Live Blog : Union Budget 2017 Updates

Union Budget 2017 is being presented now.  Keep visiting this page for Live Updates.

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Find the Live Updates and Highlights of the Union Budget 2017 below:

• The underlying theme of countless good governance issues faced by the current government included burning issues like price rise, inflation, corruption and crony capitalism.
• In the last 2 and a half years, we have moved form a discretionary based administration to a policy and system based administration.
• Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
• Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
• The pace of remonetisation has picked up.
• Our Budget agenda is – transform, energise and clean India.
• Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
• Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
• One crore houses for poor by 2019.
• Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
• 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.
• Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
• A new metro rail policy will be announced, this will open up new jobs for our youth.
• Over 250 investment proposals for electronics manufacture has been received in the last two years. I am exponentially increasing the allocation and incentives.
• Highest ever allocation for MGNREGA of Rs 48,000 crore.
• Aadhaar-based smartcards for senior citizens to monitor health
• The Foreign Investment Promotion Board has been abolished. Further liberalization in the FDI policy would be taken in the next few days.
• Action plan to eliminate Kala Azar and Filariasis by 2017, Leprosy by 2018, Measles by 2020 and Tuberculosis by 2025.
• 125 lakh people adopted the BHIM app so far; merchant version of Aadhaar-enabled payment will be launched shortly for those without debit cards, mobile phones. Govt will launch two new schemes to promote the use of BHIM app.
• Forex reserves to offer a cover for 12 months of imports.
• Target for agricultural has been fixed at a record Rs 10 lakh crore for FY17-18
• Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18.
• Fiscal deficit committed at 3.2 per cent of the GDP. Revenue deficit at 1.9 per cent of GDP.
• There are 4.2 crore people in organised sector employment, but number of people filing returns is only 1.74 crore.
• Data mining after demonetization will help us in widening tax net which was one of the objects of demonetization.
• Selected airports in tier 2 cities to be developed in PPP mode.
• The total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore. Defense expenditure excluding pension at Rs 2.74 lakh crore.
• Allowance for NPAs in banks to be increased from 7.5 per cent to 8.5 per cent.
• IT exemption for startups.
• Coastal roads of 2,000 kms to accelerate development of Coastal Economic Zones.
• Basic customs duty on LNG to be reduced from 5% to 2.5%.
• No cash transcations above Rs 3 lakh.
• Maximum amount of cash donation from one source will be limited to Rs. 2,000. Politcal parties will be entitled to receive donations by cheque or digital more from donors:  Transparency in funding political parties.
• Amendment in RBI Act proposed to enable issuance of electoral bonds.
• Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.
• Service Tax impetus for rail tickets booked through IRCTC. It is an important step to encourage use of digital platforms.
• Income between Rs. 2.5 lakh – Rs. 5 lakh to be taxed at 5 per cent. All other categories of taxpayers in subsequent brackets will get benefit of Rs 12,500. Surcharge of 10 per cent to be levied on persons earning between Rs. 50 lakh to Rs. 1 crore.
• Persons with income between Rs. 50 lakh and Rs. 1 crore to pay an additional surcharge of 10 per cent.
• The present burden of taxation is on salaried employees. Therefore, post-demonetisation this class expects a reduction in burden of taxation.
• More than 1.5 lakh gram Panchayats to get high speed broadband internet.
• The SIT on black money has decided that no transaction above Rs. 3 lakh should be permitted in cash.
• The Minister introduces the Finance Bill.
• Net revenue loss in direct tax could be Rs 20,000 crore.
• GST Council finalised its recommendations. Implementation of GST likely to bring more taxes to Centre, states.
  

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