Foreign direct investment approvals: multiple FDI proposals cleared while others deferred, rejected, withdrawn or pending communication.
Fourteen FDI proposals were approved across multiple sectors for actions including post facto approval of downstream investment, induction of foreign equity, issuance of foreign currency convertible bonds, intra group NR to NR share transfers prior to lock in expiry, and acceptance of NRI contributions for real estate development; six proposals were deferred for further consideration, three were rejected for non compliance with acceptable remittance or share transfer practices, one was withdrawn, and decisions on five proposals will be communicated separately.

Disinvestment via further public offering reduces government shareholding under SEBI-regulated process in a listed central public sector enterprise
Approval was granted for a prospectus-based Further Public Offering to disinvest ten percent of paid-up equity in Engineers India Ltd. in the domestic market in accordance with SEBI rules and regulations, reducing the Government of India's shareholding from eighty point four percent to seventy point four percent while the company remains a listed Mini-Ratna central public sector enterprise.

Bank recapitalization to maintain Basel-III capital adequacy for public sector banks and support credit growth.
The government approved equity recapitalization of Public Sector Banks in 2012-13 to restore and maintain Tier-I CRAR and to enable compliance with Basel-III, with specific amounts, modes and terms to be decided with each PSB. It also gave `in principle` approval for additional need-based capital infusions from 2013-14 to 2018-19 to meet phased Basel-III core equity increases driven by higher capital ratios and elevated risk weights, aiming to support credit growth and regulatory capital adequacy.

Qualification for Presiding Officer expanded to include High Court judges after seven years' service, easing tribunal appointments.
The amendment adds sitting or retired High Court judges with a minimum seven years' service as a Judge of a High Court to the qualifying pool for appointment as Presiding Officer of the Securities Appellate Tribunal, aiming to widen selection and facilitate filling longstanding vacancies; the change will replace an approved Ordinance with a Bill in Parliament with possible drafting or consequential modifications in consultation with the Legislative Department.

Double Taxation Avoidance Convention talks to be advanced by a joint working group to deepen trade cooperation.
A Joint Working Group on the Double Taxation Avoidance Convention is scheduled to meet to advance DTAC negotiations as part of a coordinated effort to broaden and deepen trade and investment engagement. The bilateral agenda couples DTAC deliberations with institutional measures-strengthening the Mauritius India Business Council to identify priority sectors-and targeted sectoral cooperation, notably in textiles, including MOUs with Indian textile bodies, scholarships, trainee placements, factory compliance support, and expanded credit facilities to facilitate bilateral projects.

Video conferencing hearings enable E Court adjudication with parties given an opt out and prescribed filing protocols.
Appeals may be heard through an E Court system by E Benches nominated by the President, with notices specifying OB and EB and a short opt out period. Files and paper books must be sent in duplicate between OB and EB; Bench Clerks at both ends will record order sheet entries (EB entry prevailing). Ordinary filing, evidence and paper book rules continue to apply; no loose documents at hearing except by leave. Signed orders must be uploaded promptly and records maintained and certified copies issued as in open court.

Progressive taxation proposed to widen the tax base and strengthen enforcement, alongside asset monetisation and fiscal reform.
Reform measures and global developments improved market sentiment while domestic indicators are mixed: direct tax receipts are satisfactory but indirect taxes are short. Consultations proposed progressive taxation, tax base widening, stronger enforcement against evasion, inheritance tax, certainty and time bound tax dispute resolution, creation of an Asset Management Office for central urban land, pausing Basel III implementation temporarily, incentives for small savings, lower interest rates, doubled agricultural credit, rationalisation of centrally sponsored schemes, higher capital expenditure in agriculture, investment in health and education, promotion of renewable energy, and redirecting higher education fee increases to support primary and secondary education for the poor.

Financial market efficiency drives reform proposals linking tax incentives and regulatory parity to deepen investment intermediation.
The Finance Minister stressed that efficient financial markets-including banks, capital markets and intermediaries-are essential for sustainable economic growth by mobilising savings and allocating them to higher return investments. Pre budget consultations with banking and financial institutions produced recommendations on tax incentives, regulatory parity for NBFCs and AFCs, TDS threshold increases, tax free infrastructure bonds, treatment of housing as infrastructure, accelerated depreciation for construction equipment, monetisation of government real estate, and measures to enhance financial inclusion.

Tax exemptions for donations urged to boost NGO financing and enable inclusive budgetary support for social programmes.
Restoration of higher economic growth is the central policy objective, to be advanced by scaling development programmes like MGNREGA and health and rural connectivity schemes, while addressing macroeconomic constraints of weak exports, investment slowdown, inflation and fiscal stress. Social sector representatives recommended fiscal and institutional measures including tax exemptions for donations, recognition of profit making NGOs for bank lending, timely non lapsable grants to NGOs, tax concessions for NBFCs/MFIs, declaring renewable energy a priority sector for lending, and increased allocations for disability rehabilitation, sustainable agriculture, education, urban poverty alleviation, and SC/ST welfare to align budgetary policy with inclusive growth goals.

TDS exemption on specified bank service payments reduces compliance burden and supports wider use of card transactions.
Notification under section 197A(1F) exempts TDS on specified payments to banks listed in the Second Schedule (excluding foreign banks) effective 1 January 2013, covering bank guarantee commission, cash management service charges, depository charges for Demat account maintenance, warehousing charges for commodities, underwriting service charges and credit/debit card commission between merchant establishments and acquirer banks.

Net Direct Tax collections rise year-on-year, led by stronger Personal Income Tax and higher gross direct tax receipts.
Net Direct Tax collections increased by 13.70 percent for April-December 2012-13 compared with the same period in the previous year, while Gross Direct Tax collections rose by 8.01 percent. Corporate Tax collections showed modest growth and Personal Income Tax collections recorded stronger growth. Wealth Tax rose slightly and Securities Transaction Tax receipts declined, identifying the main contributors to aggregate net and gross direct tax movements for the nine-month period.

Revival of investment in manufacturing and services to boost job creation; unions press for wage and social security reforms
Need to revive investment in manufacturing and services to generate higher employment; Finance Minister noted external factors causing slowdown, recent improvement in investment sentiment, and called on trade unions to aid sector revival. Twelve central trade unions submitted a joint memorandum seeking measures to contain inflation and speculative trading, strengthen public distribution, rationalise petroleum levies, large-scale infrastructure spending, higher budgetary allocations, guarantee of a minimum wage, welfare support for unorganised workers, lifting recruitment bans, extension of employment schemes to urban areas, regularisation of social programme workers, halt to disinvestment in profitable PSUs with revival support for sick PSUs, progressive taxation, recovery of arrears and action on black money.

Exchange rate determination fixes differing conversion rates for import and export valuation of specified foreign currencies.
Determination prescribes conversion rates between specified foreign currencies and Indian rupees for customs valuation, effective 4 January 2013, superseding the earlier notification, with separate prescribed rates for imported and export goods set out in Schedule I (per unit rates for listed currencies) and Schedule II (per 100 units for Japanese Yen).

Current account financing assured by foreign investment and borrowing, with measures considered to curb costly gold imports.
The statement identifies the Current Account Deficit drivers-weak exports, substantial gold imports, offset partly by services and remittances-and reports that the deficit was financed without drawing on reserves due to significant FDI and FII inflows and some external commercial borrowing. It appeals to moderate gold demand, noting high gold imports materially drain foreign exchange, and indicates the Government is considering measures to make gold imports more expensive to reduce pressure on the external account.

Tax compliance: timely and accurate payment of indirect taxes is required or assessees face recovery, penalties, and prosecution.
The Revenue Secretary warns that assessees must ensure timely and correct payment of indirect taxes - customs duty, central excise duty and service tax - and identifies noncompliance such as clandestine removals, misuse of CENVAT credit, unregistered or non filing service providers, and import/export invoicing abuses. Enforcement measures include recovery with interest and penalty up to 100%, suspension of CENVAT credit, provisional attachment, appropriation of third party monies, and arrest and prosecution, with a prompting to come forward for reduced penalty.

Fiscal devolution: recommendations on tax sharing, grants, and transfers to states and local bodies framework.
Constitution of the Fourteenth Finance Commission tasked to report on principles of tax sharing between the Union and States, allocation of shares to States, and principles and amounts of grants in aid from the Consolidated Fund of India, including assistance under Article 275, and measures to augment State funds for Panchayats and Municipalities. The Commission must review Union and State finances, fiscal consolidation measures, taxation effort, subsidy sharing, maintenance norms, public expenditure management, disaster financing, and the fiscal impact and compensation mechanism for the proposed Goods and Services Tax, using 1971 population as the base for devolution.

Issuance calendar revision shifts a dated securities auction and confirms retail reservation and issuer flexibility to modify schedule.
The issuance calendar for January-March 2013 reallocates auction timing, shifting an auction to the week ending February 22 and prescribing five weekly auctions with specified allocations across 5-9, 10-14, 15-19 and 20+ year maturities. Each auction provides a non-competitive bidding scheme reserving five per cent of the notified amount for specified retail investors. The Government and the Reserve Bank retain flexibility to modify notified amounts, issuance periods, maturities and instrument types with due notice.

Carrying identity proof compulsory during reserved train travel - absence treated as no ticket and subject to charge.
A new rule makes carrying prescribed original proof of identity compulsory for travel in all reserved classes; passengers without original ID shall be treated as without ticket and charged accordingly, aimed at preventing misuse of reserved ticketing and enhancing security. Concurrently, the Ministry advanced station redevelopment via an SPV (IRSDC) to upgrade station amenities and access, and introduced investor-friendly PPP models and sector-specific schemes to attract private capital for connectivity, terminals and rolling stock.