Page 31 - Finance Minister

Union govt extends tenure of CBDT Chairman Nitin Gupta by nine months

The Union government gave a nine-month extension in service "on contract basis" to CBDT Chairperson Nitin Gupta on Saturday, the day of his scheduled retirement. Gupta (60), a 1986-batch Indian Revenue Service (IRS) officer of the Income-tax department, was appointed the Central Board of Direct Taxes (CBDT) head in June last year. He was scheduled to retire on September 30. The government order said the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Gupta as the CBDT Chairman on a contract basis, with effect from 1.10.2023 till 30.06.2024, or until further orders, whichever is earlier, in relaxation of the recruitment rules, on usual terms and conditions applicable to re-employed central government officers. The CBDT is the apex policy-making body for the Income-tax department. It is headed by a chairman and can have six members who are in the rank of special secretary.

GST Council meet on Oct 7, may review SGST amendments on online gaming

The GST Council, chaired by Union finance minister and comprising state ministers, will meet on October 7. "The 52nd meeting of the GST Council will be held on 7th October, 2023 at Vigyan Bhawan , New Delhi," the GST Council said in a post on X. In the previous meeting on August 2, the council had approved amendments to the Goods and Services Tax (GST) laws to provide clarity on the taxation of casinos, horse racing and online gaming. A 28 per Cent GST is levied on full face value of bets in the three supplies.

Finance Minister Sitharaman meets G20 expert group on strengthening of MDBs

Finance Minister Nirmala Sitharaman on Saturday met the G20 Independent Expert Group on strengthening of Multilateral Development Banks (MDBs). The G20 Independent Expert Group (IEG) is co-convened by former American treasury secretary Lawrence Summers and ex-chairman of the 15th Finance Commission N K Singh. The IEG set up by G20 India Presidency has focused on strengthening MDBs and delivered Volume 1 of its report which was acknowledged by G20 leaders in New Delhi Leaders Declaration earlier this month. "The #G20IEG members are currently in India working on Volume 2 of their report to be discussed in #G20 meetings scheduled to be held under the Indian Presidency in #Marrakech on sidelines of @IMFNews @WorldBank #AnnualMeetings," the finance ministry said in a post on X. The fourth and final Finance Ministers and Central Bank Governors (FMCBG) Meeting under India's G20 Presidency is taking place next month in Morocco. MDBs need to provide an additional USD 260 billion annually t

QUAD FMs reiterate commitment to free Indo-Pacific on UNGA 2023 sidelines

The QUAD Foreign ministers met for a follow-up on the Quad Leaders' Vision that was outlined in Hiroshima on May 20, 2023

Speed up digitisation to ensure better services in rural areas: FM to RRBs

Finance Minister Nirmala Sitharaman on Tuesday expressed concern over the slow progress of computerisation in Regional Rural Banks (RRBs) and urged them to speed up the process to strengthen credit delivery in rural areas. There is still a lot of work to do in digitising RRBs and cooperative banks, she said after launching the 'Kisan Rin Portal' and Weather Information Network Data Systems (WINDS) manual here. Cooperative banks are not equally endowed, and their financial health varies, she said, adding ramping up capacity in the sector is taking place under the Ministry of Cooperation headed by Home Minister Amit Shah. The cooperative bank digitisation would happen with the necessary speed, she said. However, she said, "I am more concerned about RRBs, their digitisation and computerisation. Therefore, if they didn't have it, extending phone bank facility...or internet banking facility...won't work out". A lot of work is still pending, and the Department of Financial Services is .

Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM

Finance Minister Nirmala Sitharaman said the government will offer up to 8 per cent subsidy for loans given to artisans under the Vishwakarma Yojana launched by Prime Minister Narendra Modi on Sunday. The government has already made a provision of Rs 13,000 crore in the Budget 2023-24, she said during the launch event of the Yojana. Sharing the details of Vishwakarma Yojana, the finance minister said collateral-free loans to artisans would be provided at a very affordable interest rate of 5 per cent. The scheme covers 18 activities including carpenter, goldsmith, blacksmith, mason, stone sculpture, barber and boatmakers, she said, adding, the government will provide up to Rs 3 lakh loan. Initially, she said, Rs 1 lakh loan will be given and the beneficiary would be eligible for an additional Rs 2 lakh after repayment schedule of 18 months. The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital ..

Auditors should embrace technology, contribute to nation building: FM

Observing that the next 25 years are 'critical' for India to achieve developed nation status, Union Minister Nirmala Sitharaman on Saturday appealed to auditors to embrace technology and educate smaller companies to grow. The Finance and Corporate Affairs Minister remarked that the country has progressed at many levels in the last 20-25 years and even the World Bank report has said India has achieved in the last decade what it could not be achieved in 60 years. "I am talking to veterans of this profession. You are one of the oldest registered bodies. I would think my meeting with you all is not just only to celebrate the 90 years, but also to say celebrating at a time when this profession has to take newer responsibilities," she said at the 90th-anniversary celebrations of The Society of Auditors here. Sitharaman pointed out that the practices of chartered accountants were going through a lot of change, globally and said that even some of the audience gathered at the venue had alrea

From FTA to FinTech: Highlights from India-UK Economic Financial Dialogue

Union Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt discuss collaborations in financial services, infrastructure, and trade

Govt may relook at allowing Indian companies to list overseas: FM

Under current regulations, Indian firms are not allowed to list directly on overseas exchanges. They can only list on foreign exchanges through instruments such as depository receipts

Finmin, World Bank to work closely to create market structure from CSR

The World Bank and the finance ministry on Sunday agreed to work closely to create a market structure from the CSR demand side for maximising social impact. World Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. The two leaders during the bilateral meeting discussed the outcomes of G20 India Presidency, the evolution of the World Bank Group and their engagement with India through knowledge exchange and financial assistance for developmental projects, among other issues. "During the meeting, Mr. Banga agreed to work closely with the Department of Economic Affairs, Ministry of Finance @FinMinIndia to create a market structure from the Corporate Social Responsibility #CSR demand side for maximising social impact," the ministry said in a post on X. The finance minister stated that she looks forward to the leadership of the World Bank President in taking forward the recommendations on the triple agenda ...

Finance Minister interacts with Bangladesh PM Sheikh Hasina at G20 dinner

Bangladesh PM, who arrived in India on Friday, held a bilateral talk with her Indian counterpart Narendra Modi in New Delhi on the same day

Indian G20 presidency has walked the talk on MDBs, inclusion: FM Sitharaman

Expert group report on MDB reforms, IMF-FSB synthesis note on crypto to be taken up in next finance track meeting in Marrakesh

FM holds meeting with US Treasury Secretary, discusses G20 priorities

Finance Minister Nirmala Sitharaman on Friday held a bilateral meeting with US Treasury Secretary Janet Yellen and discussed G20 priorities. The bilateral meeting took place a day ahead of the G20 Leadership Summit beginning on Saturday here. "FM Smt. @nsitharaman and Secretary Ms. @SecYellen discussed key #G20 priorities and bilateral cooperation between the two democracies to address pressing global economic and financial issues," the finance ministry said in a post on X (formerly Twitter). Yellen on Thursday had said Russia's war against Ukraine has led to the needless loss of lives and stands in direct contradiction to everything the G20 stands for. "We will rally our partners to maintain our collective economic support for Ukraine as well as impose severe costs on Russia," she had said in a post on X on Thursday. "As @POTUS said last year, India is one of America's indispensable partners. This will be my 4th visit to India in 10 months and our ties are stronger than ever. ...

28% GST on deposit refunds issued by online gaming portals, casinos

Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point

ITR filings increased threefold in each tax bracket: FM Sitharaman

Taxable workforce will be 85.3% by 2047 against 22.5% now

Discussions on global framework to regulate crypto underway: FM Sitharaman

Sitharaman added that cryptocurrencies can not be regulated efficiently without the cooperation of all countries

The war on inflation: Many ways to skin a cat, but which is most effective

Reserve Bank of India (RBI) maintained status quo in its policy rate for the third time in a row in August

Pak caretaker FM rules out relief in power bills, says no space for subsidy

"Please manage your expectations," she said apparently after engagements with International Monetary Fund over government's desire for some programme relaxations to provide relief in power bills

Focus on digital capability upgrade, FM Sitharaman tells rural banks

The Centre has a 50 per cent stake in RRBs while sponsor banks and state governments own 35 per cent and 15 per cent, respectively

Would rather play India story than talk about developments in China: FM

Finance Minister Nirmala Sitharaman on Friday said she would "rather play the India story" rather than talk about developments in China which is witnessing an economic slowdown. She made the remarks at the B20 Summit in the national capital while responding to a question on the impact of slowdown in China on India and the rest of the world. Acknowledging that developments in China is a matter of concern for all, she said "I would rather play the India story". "While I'll keep a watch on the developments happening in China, I am more focused on India's moment, on the opportunities that exist in India, the skills, and the work culture where the young are revving to go forward and prove themselves. So, we should speak for India's strengths and not for the suffering of somebody else," the minister said. The B20 Summit is being organised ahead of the G20 Summit next month. "I am presenting India for the strength it has now. Particularly with the young population, which is a skilled Eng