Finance Ministry

Together, private operators Adani and GMR account for more than half of India's air passengers

The Department of Expenditure has asked ministries to ease consultancy tender rules, including high turnover and staff requirements, to widen competition and give more firms a chance to bid

The finance ministry has nudged all ministries and departments to move to Producer Price Index (PPI), from the current Wholesale Price Index (WPI), for rate escalation and adjustment clauses in future government procurement contracts. The Department of Expenditure, in a communication to all ministries and departments, said that PPI is a more internationally accepted index compared to WPI used in government contracts to define price escalation. For the first time, the commerce ministry has started issuing monthly PPI data for both goods and services since June to better reflect price movement at the producer's level, thus paving the way for phasing out wholesale price inflation numbers in the next five years. "Ministries/Departments are encouraged to adopt Producer Price Index (PPI) in place of Wholesale Price Index (WPI) in all price escalation clauses of future contracts, once PPI becomes available," the expenditure department said in an office memorandum dated July 13, which was .

The Standing Committee on Finance has flagged the "crippling" 43 per cent vacancy in the Department of Investment and Public Asset Management (DIPAM), and recommended setting up a task-force to ensure the early filling of all 38 vacant positions. Lamenting that "no tangible progress" has been made in resolving vacancies at DIPAM since the Committee's report presented in March, the panel said, "for a department overseeing a public asset portfolio exceeding Rs 42.76 lakh crore, routine administrative correspondence is grossly inadequate". The Standing Committee, in its report tabled in Parliament in March, had noted that maintaining only 51 officers against a sanctioned strength of 89 - with critical shortages at the Director (11 vacancies) and Under Secretary (8 vacancies) levels - "severely jeopardises" the department's ability to execute complex transactions like the IDBI Bank sale or finalise CPSE MoUs. Such significant manpower shortages in a field requiring highly specialised ..

The Finance Ministry has advised central government entities procuring consultancy services through the GeM portal against prescribing excessively high turnover and payroll requirements, saying such criteria could unnecessarily restrict competition. In an office memorandum, the Department of Expenditure said that procurement agencies should ensure that the prescribed minimum staff strength in a tender is commensurate with the manpower required for the satisfactory execution of the consultancy assignment. "... Disproportionately high staff strength requirements, without adequate justification, may unnecessarily restrict competition," said the memorandum issued by the Procurement Policy Division of the Expenditure Department. The department said a sample study of consultancy procurement tenders floated on the Government e-Marketplace (GeM) over the last three financial years had revealed certain issues about eligibility and qualification criteria. The study revealed instances of ...

Restoring MDR for high-threshold transactions/merchants; or a tiered incentive structure

The ministry said its fiscal consolidation path and Rs 1 trillion stabilisation fund provide room to absorb mild shocks, but sustained oil-price increases pose risks

Life insurance surrenders have surged, with early exits concentrated in the first two years. Why are policyholders leaving policies early despite tighter disclosure and suitability rules?

Finance Minister Nirmala Sitharaman on Monday termed communists in India as "total cowards" while lashing out at CPI (M) member John Brittas, accusing him of spreading confusion in the country over the charging of fees on UPI payments. In her reply to the discussion on The Taxation and Other Laws (Amendment) Bill, 2026, in the Rajya Sabha, Sitharaman took exception to Brittas walking out of the house without listening to her reply after he made allegations while moving a resolution to disapprove of the Income-Tax (Amendment) Ordinance, 2026, promulgated on June 5, 2026. Brittas alleged that the government has decided to charge fees on UPI payments due to pressure from the US, just like it was exerted on Brazil, and was going against Prime Minister Narendra Modi's assertion that "India's digital payment ecosystem had been developed as a free public good". The CPI (M) member, who was allowed to move his resolution by Deputy Chairman Harivansh after a brief commotion, had walked out wh

The Income Tax department is currently in the process of framing rules to implement the 2026-27 Budget provision that allows taxpayers to electronically apply for lower or nil TDS certificates electronically, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said Section 395(1) of the Income-tax Act, 2025 provides for the issuance of certificates for deduction of tax at source at Nil or lower rates. Vide Finance Act, 2026, to ease the compliance burden of small taxpayers, an option has been enabled for the payee, to file the application for issuance of certificates for lower or nil deduction of income-tax electronically and the certificate may be issued or rejected subject to fulfilment of conditions as may be prescribed. "... the enabling rule is currently under preparation and shall be notified in due course," Chaudhary said in a written reply in the Lok Sabha. A taxpayer typically applies for a lower or nil TDS certificate when their actual tax ...

Finance ministry says Bill aims to provide stable and predictable tax treatment, simplify compliance, and make India more attractive for global investment and manufacturing

Outstanding FCNR(B) deposits have risen to $60.55 billion from $32.56 billion since the RBI announced its concessional forex swap facility in early June

MHI says lower import duty is enabling dumping of foreign electric truck tractors in India

In reform push, seeks reinvented approach to actions

The government has directed all ministries to follow the 'One Entitled Officer, One Official Car' policy, barring senior bureaucrats from getting multiple staff cars

Public sector banks posted a record ₹1.98 trillion profit in FY26 as bad loans hit a historic low and credit growth remained strong across retail, MSMEs and agriculture

The most alarming dimension of frauds perpetrated by insiders is their organised, multi-institutional character

The authors argue GST rate rationalisation has broadened the tax base, improved compliance and refunds, and boosted consumption, though its full impact will take longer to assess

$20.72 bn already mobilised overall since swap window opened, says RBI

The finance ministry said capital gains tax rates and other tax policies are periodically reassessed during the annual Budget exercise and through legislative changes, based on prevailing macroeconomi