Page 44 - Finance Minister

Job creation, wealth distribution priority over inflation: FM Sitharaman

The finance minister said if India and the United States joined efforts in growing their respective economies, they might be the engines of global growth within the next two decades

As freebies debate rages, a look at states' contingent liabilities

The net borrowing ceiling of states is mandated by the FRBM Act. However, the upper limit of what their contingent liabilities can be is set by states' own legislative bodies

Financial inclusion major step towards inclusive growth: FM Sitharaman

Financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society, Finance Minister Nirmala Sitharaman said on Sunday. The success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) since August 28, 2014 is reflected in terms of opening of over 46 crore bank accounts with deposit balance of Rs 1.74 lakh crore with its expanded coverage to 67 per cent rural or semi-urban areas as well as 56 per cent of women Jan Dhan account holders, she said on the eighth anniversary of the flagship financial inclusion scheme. "Continuation of PMJDY beyond 2018 saw a marked shift in approach to meet challenges and requirements of the emerging FI (financial inclusion) landscape in the country. "There has been a shift in focus from 'every household' to 'every adult', with added emphasis on usage of accounts by enhancing Direct Benefit Transfer (DBT) flows through these accounts, promoting digital payments through the use

Freebies row: Poll promises should be met via budgetary provisions, says FM

Meanwhile, the apex court has asked a three-judge Bench to review a past order on the issue, which said that such handouts are not a corrupt practice

Govt executing each scheme covering all eligible persons: FM Sitharaman

The Finance Minister commended Nagaland for performing well in schemes like Atal Pension Yojana, MUDRA and Standup India

New ODI regulations: Govt allows investment in financial services abroad

Holding less than 10% in an overseas entity not considered 'control'

Legislation or court guidelines? Who will put freebies in a box?

Experts dwell on whether or not there can be a legal definition of the term 'freebies'

What's a freebie? Experts dissect basic definition amid SC hearings

'Strain on exchequer arising from sops to industry, bad loan waivers, etc., must be discussed'

Banks must ensure credit schemes reach eligible citizens: FM Sitharaman

'Difficult situation' caused by unintended people getting benefits of credit programmes now over, she says

Govt nods enhancing ECLGS limit to Rs 5 trn for hospitality, allied sectors

Union Cabinet has approved the enhancement in the limit of Emergency Credit Line Guarantee Scheme by Rs 50,000 crore Rs 5 Lakh crore, with the additional amount being earmarked entities in hospitality

WazirX controversy bares crypto's vault of trade secrets in India

The ED found that large amounts of funds were diverted by the fintech companies to buy crypto assets and then launder them abroad

Jal Jeevan Mission makes significant strides in 3 years since inception

Around 52% of rural households have been provided piped water supply till August

Panel led by cabinet secy seeks more info on Central Electronics sale

Privatisation of state-owned firm held up after money laundering case against top bidder

Kerala FM blames Centre for cutting resources by Rs 23,000 crore

Kerala Finance Minister K N Balagopal has written to Nirmala Sitharaman asking her not to include borrowings of state entities while fixing their debt limits

Jairam Ramesh slams FinMin, calls tax hike cruel when CPI inflation over 7%

Congress denounced Finance Minister Nirmala Sitharaman for defending the hike in GST rates and questioned the timing saying its "cruel" to hike the rates when CPI is over 7 per cent

Pre-packed, labelled cereals, pulses, flour over 25kg exempt from 5% GST

Single packages of unbranded pre-packed and labelled food items like cereals, pulses and flour weighing in excess of 25 kg are exempt from 5 per cent GST levy

G-20 meet: FM Sitharaman for info sharing on crypto, immovable assets

Tax evaders explore other avenues to shift their unaccounted wealth through investment in non-financial assets, Sitharaman pointed out

Automatic exchange of info should also cover assets like crypto: FM at G20

Finance minister Nirmala Sitharaman on Thursday said G20 should examine the feasibility of bringing non-financial assets like crypto in the ambit of exchange of information among nations

FinMin pegs US dollar value at Rs 79.90 for computing import duty

The Finance Ministry Thursday pegged the exchange rate for dollar at Rs 79.90 for calculation of import duty with effect from July 8, as against Rs 78.95 a fortnight ago. The sharp revision is due to depreciation of rupee against dollar following outflow of capital caused by various external factors, including the hardening of interest rate globally. Similarly, in case of pound sterling, the value has been fixed at Rs 96.10 as compared to Rs 96.70 earlier, according to a finance ministry statement. As regards euro, the conversion rate for calculating taxes on imported goods has been fixed at Rs 82.15 as compared to Rs 83.10 on June 16, it said. The sharp revision in exchange rates comes in the backdrop of the rupee depreciating by 4.1 per cent against the US dollar during the current financial year so far (up to July 5). However, it is modest relative to other EMEs and even major advanced economies. Since the war in Ukraine broke out in late February, RBI has expended its foreign

Revenue deficit grant of Rs 7,183 cr released to 14 states: FinMin

Finance ministry on Wednesday released the fourth instalment of revenue deficit grant of Rs 7,183 crore to 14 states for the current fiscal. The states for which Post Devolution Revenue Deficit Grant has been recommended by the 15th Finance Commission during 2022-23 are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal. "The Department of Expenditure has on Wednesday released the 4th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 7,183.42 crore to 14 states," the ministry said in a statement. The 15th Finance Commission has recommended a total PDRD Grant of Rs 86,201 crore to 14 states for the financial year 2022-23. The grant is released in 12 equated monthly instalments. The ministry said that with the release of the fourth instalment for the month of July 2022, the total amount of PDRD grants released to the states in 2022-23 stands at Rs 28,733.67 ...