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This was the 3rd budget of the UPA led government and it went on predicted lines excepting it threw up some pleasant surprises. Enhancing exemption limits for individual tax payers was one such and he took it up to rs 1,80,000 from rs 1,60,000. Yes, many would have wanted it to go up to a flat Rs 2, 00,000 at the entry level for direct taxation. And there were obviously there were several other expectations as well. If wishes were horse we could ride them. But one must appreciate the compulsions the Finance Minister had this year while presenting the budget.

New York: UN Secretary-General Ban Ki-moon held talks on Libya with United States President Barack Obama in Washington, D.C., today, later stating that Muammar Al-Qadhafi’s regime had declared war on its own people and must be brought to account for possible crimes against humanity.

New York: On the eve of the 10th anniversary of the destruction of the giant Buddha statues of Bamiyan, in Afghanistan, by the then-ruling fundamentalist Islamic Taliban, the United Nations cultural chief today called on the world to protect the heritage of humanity from damage, turmoil and theft.

Executive Directors of the International Monetary Fund (IMF) has noted that the Maldivian economy is recovering well, fueled by a strong rebound in tourism. Inflation has continued to be driven mainly by international commodity prices but a tight monetary policy stance has helped contain pressures. Over the medium term, economic activity is likely to stabilize and grow in line with global developments. Despite these encouraging signs, the economy faces unsustainable fiscal and external positions. While recognizing the difficult political situation facing the authorities, Directors stressed the need for decisive and comprehensive adjustment measures to achieve macroeconomic stability, sustainable growth and poverty reduction. Efforts to strengthen the financial sector and improve the business climate will also be critical.

New York: While underlining the importance of the United Nations sanctions regime against individuals and entities linked to the Taliban or Al-Qaida as an essential tool in fighting terrorism, the Security Council today also stressed the need for fair and due process for those implicated.

The Executive Board of the International Monetary Fund (IMF) today approved a disbursement of an amount equivalent to SDR 2.075 million (about US$3.26 million) under the Rapid Credit Facility (RCF) for St. Vincent and the Grenadines to help the country manage the economic impact of Hurricane Tomas. The Board’s approval enables the immediate disbursement of the full amount.

New York: Greek Cypriot and Turkish Cypriot leaders today held the first of two top-level meetings scheduled for this week, under United Nations sponsorship, as they intensified their efforts to reunify the Mediterranean island which has been split for almost 50 years.

New Delhi: Shri Jairam Ramesh, Minister of State for Environment and Forests said it is highly regrettable and most unfortunate that even after 14 months of Copenhagen Accord, under the so called Fast Finance Track window, there is hardly any significant disbursement.

New Delhi: The BASIC Ministers exchanged views on the outcome of the Cancun Conference and the approach to be taken to the future work in the run-up to Durban. The Ministers appreciated the role played by Mexico as President of COP-16 in achieving the outcome and noted several positive elements of the outcome. While agreeing that the Cancun Agreements were a step forward in the global action on climate change and provided the space to address some of the outstanding issues, the Ministers stressed that the Cancun Agreements were not a substitute for the Bali Road Map.

New Delhi: Announcing the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister, proposed an allocation of Rs.2,14,000 crore for infrastructure sector, which is 23.3% higher than current year. This amounts to 48.5% of the Gross Budgetary support to plan expenditure.