction right away as he wanted to give advance notice that these changes will start from the next financial year. 

Shri Arun Jaitley also said that his government is moving forward on various fronts to implement Goods and Services Tax (GST) from the next year. GST, on which his government introduced a Bill in the last session of the parliament, is expected to play a transformative role in the way our economy functions. It will add buoyancy to our economy by developing a common Indian market and reducing the cascading effect on the cost of goods and services, Shri Jaitley added. The Finance Minister said that as a part of the movement towards GST the Education Cess and the Secondary and Higher Education Cess are to be subsumed in the Central Excise Duty. 

courtesy: pib.nic.in

ATAL Innovation Mission (Aim) to be Set up

The Union Finance Minister Shri Arun Jaitley has stated his intentions to establish the ATAL Innovation Mission(AIM) in NITI. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Finance Minister stated that AIM will be an Innovation Promotion Platform involving academics, entrepreneurs and researchers and draw upon national and international experiences to foster a culture of innovation, R&D and scientific research in India. Shri Jaitley said that the platform will also promote a network of world-class innovation hubs and Grand Challenges for India. Initially a sum of Rs.150 crore wail be earmarked for this purpose. 

courtesy: pib.nic.in

Finance Minister Shri Arun Jaitley Outlines Measures to Curb Black Money in Budget 2015-16

The Finance Minister, Shri Arun Jaitley signaled the government’s intent to curb generation of black money in real estate in the Budget 2015-16. Presenting the Budget in the Lok Sabha today he proposed amendments in the Income Tax Act prohibiting acceptance or repayment of advance in cash of Rs. 20,000 or more for any transaction in immovable property. Penalties of equal amount will be imposed in case of contraventions.

In order to curb trade based money laundering, making false declarations/ documents in the transaction of any business relating to Customs (section 132, Customs Act) will be brought under the Prevention of Money Laundering Act as a “predicate offence”.

A Bill for a comprehensive new law to deal with black money parked abroad is likely to be introduced in the current session. Key features of the new law on black money are –

·         Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years, be non compoundable, have a penalty of 300 % and the offender will not be permitted to approach the Settlement Commission.

·         Non filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment upto 7 years.

·         Undisclosed income from any foreign assets to be taxable at the maximum marginal rate.

·         Mandatory filing of return in respect of foreign asset.

·         Entities, banks, financial institutions including individuals all liable for prosecution and penalty.

·         Concealment of income/evasion of income in relation to a foreign asset to be made a ‘predicate’ offence under PML Act, 2002

·         PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.

Also, the Government proposes Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.

courtesy:pib.nic.in

Tax Measures Announced to Promote Swachh Bharat Initiatives and Public Health

The Central Government will impose a Swachh Bharat Cess on all or certain taxable services at a rate of 2% from a date to be notified. The Finance Minister Shri Arun Jaitley announced in his Budget Speech that the proceeds from this Cess would be utilized for Swachh Bharat initiatives. In a related development, the Scheduled rate of Clean Energy Cess levied on coal lignite and peat is being increased form Rs. 100 per tonne to Rs. 300 per tonne. The effective rate of Clean Energy Cess is being increased from Rs. 100 per tonne to Rs. 200 per tonne. Similarly, Excise duty on sacks and bags of polymers of ethylene other than for industrial use is being increased from 12% to 15%. 

Concessional customs and excise duty rates on specified parts of Electrically Operated Vehicles and Hybrid Vehicles, presently available up to 31.03.2015, is being extended up to 31.03.2016. 

To promote public health, Excise duty on cigarettes is being increased by 25% for cigarettes of length not exceeding 65 mm and by 15% for cigarettes of other lengths. Similar increases are proposed on cigars, cheroots and cigarillos. 

Maximum speed of packing machine is being specified as a factor relevant to production for determining excise duty payable under the Compounded Levy Scheme presently applicable to pan masala, gutkha and chewing tobacco. 

Excise duty on chassis for ambulances is being reduced from 24% to 12.5%. 

courtesy:pib.nic.in

Paramparagat Krishi Vikas Yojna to be Fully Supported

The Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, here today, said that “Our commitment to farmers runs deep. We have already taken major steps to address the two major factors critical to agricultural production: soil and water”. In order to improve soil health, Union Minister propose to support Agriculture Ministry’s organic farming scheme – “Paramparagat Krishi Vikas Yojana”. 

Shri Jaitely said the Pradhanmantri Gram Sinchai Yojana is aimed at irrigating the field of every farmer and improving water use efficiently to provide ‘Per Drop More Crop’.The Budget provides for alllocation of Rs. 5,300 crore to support micro-irrigation, watershed development and the Pradhan Mantri Krishi Sinchai Yojana.The Minister urged the States to chip in substantially in this vital sector. 

courtesy: pib.nic.in

Jaitley’s Budget to Create Jobs through Revival of Growth and Investment with Promotion of Domestic Manufacturing and “Make In India”

The Finance Minister Shri Arun Jaitley presenting the Budget in Lok Sabha today proposed to defer the applicability of the General Anti Avoidance Rule (GAAR) by two years. Investments made up to 31.03.2017 shall not be subjected to GAAR. 

Finance Minister Shri Jaitley proposed pass-through status to all sub-categories of Category I as well as Category II of Alternative Investment Funds (AIF) governed by regulations of Securities Exchange Board of India (SEBI) to streamline the taxation regime of AIFs. 

Shri Jaitley proposed to modify the Permanent Establishment norms to facilitate relocation of fund managers of off-shore funds in India. 

An additional investment allowance of 15% and additional depreciation of 15% to new manufacturing units set up in notified areas of Andhra Pradesh and Telangana from 01.04.2015 to 31.03.2020 is proposed by the Finance Minister in his Budget Speech. 

With respect to the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INViTs), the Finance Minister proposed that the treatment granted to the sponsor on offloading of units at the time of listing will be the same as that granted if the shareholding of the Special Purpose Vehicle (SPV) had been offloaded at the stage of direct listing. Further, the Finance Minister said that rental income from real estate assets directly held by REITs are proposed to be allowed to pass through and taxed in the hands of the unit holders of the REIT. 

Shri Arun Jaitley proposed to amend Section 194LD of the Income Tax Act to extend the period of applicability of reduced rate of tax at 5% for income of foreign investors including FIIs and QFIs from corporate bonds and government securities. The period of applicability is proposed to be extended from 31.05.2015 to 30.06.2017. 

Seeking to address the problems faced by small companies and to facilitate the inflow of technology, the Finance Minister proposed to amend Section 115 of the Income Tax Act thereby reducing the rate of tax on royalty and fees for technical services from 25% to 10%. 

To facilitate the generation of employment Shri Jaitley proposed that the tax benefit under section 80JJAA of the Income Tax Act will be available to a ‘person’ deriving profits from manufacture of goods in a factory and paying wages to new regular workmen. The amendment seeks to reduce the eligibility threshold from minimum 100 workmen to 50 workmen. 

For new plant and machinery installed by a manufacturing unit or a unit engaged in generation and distribution of power an additional depreciation of 20 % is proposed by the Finance Minister. However, only 10 % of additional depreciation is proposed to be allowed if the asset is installed after 30th September of the previous year with the remaining 10 % to be allowed in the subsequent previous year. 

courtesy:pib.nic.in

Indirect Tax Proposals to Maximize Benefits to the Economy

The Finance Minister Shri Arun Jaitley while presenting the Budget announced in the Lok Sabha steps to broaden the Tax Base that will maximize benefits to the economy. 

The Service Tax rate is being increased from 12% plus Education Cesses to 14%. The new service tax rate shall subsume the ‘Education Cess’ and ‘Secondary and Higher Education Cess’. Additionally the Service Tax Negative List has been reviewed to include Service Tax to be levied on the service provided by way of access to amusement. Service Tax to be levied on service by way of carrying out any processes as job work for production or manufacture of alcoholic liquor for human consumption. All service provided by the Government to business entities, unless specifically exempt, shall become taxable. 

An Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on condensed milk put up in unit containers. Excise duty of 2% without CENVAT credit of 6% with CENVAT credit is being levied on peanut butter. 

The General Exemption under Service tax has been reviewed. Exemption to construction, erection, commissioning or installation of original works pertaining to an airport or port is being withdrawn. Exemption to services provided by a performing artist in folk or classical art forms will be limited only to such cases where amount charged is upto Rs 1,00,000 per performance (except brand ambassador). Exemptions to transportation of ‘food stuff’ by rail, or vessels or road will be limited to transportation of food grains including rice and pulses, flours, milk and salt only. Transportation of agricultural produce is separately exempt which would continue. 

Exemptions are also being withdrawn on the following services: (a) services provided by a mutual fund agent to a mutual fund or assets management company (b) distributor to a mutual fund or AMC (c) selling or marketing agent of lottery ticket to a distributor of lottery (d) Departmentally rum public telephone (e) Guaranteed public telephone operating only local calls and (f) Service by way of making telephone calls from free telephone at airport and hospital where no bill is issued 

Existing exemption notification for service provided by a commission agent located outside India to an exporter located in India is being rescinded. 

courtesy:pib.nic.in

Effective and Optimal Allocation of Natural Resources and Financial Inclusion Among the Priorities of the Government Enunciated in Budget Speech

The Union Finance Minister Shri Arun Jaitley highlighted some of the priorities of his Government in his Budget Speech in the Lok Sabha here today as follows:

·            Effective & optimal allocation of Natural Resources like coal & minerals through auction for development of people;

·            Financial Inclusion;

·            Health and hygiene for all

·            Care for the Girl Child and their Education

·            Creation of Employment for the Youth

·            Hassle Free Business Environment

·            Delivery of benefits to the poor to be made more efficient

·            Attracting Investments to create Jobs

·            Expanding the job market and ensuring welfare of the labour

·            Improving agri-productivity for generating more income to farmers

·            Energizing the country using all resources including new and renewable energy sources

·            Adoption of  technology-from grass root to the Space

·            Skill India programme

·            Efficiency & better work culture in Government

·            Red tape to Red carpet for ‘Ease of Doing Business’

·            To bring North-eastern parts of the country into the mainstream

·            To promote Pride in the Nation and its Culture

courtesy: pib.nic.in

Forwards Markets Commission to be Merged with Sebi

The Union Finance Minister Shri Arun Jaitley has proposed to merge the Forwards Markets Commission with SEBI to strengthen regulation of commodity forward markets and reduce wild speculation. Enabling legislation, amending the Government Securities Act and the RBI Act is proposed in the Finance Bill, 2015. 

It has also been proposed to amend through the Finance Bill, Section 6 of FEMA to provide that control on capital flows as equity will be exercised by the Government, in consultation with the RBI. 

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8 Centrally Sponsored Schemes Delinked from Support of the Centre

24 Schemes to be run with the Changed Sharing Pattern while 31 Schemes will Get Full Support of the Centre

The plan outlay of 2015-16 reflects the compositional shift in the allocations for various Programmes and Schemes in view of high devolution; 42% of Union Taxes, to States as per the recommendation of 14th Finance Commission. Making his Budget Speech while presenting the General Budget 2015-16, the Finance Minister, Shri Arun Jaitley said that consequent to this substantially higher devolution, many schemes on the State subjects are to be delinked from Central support.  However, keeping in mind that some of these schemes represent national priorities especially those targeted at poverty alleviation, Centre has decided that it will continue to contribute to such schemes, the Minister added.  Besides, the schemes mandated by legal obligations and those backed by Cess collection have been fully provided for. As per the Budget 2015-16, centre has decided to support fully which are targeted to the benefits of socially disadvantaged group.  In case of some Centrally Sponsored Schemes, the Centre: State funding pattern will undergo a change with States to contribute higher share.  Details of changes in sharing pattern will have to be worked out by administrative Ministry/Department.  The details of Plan outlays in 2015-16 are to be seen against this backdrop. In the General Budget 2015-16, there are 31 Schemes to be fully sponsored by the Union Government, 8 Schemes have been delinked from support of the Centre and 24 Schemes will now be run with the changed sharing pattern.    To enhance public spending in the economy, Government has significantly enhanced the capital expenditure despite fiscal pressure.  In comparison to capital spending of Rs. 192378 crore in RE 2014-15, the capital spending will be Rs. 241431 crore in 2015-16.  This will be a growth of 25.5 per cent.              The list of Schemes (i) to be fully supported by Union Government (ii) to be delinked from support of the Centre (iii)  to be run with the Changed Sharing Pattern is given below:- (A) Schemes to be fully supported by Union Government: 1.      Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) 2.      Multi-Sectoral Development Programme for Minorities (MSDP) 3.      Pre-Matric scholarship for children of those engaged in unclean occupation 4.      Scholarship Schemes (Post and Pre-Matric) for SC, ST and OBCs 5.      Support for machinery for Implementation of Protection of Civil Rights Act, 1955 and Prevention of Atrocities Act, 1989 6.      National Programme for Persons with Disabilities 7.      Scheme for providing Education to Minorities 8.      Umbrella Scheme for education of ST children 9.      Indira Gandhi Matritva Sahyog Yojana (IGMSY) 10.  Integrated Child Protection Scheme (ICPS) 11.  Rajiv Gandhi Scheme for Empowerment of Adolescent Girls (RGSEAG)-SABLA 12.  National Nutrition Mission 13.  Scheme for Protection and Development of Women 14.  Assistance for Schemes under Proviso (i) to article 275 (1) of the Constitution 15.  Special Central Assistance to Tribal Sub-plan 16.  Sarva Shiksha Abhiyaan (Financed from Education Cess) 17.  Mid Day Meal 18.  Schemes of North Eastern Council 19.  Special package for Bodoland Territorial Council 20.  National Social Assistance Programme (NSAP) including Annapurna 21.  Grants from Central Pool of Resources for North Eastern Region and Sikkim 22.  Social Security for Unorganized Workers Scheme 23.  Support to Educational Development including Teacher Training and Adult Education 24.  Border Area Development Programme 25.  Member of Parliament Local Area Development Scheme (MPLADS) 26.  Cess backed allocation for Pradhan Mantri Gram Sadhak Yojana (PMGSY) 27.  Roads and Bridges financed from Central Road Fund 28.  Project Tiger 29.  Project Elephant 30.  Additional Central Assistance for Externally Aided Projects (loan portion) 31.  Additional Central Assistance for Externally Aided Projects (Grant portion) (B)  Schemes to be run with the Changed Sharing Pattern: 1.      Cattle Development 2.      Mission for Integrated Development of Horticulture 3.      Rashtriya Krishi Vikas Yojana 4.      National Livestock Mission 5.      National Mission on Sustainable Agriculture 6.      Dairy Vikas Abhiyaan 7.      Veterinary Services and Animal Health 8.      National Rural Drinking Water Programme 9.      Swaccha Bharat Abhiyaan (Rural and Urban) 10.  National Afforestation Programme 11.  National Plan for Conservation of Aquatic Eco-system (NPCA) 12.  National AIDS and STD Control programme 13.  National health Mission 14.  National Urban Livelihoods Mission (NULM) 15.  Rashtriya Madhyamik Shiksha Abhiyaan (RMSA) 16.  Strategic Assistance for State Higher Education – Rashtriya Uchcha Shiksha Abhiyan (RUSA) 17.  For Development of Infrastructure Facilities for Judiciary 18.  National Land Records Modernisation Programme 19.  National Rural Livelihood Mission (NRLM) 20.  Rural Housing-Housing for All 21.  Integrated Child Development Service 22.  Rajiv Gandhi Khel Abhiyan (RGKA) (erstwhile Panchayat Yuva Krida aur Khel Abhiyan (PYKKA) 23.  PMKSY (including Watershed programme and micro irrigation) 24.  Impact Assessment Studies of AIBFMP (C) Schemes delinked from support of the Centre: 1.      National e-Governance Plan 2.      Backward Regions Grant Funds 3.      Modernization of Police Forces 4.      Rajiv Gandhi Panchayat Sashaktikaran Abhiyaan (RGPSA) 5.      Scheme for Central Assistance to the States for developing export infrastructure 6.      Scheme for setting up of 6000 Model Schools 7.      National Mission on Food processing 8.      Tourist Infrastructure courtesy: pib.nic.in