« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Who should tax farm incomes?... Service tax likely on all classes of air tickets... » Govt not micro-managing interest rates: FM August, 23rd 2006 Govt stake in PSBs not to fall below 51 pc `NO ORDERS, ONLY POLICY DIRECTION': The Finance Minister, Mr P.Chidambaram, at the Parliament House in New Delhi on Tuesday. - R.V. Moorthy The Finance Minister, Mr P. Chidambaram, said on Tuesday that the Government was justified in asking public sector banks to seek board approval before increasing lending rates in response to the Reserve Bank of India's rate hikes. He also said that the Government would not force consolidation on public sector banks. While pointing out that the Government is the owner of these banks, the Finance Minister said that the boards were accountable to it and that it had the right to tell the banks how they should take a decision. "The boards of the banks should know the views of the government nominee, the central bank nominee and also independent directors' views," he told the Lok Sabha. The Finance Minister also said that the Government would not make rate decisions on behalf of the banks. "I am not micro-managing the issue of interest rates, but only indicating the manner in which the decision ought to be taken. The owner guides the process of decision-making, and the process of decision-making has to be board-driven," Mr Chidambaram said. Regarding the public sector character of the Government-owned banks, Mr Chidambaram said that these banks would remain in the public sector and that the Government would not reduce its stake to below 51 per cent. "We do not support the earlier government view that government equity in State-run banks should be brought down to 33 per cent," Mr Chidambaram said. On consolidation, the Finance Minister said that the consolidation move should come voluntarily from the banks and employees and that the Government would not force the banks to merge with each other. R.V. Moorthy