Union Budget: Nirmala Sitharaman reaches Ministry of Finance
The Budget presentation will begin with a speech from Finance Minister scheduled to take place at around 11 am. The duration of the budget speech usually ranges from 90 to 120 minutes.
Will take up hospitality industry demand on infrastructure status with the Ministry of Finance: Tourism Ministry
The Indian Association of Tour Operators (IATO) an industry body which represents more than 1,700 operators specialising in inbound tours has said that for FY20, the SEIS benefits have not yet been released.
Union Budget 2021: FM Nirmala, MoS Finance Anurag Thakur leave from Ministry of Finance
Delhi: FM Nirmala Sitharaman and MoS Finance Anurag Thakur leave from Ministry of Finance. FM will present Union Budget 2021-22 at Parliament today. For the first time ever, the Budget will be paperless this year due to COVID. It will be available for all as a soft copy, online.Union Budget 2021: FM Nirmala, MoS Finance Anurag Thakur leave from Ministry of Finance
Finance Ministry allows private sector banks for government related transactions
Finance minister Nirmala Sitharaman in a tweet said that private banks can now be equal partners in development of the Indian economy, furthering government social sector initiatives, and enhancing customer convenience.
View: Creating air of certainty for services, defence budget and the way forward
It is a fact that defence capital allocations have been steadily increasing over the past five years. In 2020-21, this was at an all-time high of ₹11,3734 crore. What leads to uncertainties is the sudden budget cut in the last quarter which the ministry of finance (MoF) does as a matter of course.
Nirmala Sitharaman to address post-Budget RBI board meet on Tuesday
Fiscal deficit -- the excess of government expenditure over its revenues -- is estimated to hit a record high of 9.5 per cent of the gross domestic product (GDP) in the current fiscal ending March 31 due to the COVID-19 pandemic
India inflation staying above 6% seen as risk to rates path
Any rate hike proposed as a remedy risks snuffing out a nascent recovery in Asia’s third-largest economy, the person said.
Finance Minister allows Andhra to borrow additional Rs 1,515 crore for undertaking power sector reforms
"Successful implementation of the reform has made the State eligible to mobilise additional financial resources equivalent to 0.15 per cent of its Gross State Domestic Product (GSDP). Accordingly, the Department of Expenditure has granted permission to the State to raise additional borrowing of Rs 1,515 crore."
View: How this Budget offers incentives for all stakeholders to propel growth
The capital expenditure of central public sector enterprises (CPSEs) that should also see a big increase will add up to the booster dose of infrastructure spend.
IPICOL completes submission of evidence of reforms implemented under SRAP
SRAP is a list of 301 recommendations by the DPIIT (The Department of Industrial Policy and Promotion) to be undertaken by states and union territories to improve the business environment for setting up and operating industries in the state.
Air India employees' interest will be protected, says Hardeep Singh Puri
"The interest of the employees of Air India will be safeguarded in accordance with the guidance of the Department of Investment and Public Asset Management, Ministry of Finance and same will be reflected in the Share Purchase Agreement to be signed with new owner post disinvestment," Puri said in a written reply to the Rajya Sabha.
FinMin allocates Rs 660 crore additional funds to MP for capex
The ministry has allocated this additional funds to the state for capital expenditure for undertaking the 'One Nation, One Ration Card' reforms, Ease of Doing Business reforms, and urban local bodies reforms.
IT Department carries out search on entities engaged in hotel, real estate business in Kolkata
The cases were developed on the basis of available data in the departmental database, analysis of their financial statements, market intelligence, and discreet field enquiries.
Finance Ministry grants Rs 1,004 crore additional financial assistance to Andhra, MP
The two states have completed the One Nation, One Ration Card Reforms, Ease of Doing Business Reforms, and Urban Local Bodies Reforms, Ministry of Finance said in a statement on Wednesday.
CAG writes to Finmin, seeks performance audit details of PSU banks recapitalisation
CAG is doing performance audit on recapitalisation of PSBs after 2016-17 and it has written a letter to the Department of Financial Services, Ministry of Finance, seeking various information, including rationale for distribution of capital among different PSBs, sources said.
India eyes asset sales to partly fund higher spending next year-sources
After largely keeping its purse strings in check as the coronavirus pandemic choked businesses and threw millions out of jobs, Prime Minister Narendra Modi's government is keen to bring the economy back onto a solid growth path with the budget to be presented on Feb. 1.
Rolling back of Covid related policy relaxation could impact banks: RBI
The performance of Indian banking improved in the fiscal year 2020 when they reported a profit on an aggregate basis after two years of losses, the RBI said in its yearly assessment report.
Finance Ministry releases weekly instalment of Rs 6,000 cr to meet GST shortfall
The Finance Ministry on Monday released the ninth instalment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 54,000 crore.
Budget 2021: FM holds pre-budget consultations with experts in infrastructure, energy
Apart from Sitharaman, Minister of State for Finance and Corporate Affairs, Anurag Thakur, Finance Secretary Dr AB Pandey, Chief Economic Adviser K V Subramanian and other senior officials were present in the meeting.
BOJ loads up $6 billion in ammunition to combat potential market turmoil
Under the arrangement announced on Wednesday, the central bank will buy dollar cash from the Ministry of Finance any time through to the end of March next year at the prevailing market exchange rate at the time.
Pandemic pinch: Finance Ministry mulling 75% reduction in foreign travel budget for FY22
The government will cut "frivolous expenditure" when all the activities are going on in the virtual mode, joint secretary in the Ministry of Finance, Madnesh Kumar Mishra, said in an event organised by XLRI.
HC asks Sebi, Centre to respond to plea challenging circular on upfront margin
Justice Jayant Nath issued notice to the Ministry of Finance and Securities Exchange Board of India (Sebi) on the petition and asked them to file their replies.
Surplus liquidity stance to hit RBI earnings
RBI has been piling up reserves at a fast pace since the COVID induced lock-down and easy monetary policy by most central banks resulting in a steep surge in capital flows into emerging markets including India.
Gems, jewellery industry's suggestions related to duties under FinMin's consideration: Piyush Goyal
Gems and Jewellery Export Promotion Council Chairman Colin Shah has suggested cutting import duty on gold to 4.5 per cent from 12.5 per cent, and on diamond to 2.5 per cent from 7.5 per cent.
GST e-invoicing mandatory from January 1, 2021 if turnover exceeds Rs 100 cr
The changes will bring a large number of medium enterprises under the ambit of e-invoicing. It is expected that it will be made available to all taxpayers for B2B transactions from 1st April 2021.
Government okays Rs 5,500 crore equity infusion into Punjab & Sind Bank
The capital infusion, the lender said, is towards the contribution of the central government in the preferential allotment of equity shares of the bank during financial year 2020-21.
UAE says has no plan for now to increase VAT
Saudi Arabia, the United Arab Emirates and Bahrain have already introduced the tax, with Riyadh tripling it this year. Oman said last month it plans to launch it in April.
Invest in India if you want returns with reliability: PM Narendra Modi to investors
"If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be," Modi said.
Ministry of finance disallows automatic carry forward of unspent money by ministries to next month or quarter
The latest decision, in a slew of measures tightening the government’s purse strings, taken on Tuesday, is indicative of the severity of its fiscal constraints.
GST collection crosses Rs 1 lakh crore mark for first time since February
GST revenues for October were 10 per cent higher than in the same month last year, with revenues from import of goods being 9 per cent higher and revenues from domestic transaction (including import of services) being 11 per cent higher.
GST shortfall: Centre borrows, transfers Rs 6,000 crore to 16 states, two union territories
The finance ministry said that the Centre would borrow from the market to pay the GST compensation shortfall of Rs 1.1 lakh crore to states, and then act as an intermediary to arrange back-to-back loans to state governments.
View: With no real recovery, GoI needs to know why its splurges have been ineffective
Sitharaman’s package this time is smaller than the May package. But that is not because of a fresh sense of responsibility or caution. She knows that she is getting close to the next budget. So, she will not have to wait too long to fling around more money.
India may be past COVID peak, but virus risks remain: Finance Ministry
India may have crossed the Covid-19 peak and the declining positivity rate will help fuel an economic recovery, the finance ministry said, while adding that it was 'not averse to taking any further measures to ameliorate suffering of people'.
RBI advises Ministry of Finance against PSB recapitalisation in Budget 2020
RBI advises Ministry of Finance against PSB recapitalisation in the Budget 2020, say govt sources. Here's Nayantara Rai of ET NOW with more details. Listen in!RBI advises Ministry of Finance against PSB recapitalisation in Budget 2020
India provides Rs 96 crore to Nepal as post-earthquake assistance: Indian Embassy
The financial support was provided as housing and school sector assistance and would further help in the renovation of educational institutions and houses for the people affected in the natural disaster.
Union Ministry of Finance elevates IRS officer suspended by YS Jagan Mohan Reddy government
This comes weeks after the Central Administrative Tribunal (CAT) revoking his suspension, while ordering the Reddy government to repatriate the IRS officer to his parent department Central Board of Direct Taxes.
Government extends term of Uday Kotak as IL&FS chairman by one year
The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021.
Privatise select PSU banks, dilute role of DFS: Raghuram Rajan
"Re-privatization of select PSBs can then be undertaken as part of a carefully calibrated strategy, bringing in private investors who have both financial expertise as well as technological expertise; corporate houses must be kept from acquiring significant stakes, given their natural conflicts of interest," the paper said.
Self-reliance in select sectors can lead to import substitution of USD 186 bn: Study
The study has also included sectors such as auto components, and iron and steel where, though there is overall trade surplus for the country, but in some sub-categories, there is trade deficit, particularly with China. It has included rare earth elements in the scope, as securing these strategic minerals is important for the country to enter high-tech manufacturing.
Fiscal prudence is important but growth will take precedence: Sources, Ministry of Finance
Fiscal prudence is important but growth will take precedence, will look to use fiscal room provided in FRBM Act in upcoming budget: Ministry of Finance sourcesFiscal prudence is important but growth will take precedence: Sources, Ministry of Finance
Government banks to launch doorstep banking services. Here's all about it
Finance Minister Nirmala Sitharaman on Wednesday launched a doorstep banking services initiative by public sector banks (PSBs) which will provide convenience to customers. This is part of EASE (enhanced access and service excellence) reforms that the Department of Financial Services had undertaken in 2018.
Only country not reaping lockdown strategy benefit appears to be India: Chidambaram
Senior Congress leader P Chidambaram on Saturday attacked the government over the rise in the number of coronavirus cases, claiming that the only country that is not reaping the benefit of the lockdown strategy appears to be India.
Govt taking all possible steps to mitigate damage to tourism and hospitality sector: Sanjeev Sanyal to FHRAI
FHRAI had informed Sanyal about reservations and non-cooperation of banks in extending the one-time restructuring of loans announced by the government and requested for his intervention in getting the issue resolved. "I agree that structural reforms with centralized rules and regulations are required for the industry. I ask that the industry offers solutions and we’ll jointly try to resolve 80% of the problems," Sanyal said.
Consider more legally viable options for providing GST dues to states: Kejriwal to PM Modi
According to an official statement, the chief minister said the GST Council should consider authorising the Centre to borrow on its behalf and extend the period of collection of cess beyond 2022.
ANMI urges govt to rethink e-campaign on voluntary compliance of I-T
The objective of the e-campaign is to facilitate taxpayers to validate online their tax and financial transaction information available with the IT department for FY19 and promote voluntary compliance, so that they do not get into the notice and scrutiny process.
41st GST Council meeting: Differences emerge between Centre, states over compensation deficit
A source privy to the developments said that the ongoing meeting may not be adequate to address the issue. States including Punjab and Kerala have proposed that the Central Government should borrow and provide to states, but Centre and Bihar are asking states to borrow.
Sebi slaps Rs 50 lakh penalty on NSE for changing compensation policy without regulator's nod
In November 2012, NSE’s compensation committee decided that in case of Senior management, the accumulated ordinary leaves would be allowed to be encashed without limit, at the time of retirement.
Government to hire Deloitte, SBI Caps to help LIC prepare for IPO
The advisers will help evaluate the capital structure of India’s biggest insurer as well as aid the company in reworking its financial statement, according to a tender document issued in June.
Directorate General of GST Intelligence detects Rs 72 crore tax evasion
Acting on specific intelligence searches were conducted at various places in Kota and Nagaur on July 17, 2020 including the factory, trading firms, godowns, secret offices and residences of beneficiaries, the ministry of finance said in a statement Wednesday.
FinMin's decision to levy penalty for late payment to vendors will assure timely payments: GeM CEO
Welcoming the decision, GeM Chief Executive Officer (CEO) Talleen Kumar said one of the biggest complaints from sellers on GeM was delayed payments by government buyers.
Government extends Union Bank of India CEO Rajkiran Rai's term by another two years
In a notification, SR Mehar,deputy secretary in the department of financial services in the Ministry of Finance, said Rai's term which was ending on Tuesday has been now extended until May 31 2022.
Govt's total liabilities rise to Rs 94.62 lakh crore in Jan-Mar FY20
"Total liabilities (including liabilities under 'Public Account') of the Government, as per provisional data, increased to Rs 94,62,265 crore at end-March 2020 from Rs 93,89,267 crore at end-December 2019," it said.
Companies viable before Covid may get one-time rejig option: Sitharaman
While the government has announced stimulus packages for various sectors, some businesses that were viable before the pandemic have not got fiscal support. "We are in intense engagement with the RBI for a one-time restructuring of debt and finances for businesses," Union finance minister Nirmala Sitharaman said.
Will provide 15% equity infusion in MSMEs that want to tap the capital market: Nitin Gadkari
There are many MSMEs with good growth potential and the Government now wants to nurture them and help them list on the bourses through the fund of fund scheme. Along the way it also hopes to attract foreign investment.
Economic indicators improved in May: Report
The manufacturing and services sectors also showed green shoots with their respective purchasing manager’s index (PMI) slowing its contraction at 30.8 and 12.6 respectively in May compared to April’s 27.4 for manufacturing and 5.4 for services.
Government expects current account surplus in Q1 FY21
“As a considerable drop in domestic economic activity significantly curtails imports, India’s current account balance may generate a small surplus in the first quarter of 2020-21,” said the May 2020 macroeconomic report released by the ministry of finance.
MSMEs face existential crisis, revenue to fall a fifth: Report
For MSMEs, the fall in revenue will be steeper at 17-21%, while Ebitda margin will shrink 200-300 bps to 4-5%.
Govt wants credit flow at lower interest rate: Anurag Thakur
Speaking about the inverted duty structure in textiles, the minister said the issue is under consideration at both the Ministry of Finance and GST Council.
ADB approves USD 177 mn loan for road projects in Maharashtra
Under the Maharashtra state road improvement project, two major district roads and 11 state highways, with combined length of 450 km will be upgraded to two-lane standard across seven districts.
Delhi HC issues notices to govt, Facebook, Google, Twitter on 'Bois Locker Room' case
The court had on Monday directed the police to speed up its investigation of Bois Locker Room case. Former RSS ideologue KN Govindacharya had filed an interim petition in the Delhi High Court, seeking liability of social media platforms like Instagram over the content posted on their platform in the ‘Bois Locker Room’ case.
Govt appoints Tarun Bajaj as Director on RBI Central Board
Bajaj replaces Atanu Chakraborty, who retired on April 30.
Govt dismisses report that proposes to tax the rich, says it is "ill-conceived"
“It is unequivocally stated that CBDT (Central Board of Direct Taxes) never asked IRS Association or these officers to prepare such a report,” CBDT said in a statement.
CBDT initiates inquiry on IRS officers for unsolicited report on funding COVID relief work
"No permission was sought by the officers before going public with their personal views and suggestions on official matters, which is a violation of extant Conduct Rules. Necessary inquiry is being initiated in this matter," the CBDT said.
TCS to power Israel's first fully digital bank
"This initiative is seen as a bid to boost competition in the financial services sector, spark greater innovation and enhance customer experience by democratising access to banking in Israel by making financial services accessible to the consumer," the release said.
Coronavirus: Rs 3,570 crore loss due to cancelled events, need govt support, says IEIA
The impact of COVID-19 outbreak on exhibiting and trade show industry has been unprecedented with multiple global and national events being postponed or cancelled in the country, IEIA said in a statement.
Rajiv Mehrishi never dealt with defence ministry proposals: Finance Ministry
The Congress on Sunday alleged that the government compromised "national interest" and "national security" in the purchase of the 36 aircraft.
No penalty, revival fees for PPF, RD and other small savings schemes
The decision has been taken by the Ministry of Finance as many investors have not been able to deposit money into their accounts on time due to the nationwide lockdown.
India's big bonanza is its investment in health, social protection and stabilising the economy: Junaid Kamal Ahmad
Covid crisis is a supply shock in the system through a health emergency, says World Bank’s India chief.
After slowdown FM radio industry faces Covid-19; seeks government support
The Covid-19 pandemic is now destroying the industry. FM radio now desperately needs support from the government: short-term life support as well as long-term policy support. AROI, the FM broadcasters’ association has written to Prakash Javadekar, minister for information and broadcasting, seeking his urgent intervention.
Government nominates Financial Services Secretary Panda to RBI's board
"The Central Government has nominated Debasish Panda, Secretary, Department of Financial Services, Ministry of Finance, Government of India, New Delhi as a Director on the Central Board of Reserve Bank of India vice Rajiv Kumar," RBI said in a release.
GST collections for February stand at Rs 1.05 lakh crore, fall short of target
It was the fourth consecutive month when GST collections crossed Rs 1 lakh crore
Mandatory for government departments to make 20 per cent handloom purchase from KVIC, registered weavers
As per the amended rule, "of all items of textiles required by the central government departments, it shall be mandatory to make procurement of at least 20 per cent, from amongst items of handloom origin, for exclusive purchase from KVIC and/ or handloom clusters".
Don’t expect a great upturn in Q3 GDP print: Indranil Sengupta
We have more or less grown at the same pace in September-December, close to 4.5 or 5 per cent. If the coronavirus situation worsens, we could see a 50 bps hit to our H12020 GDP growth, says the India Economist with BofA Securities
Startups may soon get to list directly overseas: FinMin
Several startups are planning to opt for an overseas direct listing. The plan is to raise capital of four to five billion dollars from markets in London and New York.
MNRE reduces effective custom duty back to zero after increment in Budget
The Ministry also asked solar manufacturers for recommendations for components to be added to new exemption list. The budget had split the tariffs into two categories- unassembled solar cells, or solar cells assembled into modules or panels; both of which would incur a duty of 20%. Earlier, materials falling under either of these categories were considered the same and did not attract any basic custom duty.
Supreme Court stays Rajasthan High Court order extending deadline of GSTR-9 and GSTR-9C
The High Court of Rajasthan had directed the GST Department to accept the filing of GSTR-9 and GSTR-9C till February 12, 2020 without late fees.
Both FinMin and RBI are really listening to markets: Ashima Goyal
There are some green shoots in growth. It is the time to watch that and continue to support it with surplus durable liquidity, says Ashima Goyal, Member, PMEAC, talking about the RBI Credit Policy.
BSNL in talks with CBSE for sale of land parcels; eyes Rs 300 cr from asset monetisation in FY20
State-owned Bharat Sanchar Nigam Ltd (BSNL) has initiated discussions with the Central Board of Secondary Education and others for sale of specific land parcels, as it sets the ball rolling on asset monetisation plans.
Parliamentary panel to meet Indian Banks Association & Ministry of Finance
Parliamentary panel to seek details of turnaround plan by banks to control NPAsParliamentary panel to meet Indian Banks Association & Ministry of Finance
Severe slowdown: When will the Indian economy recover and how?
India’s GDP growth dropped to 4.5% in Q2, a free fall from govt’s call for a double-digit growth.
Not withdrawing bank cheque book facility: Ministry of Finance
Earlier this week, CAIT said that there is high probability of Centre withdrawing the cheque book facility in the near future to encourage digital transactions.
CBIC suspends Assistant Commissioner on charges of disproportionate assets
Central Board of Indirect Taxes and Customs on Wednesday suspended Deepak Pandit, Assistant Commissioner for his alleged involvement in disproportionate assets, said sources from the Ministry of Finance headed by Nirmala Sitharaman.CBIC suspends Assistant Commissioner on charges of disproportionate assets
India's September industrial output shrinks 4.3%
Contraction in manufacturing and mining activity plunged India's September factory output deep in the red. The Index of Industrial Production (IIP) declined (-) 4.3 per cent in September from (-)1.40 per cent in August 2019.India's September industrial output shrinks 4.3%
Factory output shrinks 4.3%; Lowest in almost 8 years
As per the Index of Industrial Production (IIP), factory output contracted 4.3% in September, the lowest in almost eight years in this series, which began April 2012 (with 2011-12 as the base year) and the lowest since October 2011when compared with the earlier series with base year 2004-05. IIP had contracted 5% in October 2011.
Committee of Secretaries to suggest measures to mitigate financial stress in telecom sector
While the terms of reference of the panel do not explicitly mention the SC ruling of October 24, it has been asked to look at suggestions for deferring of payments for spectrum as well as re-look at the obligation to fund a universal service fund.
Seafarers get tax exemption from Ministry of Finance
The government has accepted the long-pending demand of India’s leading merchant navy Unions, the MUI and the National Union of Seafarers of India.
FAITH hands over GST representation to Ministry of Finance
FAITH has asked to have a GST rate of 5% closest to the current rate and if not possible then 12% for rent a cabs.
Govt asks banks to appoint GM-level officer to address MSME sector woes
MSME sector has been a focus of the Narendra Modi government as it plays a critical role in promoting economic growth.
FinMin issues clarification on DoE's order on salary disbursal
The ministry cautioned the general public not to circulate the order since it is confidential in nature and may attract punitive actions under applicable legal provisions.
Ministry of Finance: No decision yet on Naidu panel’s digital payments proposals
"There are general rules under which liability can be fixed on stakeholders within digital payments but nothing specific to digital payments."
Just be a little patient and good things will happen: Sanjeev Sanyal, Ministry of Finance
“The area where we have seen the biggest improvements has been the issue of bankruptcy and insolvency”
Railway Ministry spurns ministry of finance proposal to levy safety cess on tickets
The finance ministry, in its reply, had told Railways to raise 75 per cent of the funds through a safety cess on tickets while agreeing to contribute to remaining 25 per cent.
Govt announces Rs 20 coin; new one, two, five and ten rupees coins also in pipeline
As per a notification of the Finance Ministry, the outside diameter of new Rs 20 coin will be 27mm (millimetres) and it will weigh 8.54 grams.
Govt issues new Rs 20 coin. Here are the details
As per a notification of the Finance Ministry, the outside diameter of new Rs 20 coin will be 27mm (millimetres) and it will weigh 8.54 grams.
Piyush Goyal appointed interim finance minister as Arun Jaitley undergoes medical treatment
The government has appointed Piyush Goyal as its interim finance minister as the current Finance Minister Arun Jaitley receives medical treatment, the president's office said in a statement.Piyush Goyal appointed interim finance minister as Arun Jaitley undergoes medical treatment
Piyush Goyal named interim Finance & Corporate Affairs minister
Ahead of the interim budget, he has been given additional charge of Finance and Corporate Affairs ministries.
Mutual funds’ exposure to NBFCs at Rs 2,48,599 crore as on Aug 31, says fin min
The data was shared recently by Ministry of Finance in the Sixteenth session of Lok Sabha on December 21.
Mutual funds’ exposure to NBFCs at Rs 2,48,599 crore as on Aug 31, says fin min
The data was shared recently by Ministry of Finance in the Sixteenth session of Lok Sabha on December 21.
Ministry of Finance should be able to infuse $27 billion into PSBs by 2019: BOfAML
According to the BOfAML, PSU bank capital risks are overdone and government is fully incentivised to address their asset quality to support recovery.
Ministry of Finance, RBI on same page on monetary policy committee: Shaktikanta Das
"We are working in close cooperation with Reserve Bank on every issue," Economic Affairs Secretary Shaktikanta Das said.
