Page 14 - Finance Minister

Banks to play key role in making India developed nation: FM Sitharaman

She said that banks cannot have a digital system that gets hacked somewhere, compromising the entire system and the trust placed in it

Banks to play major role in making India developed by 2047: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. The Finance Minister was speaking at an event here to mark the 90th Foundation Day of the Bank of Maharashtra, a public sector lender. "Banks will have to play a crucial role in driving the agenda set by the Prime Minister and by your role, we are going to give greater momentum to achieving this dream," she said. Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration. She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers. However, she added that "you (banks) cannot have a digital system which somewhere

India's economic growth stands out globally, says FM Nirmala Sitharaman

The scheme is an extension of the already existing NPS to children. In the last 10 years, NPS has gained 1.86 crore subscribers, with Assets Under Management (AUM) of Rs 13 trillion

FM reviews Railway Ministry's capex plan, asks to expedite 'Kavach' system

Finance Minister Nirmala Sitharaman on Tuesday reviewed the capex plan of the Railways Ministry and asked officials to focus on safety and convenience of commuters. Sitharaman also told the officials to expedite the implementation of Kavach system (India's indigenous Automatic Train Protection (ATP) system) in a phased manner and meet the allocated capex target in the stipulated timeframe. MoR officials informed the Minister that Kavach-related works are currently in progress in over 3000RKm (route km) on the Delhi-Howrah and Delhi-Mumbai sections. "Underlining the focus of the government on providing 'ease of living' for citizens, Sitharaman urged the officials of the Ministry of Railways to focus on capacity augmentation, safety and commuter convenience, including doubling and electrification of existing railway tracks and also laying of new railway lines across the country as per the capex outlay provisioned in the Union Budget," a finance ministry statement said. Sitharaman als

No tax rate reductions for old regime, clarifies Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime

Facts need to be taken on board: FM Nirmala Sitharaman on Buch row

FM said that Buch, along with her husband, had answered quite a few of the allegations levelled against her by the Congress party and have put forth the facts

FM Nirmala Sitharaman to launch NPS-Vatsalya scheme on September 18

NPS-Vatsalya scheme is designed as a variant of the existing National Pension System (NPS), specifically tailored for younger individuals

Tamil Nadu restaurant saga: Ambiguity over GST food rates in spotlight

The GST rates on goods are based on the harmonised system of nomenclature (HSN) codes

FM meets Nasdaq VC, discusses potential investment opportunities in India

Finance Minister Nirmala Sitharaman on Friday met Nasdaq Executive Vice Chairman Edward Knight and shared key initiatives of the government and the potential investment opportunities in India. Knight led the delegation of the US-India Business Council and called upon the finance minister here. "FM Smt. @nsitharaman spoke about the key initiatives of Government of India and the potential #investment opportunities in India," the finance ministry said in a post on X. Sitharaman also interacted with a delegation from the US International Development Finance Corporation led by Deputy Chief Executive Officer Nisha Biswal. US DFC shared that India offers good opportunities and is one of their key geographies for investment, the ministry said in another post. "FM Smt. @nsitharaman shared her views on the broad-based and multi-sectoral cooperation between India and US and the opportunities for #growth and #investment in India," it said.

Kharge accuses govt of 'tax terrorism', humiliating small business owners

Congress President Mallikarjun Kharge has called for 'simple, uniform, moderate and rational GST' on essential items

Finance ministry amends compounding rules for offences under Fema

The Finance Ministry on Thursday modified the compounding rules for offences under the Foreign Exchange Management Act (FEMA) by raising the monetary limits for adjudications by RBI officials and allowing online payments. As per the Foreign Exchange (Compounding Proceedings) Rules, 2024, the fees for filing compounding application has been doubled to Rs 10,000 plus GST, from Rs 5,000 earlier. The notification further said that Assistant General Manager rank officials of the RBI can decide on compounding application of up to Rs 60 lakh, up from Rs 10 lakh earlier. Similarly, the monetary limits for Deputy GM and General Manager rank officers have been raised to Rs 2.5 crore and Rs 5 crore respectively. Chief General Manager in the RBI will be authorised to decide on compounding cases of above Rs 5 crore. In a statement, the Finance Ministry said the Foreign Exchange (Compounding Proceedings) Rules, 2024, will replace the Rules issued in 2000. In pursuance of the Union Budget 2024-

5 non-BJP-ruled states' ministers to meet in Kerala for FC discussion

Ministers from five non-BJP-ruled states will meet here on Thursday to discuss key issues related to the 16th Finance Commission, as, according to them, the country grapples with economic federalism challenges. The meeting, hosted by Kerala, comes at a critical time when states face significant developmental and financial hurdles, according to a statement issued by the office of Kerala Finance Minister K N Balagopal here on Wednesday. The main objective is to present these challenges to the 16th Finance Commission, chaired by Dr A Arvind Panagariya, and explore potential solutions, it said. Kerala Chief Minister Pinarayi Vijayan will inaugurate the high-level conclave to be attended by top dignitaries, including Telangana Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka, Karnataka Revenue Minister Krishna Byre Gowda, Punjab Finance Minister Harpal Singh Cheema and Tamil Nadu Finance Minister Thangam Thennarasu. Other notable participants include Leader of Oppositi

Women directors in active companies grew three-fold in last 10 yrs: FM

The presence of women directors in active corporate companies has increased over three-fold in the last 10 years, while in Tamil Nadu it has jumped over four-fold, Union Minister Nirmala Sitharaman said on Wednesday. Prime Minister Narendra Modi-led government has been encouraging women's participation across sectors and this has been visible in the funds allocated to schemes allotted for women empowerment in the Budget, she said at an event here. Women are also rising on the corporate ladder and in the startup and financial technology space, about 18 per cent of 111 unicorns (valued at USD 1 billion) are led by women in India, she said. The Union Finance and Corporate Affairs Minister was speaking at a conference on Women Rising - The Unseen Barriers in Power, Politics and Otherwise, organised by the FICCI-FLO Chennai Chapter. On the number of women directors in active companies, she said, "At the all India level, there are 8.83 lakh women directors associated with active companie

FM Sitharaman meets road, telecom ministries to review budgeted capex plans

This was the first, in a series of meetings by the FM, to take stock of the progress being made by ministries with significant capital outlays in the coming days, the press statement added

FM Nirmala Sitharaman approves 'Navratna' status for four CPSEs

The Department of Public Enterprises (DPE) in its statement said that Rail Ministry India CPSE had an annual turnover of Rs 2,622 crore and a net profit of Rs 246 crore for FY 2023-24

India, Singapore commit to boost cooperation in emerging, futuristic areas

India and Singapore on Monday pledged to further enhance co-operation in the emerging and futuristic areas. The Indian delegation led by Finance Minister Nirmala Sitharaman deliberated upon six pillars identified under India-Singapore Ministerial Roundtable (ISMR). Deputy Prime Minister Gan Kim Yong led the delegation of Singapore during the second ISMR. "During the meeting, the leaders emphasised on ways of further enhancing co-operation between India and Singapore in emerging and futuristic areas. Both sides deliberated upon six pillars identified under ISMR, which include Digitalisation, Skill Development, Sustainability, Healthcare & Medicine, and Advanced Manufacturing and Connectivity," the finance ministry said in post on X. The leaders also discussed plans for commemorating the 60th Anniversary of diplomatic relations between India and Singapore, alongside regional and global cooperation, including ASEAN & G20 developments, it said. The leaders noted that the ...

FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states

The finance minister also directed RRBs to become more customer-friendly and use their local connections to further improve performance

To ban or regulate? Govt's cryptocurrency paper likely by October 2024

In October 2023, G20 finance ministers and central bank governors adopted the roadmap on crypto assets proposed in the synthesis paper, calling for its swift and coordinated implementation

FM Sitharaman urges regional rural banks to reduce high attrition rates

RRBs were established regionally and are oriented towards rural areas, with capital contributed by the Government of India, state governments, and sponsored banks under the RRB Act, 1976

Use simpler language in tax notices, don't instil fear: FM tells officials

Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously". "Taxpayers must not be subject to unnecessary harassment," she said, adding that tax authorities should mention the reason for sending tax notice and present their side of the story in a "crystal clear" way. "It would be better if the tax-related communication is simpler in language, becomes devoid of technical words and is not convoluted so that an average taxpayer understands what he/she needs to do or what the notice is about," Sitharaman said at the 165th Income Tax Day celebration here. Stating that tax authorities are not for instilling fear in the minds of people, Sitharaman said the department should collect wha