"The proposal of increasing the share capital of NMDFC from Rs 1,500 crore to Rs 3,000 crore will be considered by the Cabinet," sources said.

The NMDFC was established by Government of India, with the objective of providing economic assistance to the poorer sections of notified Minority Communities in the country.

Further, the Cabinet, headed by Prime Minister Narendra Modi, would also consider another proposal of the Finance Ministry's to create additional benches of Authority for Advance Rulings of Income Tax.

In order to provide the facility of ascertaining the tax liability of a non-resident, to plan their tax affairs well in advance and to avoid long drawn litigation, a scheme of Advance Rulings has been introduced under the I-T Act, 1961.

The Authority for Advance Rulings (AAR) consists of a Chairman who is a retired Judge of the Supreme court and two members of the rank of Additional Secretary to the Government of India, one each from the Indian Revenue Service and the Indian Legal Service.

Latest News  from Business News Desk