Finance Ministry

A report by C-DEP and Centre for WTO Studies says implementing pending DGTR recommendations could reduce forex outflow and support domestic industry with limited inflationary impact

The Ministry of Finance said all the prohibited e-cigarettes were sourced from China and were concealed inside consignments labelled as other goods to avoid detection

The Finance Ministry has asked state-owned financial institutions to curb travel spending, adopt virtual meetings, and progressively shift to electric vehicles

The Finance Ministry on Monday urged public sector banks and financial institutions to adopt austerity measures and shift to electric vehicles, following Prime Minister Narendra Modi's appeal. Last week, the Prime Minister made an appeal to citizens for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy, emphasising that the Centre is trying to shield people from the adverse impact of the West Asia conflict. The Department of Financial Services, in a circular issued to public sector banks (PSBS), regional rural banks (RRBS), public sector insurance companies (PSICs) and financial institutions (PSFIs), urged them to reduce expenses on travel and the adoption of electric vehicles (EVs). Austerity measures would be implemented with immediate effect, the Department of Financial Services under the Ministry of Finance said in the circular. All meetings, reviews and consultations should be conducted through video ...

The order, part of a broader austerity push, will cover institutions like the State Bank of India, Bank of Baroda and Life Insurance Corp of India and million of their employees across the country

The Centre says fiscal prudence and timely interventions have helped India cushion the economic fallout of the prolonged West Asia conflict

The proposed move aims to reduce GST mismatches and tighten compliance by limiting manual changes in GSTR-3B once returns are auto-populated

Deliberations to ease the tax burden have gathered pace as authorities try to curb the rupee's depreciation

OMCs losing ₹1K cr a day, says Puri; doesn't rule out fuel price hike

Public Sector Banks (PSBs) have recorded an all-time high net profit of Rs 1.98 lakh crore in 2025-26 fiscal year, marking the fourth straight year of profitability, the finance ministry said on Tuesday. Improved asset quality, healthy credit expansion and higher income contributed to improved profitability of PSBs during 2025-26, the ministry said. Aggregate operating profit reached Rs 3.21 lakh crore, while aggregate net profit increased by 11.1 per cent y-o-y to a historic high of Rs 1.98 lakh crore, marking the fourth consecutive year of aggregate profitability for PSBs. The aggregate business of PSBs increased to Rs 283.3 lakh crore as on March 31, 2026, registering growth of 12.8 per cent over the previous year. Aggregate deposits rose 10.6 per cent year-on-year to Rs 156.3 lakh crore, reflecting continued depositor confidence and strong resource mobilisation by PSBs. Gross advances registered growth of 15.7 per cent year-on-year at Rs 127 lakh crore, indicating sustained cr

Finance Ministry officials expect a surge in GSTAT appeal filings before the June 30 deadline as taxpayers defer cases over pre-deposit concerns

The Finance Ministry has notified a decision to allow overseas companies with Chinese shareholding of up to 10 per cent to invest in India under the automatic route under FEMA, according to a notification. In March, the Union Cabinet approved amendments in the press note (PN) 3 of 2020 of the DPIIT. As per the amendments, foreign companies having a Chinese/Hong Kong shareholding of up to 10 per cent will be eligible to invest in India in sectors where FDI is permitted under the automatic route subject to sectoral conditions. However, these relaxed FDI rules will not apply to entities registered in China or Hong Kong or other countries sharing land borders with India. Earlier, foreign firms with shareholders from these land border nations owning even a single share had to seek mandatory approval to invest in India in any sector. Now, these restrictions will apply only to beneficial owners. After the Cabinet approval, the Department for Promotion of Industry and Internal Trade (DPI

The Finance Ministry on Saturday notified 100 per cent foreign direct investment (FDI) in the insurance sector under the automatic route. While 100 per cent foreign investment will be allowed in insurance companies and intermediaries, including brokers, under the automatic route, the cap is 20 per cent for Life Insurance Corporation (LIC), said the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2026. The Parliament had passed the Sabka Bima Sabki Raksha (amendment of insurance laws) Bill, 2025, in December, 2025, paving the way for hiking the FDI cap in the insurance sector to 100 per cent under the automatic route, from 74 per cent earlier. Subsequently, after the President's assent, the Bill became law. Thereafter in February, 2026, the Department for Promotion of Industry and Internal Trade (DPIIT) under the Commerce and Industry Ministry had notified 100 per cent FDI in the insurance sector.

Measure allows deadline extensions of up to four months without penalties for firms hit by supply disruptions, subject to case-by-case approval and only if they were not in default before February 27

Finance ministry's Monthly Economic Review urges India to prioritise fiscal stability and reforms over short-term growth amid risks from the West Asia crisis

The government has asked public sector banks to initiate the process of negotiations for the 13th Bi-partite settlement in a time-bound manner and finalise it in the next 12 months. The wage revision for employees and officers of public sector banks would be due from November 1, 2027. Public sector banks (PSBs) and financial institutions, including insurance companies revise wages of their employees every five years. As part of the settlement, the Indian Banks' Association (IBA) is expected to engage in dialogues with the employees' unions/associations and arrive at a mutually agreeable wage settlement. As the timely conclusion of the settlements is essential for maintaining industrial harmony, the Department of Financial Services advised Public Sector Banks (PSBs) in a communication to their heads to initiate the necessary measures to commence negotiations for the impending wage revision. PSBs are advised to complete the negotiation process within a maximum period of 12 months, th

Chugh, who had been wanted in multiple economic offence cases, was apprehended by officials of the DGGI's Ahmedabad Zonal Unit on April 19

Finance Ministry clarifies its letter urging crop diversification is advisory, not binding, amid Tamil Nadu criticism over incentives for paddy and MSP-linked bonuses

As per the notification, export duty on diesel has been raised to ₹55.5 per litre from ₹21.5 per litre, while duty on ATF has been increased to ₹42 per litre from ₹29.5 per litre

In the budget for the year 2026-27 outlay for SASCI scheme was enhanced from Rs 1.44 trillion in the revised estimate for FY2026 to Rs 2 trillion