Page 28 - Finance Minister

Budget 2024 LIVE updates: Govt raises import duty on gold, silver jewellery

Union budget 2024: Govt will table the interim budget where focus will likely be on controlling fiscal deficit and supporting agri ahead of the elections. Catch all the budget-related live updates

FM alleges police misuse in TN; Governor alleges 'spiritual repression'

Tamil Nadu Governor RN Ravi on Monday alleged that priests and staff of a Shri Ram temple here, under the control of the state government, faced 'repression' while the entire country celebrated the 'Pran Pratishtha' of Ram Lalla in Ayodhya. Union Finance Minister Nirmala Sitharaman speaking to reporters in Kancheepuram alleged that the Tamil Nadu police 'is being misused' by the 'Hindu hating' DMK regime to thwart public screening of the Ayodhya ceremony and celebrations to mark the event. The DMK 'is clearly showing its personal hatred' for the Prime Minister and 'suppressing worshippers,' she alleged Against the background of the BJP alleging a 'ban' by the DMK regime for celebrations and public screening to mark the consecration, Ravi, underscored his visit to a temple here and seemingly backed the Saffron party's accusation. The Governor said on X: "This morning I visited Sri Kodandaramaswami Temple, West Mambalam, Chennai, and offered prayers to Prabhu Sri Ram for the well-bein

Nearly 90% of young people lack ability to calculate loan repayments

The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable

Interim Budget to cut fiscal deficit in election year, focus on capex: Poll

The government is aiming to narrow the fiscal deficit to 4.50% of GDP by the end of the 2025-26 fiscal year (FY) from 5.90% in the current year to end-March 2024

Budget 2024: MSMEs expect special package from FM Sitharaman on Feb 1

The MSME sector wants Finance Minister Nirmala Sitharaman to come out with a special package for small and medium enterprises to ensure greater availability of institutional credit at competitive rates to enable it to play a bigger role as India moves closer to becoming a USD 5 trillion economy. Sitharaman is scheduled to present the interim Budget 2023-24 in the Lok Sabha on February 1. This will be the last major economic document of the government before the next general elections. The share of MSME (Micro, Small & Medium Enterprises) sector in the country's Gross Domestic Product (GDP) in 2021-22 was 29.15 per cent. On expectations from the Budget, Federation of Indian Micro and Small & Medium Enterprises (FISME) said the relationship between banks and MSME is an uneven one with the balance of power heavily tilted in favour of the lenders. "Lack of competition in the banking sector (75 per cent of banks being public sector) and weak regulatory institutions, which have not .

India to budget fiscal deficit at 5.3% of GDP in FY25: BofA Securities

Finance Minister Nirmala Sitharaman will opt for a further reduction in fiscal deficit to 5.3 per cent of India's gross domestic product in the upcoming budget for FY25 despite poll pressure, a foreign brokerage said on Friday. The government will meet the FY24 commitment to reduce the important number to 5.9 per cent, BofA Securities said in a note. "We see Centre's fiscal deficit to consolidate further to 5.3 per cent of GDP, despite poll pressure," its analysts wrote in a note. The government will opt for continuing with its strategy of consolidating fiscal deficit through capital expenditure driven growth instead of expenditure compression, it said. The brokerage said digitization-led formalization has aided the fiscal math through tax buoyancy on one side and reducing wasteful expenditure (subsidy leakage) on the other. The government had earlier committed to reduce the fiscal deficit to 4.5 per cent by FY26 as part of its glide path to gradually reduce the gap, which is seen

ED raids Chennai infrastructure firm, promoters in money laundering case

The Enforcement Directorate on Friday raided multiple premises in Chennai as part of a money laundering investigation involving a city-based civil construction and infrastructure company, its promoters and linked persons, official sources said. The probe by the central agency was initiated after taking cognisance of an FIR filed by the central crime branch (CCB) of Greater Chennai Police against Ocean Lifespaces India Private Limited, its MD and CEO S K Peter, some directors and others. About six-seven locations in and around Chennai city are being covered by ED officials under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said. The CCB FIR was filed last year on the complaint of a former director of the company, B Sriram, who alleged he was "cheated" by the promoters and later he also moved the National Company Law Tribunal (NCLT) challenging his removal from the board of the company. The company promoters and directors subsequently moved the Madras

Court takes cognizance of ED chargesheet in Rs 36 cr Delhi Waqf board case

The Rouse Avenue court took cognizance of the prosecution complaint (charge sheet) filed by the Enforcement Directorate (ED) in the Delhi Waqf Board Money Laundering case

Budget 2024: Who was first woman to present Budget? Know interesting facts

Interim Budget 2024: Who holds the record for reading the most number of budgets in India and other interesting Budget facts

Commerce ministry to launch portal to provide info to aspiring exporters

The commerce ministry will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements. Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

Cabinet approves creation of 3 officer-level posts for 16th Fin Comm

The Cabinet on Thursday approved the creation of three officer-level posts for assisting the 16th Finance Commission, chaired by Arvind Panagariya. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the creation of three posts at the level of Joint Secretary i.e. two posts of Joint Secretary and one post of Economic Adviser, for the 16th Finance Commission, an official statement said. "The newly created posts are required to assist the Commission in carrying out its functions," the statement said. All other posts in the commission have already been created as per the delegated powers, it added. In a notification dated December 31, 2023, the government appointed former vice chairman of Niti Aayog Panagariya as the chairman of the 16th Finance Commission. Ritvik Ranjanam Pandey was named as the Secretary to the Commission. The Commission would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026. Be

Red Sea crisis: Comm dept asks FinMin to maintain credit flow to exporters

Shipping ministry asked to monitor trade volume at major ports in India

Govt may consider cash refunds to exporters to improve cash flow: GTRI

The government can consider giving refunds to exporters in cash instead of scrips for tax remission schemes, as it would immediately improve cash flow for them, economic think tank GTRI said on Tuesday. At present, the refund under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Taxes and Levies (RoSCTL) scheme is issued as a scrip, which can be used to pay basic customs duties at the time of import. The scrip can be sold to other importers, who can later use the scrip instead of cash for payment of basic customs duty. These schemes refund select central and state levies to Indian exporters. "Refund RODTEP and ROSCTL dues to exporters in cash and not in the form of scrips. This will immediately improve the cash flow of thousands of exporters facing a weak export outlook for 2024," the Global Trade Research Initiative (GTRI) said. The RoSCTL refunds taxes for apparel and made-up sectors. RoDTEP covers most of the remaining

Govt levies 50% export duty on molasses, relief for edible oil imports

The government has imposed 50 per cent duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18. A finance ministry notification said molasses resulting from the extraction or refining of sugar will attract 50 per cent export duty. In another notification, the finance ministry extended the existing concessional duty rates on imports of crude and refined edible oils -- palm, soyabean and sunflower -- by one year till March 31, 2025. The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 per cent , in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.

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LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

FM seeks more participation from French financial institutions at GIFT City

Finance Minister Nirmala Sitharaman on Friday met French President Diplomatic Advisor Emmanuel Bonne and sought greater participation from French financial institutions and operations in the International Financial Services Centre (IFSC) at GIFT City. "They discussed approaches for further enhancing collaborative positions on climate actions, strengthening international financial institutions and addressing the debt vulnerability in low-and-middle-income countries," the finance ministry said in a post on X. Recognising the synergy between Indian UPI and French Targeted Instant Payment Settlement (TIPS), they explored avenues for closer financial integration, it said. "Finance Minister Smt. @nsitharaman encouraged greater participation from French financial institutions and corporations in pathbreaking initiatives and operations in IFSC at @GIFTCity," it said. Bonne is in the national capital ahead of the upcoming visit of French President Emmanuel Macaron as the chief guest for the

Parliament session from January 31, FM to present Interim Budget on Feb 1

Union Minister Pralhad Joshi said that the Interim Budget session will commence with President Droupadi Murmu addressing both Houses of Parliament

Direct listing of stocks at GIFT City soon, says FM Nirmala Sitharaman

Sitharaman also expressed that IFSC should become the platform for the trade of carbon credit

India growing rapidly, to be $30 trn economy by 2047: FM Sitharaman

Relationship between states and centre is of collaborative federalism, she says at Vibrant Gujarat Summit