Finance Minister Nirmala Sitharaman said Aug. 16 that government officials are talking about Vodafone Idea’s bailout plan, but no proposal has been made.
Sitharaman said, “The officials are speaking, but I have not yet received a proposal.”
Last week, Zeebiz reported that many opportunities were emerging in the telecommunications sector, especially as the government plans to bring many specifications into the sector. The Prime Minister’s Office (PMO) is now interested. The PMO has asked the Department of Telecom (DoT) to prepare an aid package for the telecommunications sector.
Vodafone Idea shares fell 5.56 percent to Rs 5.95 on August 16 as the telecommunications company posted a net loss of Rs 7,312.9 billion in the first fiscal quarter compared to Rs 6,985.1 billion in the previous quarter.
The finance minister also mentioned that the central government cannot grant any relief on gasoline prices because of the holdings in oil bonds started by the UPA government.
She added, “Oil bonds pay interest of Rs. 10,000 each year. If this money had been in our hands, I would have relieved the burden with gasoline and diesel. ”
FM on questions about the income tax portal: “In contact with Nandan Nilekani from Infosys. ICAI and 12 tax experts in constant contact with Infosys, ”she said.
The finance minister monitors the situation on a weekly basis. The cabinet note is being prepared for the cryptocurrency. “We are closely monitoring the investment situation,” she said.
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Sitharaman also mentioned meeting with bank chiefs regarding the implementation of post-wave announcements. She mentioned that the banks’ situation has improved significantly.
FM clarifies the remarks made by Union Trade Minister Piyush Goyal to the retail industry. She said Goyal’s remarks were a real attempt to reconsider small traders.
Last week, Goyal raised concerns about the impact of large online retailers adversely affecting small players, assuring that the government is taking steps to ensure that consumers receive high quality products at affordable prices over the long term.
Regarding the retro tax, she said that the rules for the retro tax should be established soon. “I will be obeying the after-tax law passed in parliament. Companies have not yet communicated on the after-tax law,” said FM.