FM rules out privatisation of public sector banks New Delhi, 7 September
Union Finance Minister Arun Jaitley on Wednesday said the April 1, 2017, deadline to roll out the goods and services tax ( GST) was stiff, as there were a few hurdles ahead.
He added the Centre and states were “ running against time”, and there were issues, which the proposed GST Council needed to address.
“After the notification and constitution of the GST council, there are obviously some pending issues, which the council will have to resolve. So we have September and October, and, parts of November to do that,” said Jaitley at the Economist India Summit in the national capital.
Later, a senior finance ministry official said there were three issues — GST rates, dual control over assessment and scrutiny of assessees, and geographical or area- based exemptions.
“If we are able to successfully transact those issues, the pieces of legislation would be introduced in Parliament in the winter session.
Looking ahead, it’s very stiff. We are running against time,” said Jaitley.
More than half the states have ratified the Constitution amendment Bill, passed by Parliament on August 6. Only the President’s assent is left to make it a law.
After the GST, Jaitley said, his primary concern was the health of public sector banks.
“If you were to ask me, after the passage and maybe possible implementation of GST, what would be my priority at the moment, it is certainly the health of public- sector banks,” he said.
The FM, however, ruled out privatisation of the public sector banks, adding public sentiment was against it.
“To reach a particular level of reform, you have to evolve into that stage of public opinion...
In funding a large part of the social sector in India, public sector banks, despite competition, had a far larger contribution,” he said.
Business Standard New Delhi,08 September 2016
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