It is expected that the total direct tax collection for 2012-13 will exceed the collection of 2011-12, minister of state for finance S S Palanimanickam said in a written reply to the Rajya Sabha.
During 2011-12, the net direct tax collection was R4,94,799 crore, he said.
The government has expressed confidence of meeting its direct tax target of Rs 5.70 lakh crore for 2012-13. In a separate response, Palanimanickam said, during the course of investigation under the provisions of the Foreign Exchange Management Act (Fema) 1999, the Mumbai zonal office of Enforcement Directorate had examined actor Saif Ali Khan in connection with the ownership of an imported Toyota Land Cruiser for appropriate action the relevant provisions of Fema.
Responding to a question, minister of state for finance Namo Narain Meena said the decline in the value of rupee since August 2011 has been due to a widening of trade and current account deficit and slowdown in portfolio inflows on account of escalation in euro-zone crisis and strengthening of US dollar in the international market.
The government and the Reserve Bank have taken a number of steps to facilitate capital inflows and boost exports to augment supply of foreign exchange in order to stem the decline in rupee exchange rate, Meena said.
The measures include hike in FII investment in debt securities, both corporate and government and further liberalisation of the FDI policy, including allowing foreign direct investment in multi-brand retail, he added.