Page 34 - Finance Minister

Urge farmers to cultivate millets, pulses: FM Nirmala Sitharaman to Nabard

She also called for protecting the returns of farmers, who are already growing millets

CPI MP asks FM to initiate pension updation for banking sector retirees

He further said that the demand of bank retirees was not fulfilled even though the All India Bank Retirees' Federation has met the Finance Minister four times in the past one and half years

India's net direct tax mop-up rises 11% to Rs 3.8 trillion till June 17

Net direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore on higher advance tax mop up, the Finance Ministry said on Sunday. The Advance Tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over the same period last fiscal. The Net Direct Tax collection of Rs 3,79,760 crore (as of 17.06.2023) includes corporation tax (CIT) at Rs 1,56,949 crore and personal income tax (PIT) including Securities Transaction Tax(STT) at Rs 2,22,196 crore, the ministry said in a statement. On a gross basis, before adjusting refunds, the collection stood at Rs 4.19 lakh crore, a 12.73 per cent growth over the same period last fiscal. This includes Corporation Tax (CIT) at Rs 1.87 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 2.31 lakh crore. Refunds amounting to Rs 39,578 crore have been issued till June 17, a 30 per cent growth over last year.

Strengthen GST registration process further with tech: FM to tax officers

Finance Minister Nirmala Sitharaman on Friday asked tax officers to strengthen the GST registration process further by using technology during a review meeting on fake registration and billing. Tax officers have identified 11,140 fake GST registration and initiated action against fraudsters in the ongoing two-month-long special drive launched on May 16. "Smt @nsitharaman instructed that the GST registration process may be further strengthened using technology to curb entry of such fake entities in GST ecosystem. The FM called for a nationwide campaign to explain the objectives of the special drive to weed out fake entities," the office of the Finance Minister said in a tweet. During the review meeting, which was also attended by Revenue Secretary Sanjay Malhotra and CBIC Chairman Vivek Johri, Sitharaman was apprised of the methods like identity theft of people being adopted by fraudsters. "Smt @nsitharaman took note of the existing measures being undertaken by the ministry like ...

SBI presents dividend cheque of Rs 5,740 crore to Finance Minister

State Bank of India (SBI) on Friday paid a dividend of Rs 5,740 crore for the financial year 2022-23 to Finance Minister Nirmala Sitharaman. The dividend cheque was presented by SBI chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi. "Smt @nsitharaman receives a dividend cheque of Rs 5,740 crore for FY 2022-23, which is the highest-ever dividend given by State Bank of India to Govt of India for a financial year, from Shri Dinesh Kumar Khara, Chairman -@TheOfficialSBI. Secretary - @DFS_India Shri Vivek Joshi is also present on the occasion," the finance minister's office said in a tweet. SBI had declared a dividend of Rs 11.30 per equity share (1,130 per cent) for the financial year ended March 31, 2023. For the full 2022-23, SBI's net profit increased 59 per cent to Rs 50,232.45 crore. The profit in the 2021-22 fiscal was Rs 31,675.98 crore.

Finance ministers and their balancing acts

A K Bhattacharya's book delves into the challenges, decisions, and political dynamics of India's economic policies through the lens of its finance ministers

Russia's GDP projected to grow by 1% through 2023: Finance Minister Anton

Russia's GDP is projected to grow by 1 per cent this year, accompanied by an anticipated increase in real income for the population, Finance Minister Anton Siluanov said on Tuesday.

Need states' support to resolve industrial corridor issues: FM Sitharaman

The industrial corridors can be operationalised by expediting land acquisition, facilitating the implementation of external infrastructure linkages, among other things

Union Minister slams Kerala FM over his claims on financial grants

Muraleedharan pointed out that according to the RBI figures, in the country, Kerala is there in the list of five states which have the highest debts in the country

Kerala FM lashes out at Centre for cutting state's borrowing limit by half

Kerala Finance Minister K N Balagopal on Friday hit out at the BJP-led union government for cutting down the borrowing limit of the southern state by half and accused the Centre of "targetting" it. The minister said the state was expecting Rs 32,442 crores when the Centre had cut down the borrowing limit from 3.5 percent to 3 percent. But a recent letter from the central government has put the borrowing limit to Rs 15,390 crores, which is half of what Kerala is entitled to borrow, he alleged. "The move is part of the union government's political vendetta," Balagopal said. The Centre is denying the federal rights of a state, he further said and added that no reason was given for cutting down the borrowing limit by half. Expressing concern over whether the development would affect the budget plans of the southern state, he said people are going to suffer as the Centre is denting Kerala's rightful share. The union government has been cutting down funds to Kerala while providing upto

Leave encashment limit for non-govt employees hiked to Rs 25 lakh: CBDT

The CBDT circular dated May 24 stated that the increased leave encashment limit will be applicable from April 1, 2023

India witnessing high growth in aerospace: FM to Boeing seeking investment

Finance Minister Nirmala Sitharaman on Tuesday said India's aerospace and civil market is on a high growth trajectory and invited US-based aircraft maker Boeing to ramp up investment in the country. During an interaction with a delegation from Boeing comprising of their global senior leadership team, Sitharaman highlighted the opportunities available in India for relocating companies in the form of not just a captive market but also the chance to be a hub for serving the region as a whole and this can be rewarding for companies from a business point of view. "In reference to the recent bulk order for aircraft placed by Indian companies, FM stated that India's aerospace and civil market is on a #HighGrowth trajectory & also informed the group about aircraft leasing operations being undertaken by banks in GIFT-IFSC @GIFTCity," a finance ministry said in a series of tweets. In the context of India's geographical advantage, the minister underlined India's focus on repositioning itself

FinMin invites applications to appoint CEO and chairperson of NLMC

ACC has approved a committee to appoint executives and board members of NLMC

Developing nations need to provide digital solutions for citizens: FM

Addressing G7 meet in Japan, Sitharaman highlighted that access to digital connectivity has empowered people and there is a need to discuss ways to measure empowerment going beyond GDP indicators

FM Sitharaman pitches for empowering people by increasing digital access

Finance Minister Nirmala Sitharaman on Friday underlined the need for going beyond GDP numbers and empowering people by improving digital connectivity in developing nations. Addressing G7 seminar on economic policies for welfare, in Niigata, Japan, she stressed that technology improves access for the poor to markets and basic services and highlighted that access to digital connectivity has empowered people and there is a need to discuss ways to measure empowerment going beyond GDP indicators. She underlined the dilemmas faced by Emerging Markets and Developing Economies (EMDEs) between climate security and growth as they manage overlapping crises and socio-economic transformation. "Finance Minister Smt. @nsitharaman emphasised on the importance of #SustainableGrowth and environment and the need for balancing the two in the short and long run," a finance ministry tweet said. "The Union Finance Minister shared India's focus on #technology #DigitalPublicInfrastructure #DPI #GreenHydro

FM Nirmala Sitharaman leaves for 2-day visit to Japan to attend G 7 meeting

Finance Minister Nirmala Sitharaman on Wednesday embarked on an official two-day visit to Niigata, Japan, to attend a G7 meeting. India is an invitee to G 7 Finance Ministers and Central Bank Governors meeting. "During her visit, FM Smt.@nsitharaman will also have multilateral and bilateral engagements with her counterparts, besides a roundtable meeting with business leaders and investors," a finance ministry tweet said. During her trip, she will address investors and business leaders in Tokyo. Besides, she will address a seminar on 'Economic Policy in Pursuit of Welfare' at the Finance Ministers and Central Bank Governors (FMCBG) meeting while two other sessions--Tackling Immediate Challenges Facing Developing Countries and Strengthening International Cooperation for Sustainable and Inclusive Growth. The G7 is a forum of leading industrialised nations--Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Representatives of the European Union are alway

FSDC discusses need for more early warning indicators for economy

Amid banking crisis in West, FM says ensuring financial stability is shared responsibility of all regulators

CA, CS handling client money in PMLA ambit; FinMin notifies rules

Aim is to curb fraudulent practices

'Support replacing charter lending limit', says FM Nirmala Sitharaman

Met South Korean FM and invited other investors to take forward investment in India's infrastructure sector

Vivad Se Vishwas scheme aimed to provide relief to MSMEs comes into force

Also, relief will be provided in all contracts for procurement of goods and services, entered into by any ministry or department attached with MSMEs