Page 11 - Finance Ministry

Finance ministry no to public sector banks taking haircut on MTNL loans

If allowed, this would amount to default by central government, it says

Finance ministry may consider rate cut for small savings schemes in FY26

The central bank on Friday reduced the repo rate by 25 basis points to 6.25 per cent from 6.5 per cent following its first monetary policy review of the year

After several steps to reduce direct tax disputes, govt takes another shot

Legislation to amend Income Tax Act, simplify language and procedures to reduce such disputes

State survived financial crisis; welfare schemes unaffected: Kerala FM

Kerala Finance Minister K N Balagopal on Friday, while presenting the budget for the financial year 2025-26 in the Assembly, said the state has survived the most intense phase of financial crisis without any of its welfare schemes or development work being affected. Presenting the second Pinarayi Vijayan-led government's fifth budget in the Legislative Assembly, Balagopal announced a Rs 750 crore project for the rehabilitation of the Wayanad landslides victims. Balagopal said that the Mundakkai and Chooralmala villages in Wayanad witnessed an extreme calamity that plunged Kerala into deep sorrow. The disaster claimed over 200 lives, destroyed hundreds of properties and thousands lost their livelihoods with the estimated loss due to the landslides being around Rs 1,202 crore, while the cost of rehabilitation is expected to be approximately Rs 2,221 crore, as assessed by a team of experts, the minister said. He said the 2025-26 Union Budget has not allocated any assistance for the ..

PSBs strongly capitalised and ready to fuel economic growth: FinMin

PSBs have significantly improved asset quality, with a low net non-performing asset (NPA) ratio of 0.59 per cent, and an aggregate net NPA outstanding of Rs 61,252 crore

FinMin seeks proposals for 2nd supplementary demands for grants for FY25

The finance ministry has sought expenditure proposals for the second and final batch of supplementary demands for grants for FY25 from various ministries to be tabled in the ongoing Budget session. According to an office memorandum, ministries are required to submit their supplementary proposals by February 12. The cases that would be eligible to be incorporated under such demands include those where advances from the Contingency Fund have been granted. Besides, payments against court decree would be included as well as cases where the finance ministry has specifically advised to propose the supplementary demand in the ongoing Budget session, it said. The proposals for supplementary demand for grants may be projected within Revised Estimate 2024-25 ceiling after a thorough and objective assessment of additional requirement of funds, the memorandum dated February 3 said. "While processing proposals for supplementary grants, the grant controlling authority must invariably identify .

Finance ministry asks employees to avoid AI tools like ChatGPT, DeepSeek

Countries like Australia and Italy have placed similar restrictions on the use of DeepSeek, citing data security risks

India to assess benefits of OECD's global tax deal after US quits: Fin secy

India will evaluate the benefit of joining the OECD's global tax deal as the US deciding to withdraw from such a global pact has made it "impractical to implement", Finance Secretary Tuhin Kanta Pandey said on Tuesday. US President Donald Trump on January 20 in a Presidential memorandum had said that the "Global Tax Deal have no force or effect within the United States", thus nullifying the progress made so far by the Organisation for Economic Cooperation and Development (OECD) to bring 140 countries on the same platform to levy a minimum 15 per cent tax on profits of multinational corporates. To a question on what would be India's stand on the global tax pact, Pandey said the US exit has added a lot of uncertainty and if the United States is not joining it then such a pact doesn't work out. Pandey, in a post-Budget interaction of Assocham, said the tax deal is a multilateral approach where the US is much integrally needed. "If the US has now said that it is walking out of it, then

Budget proposals to garner up to Rs 45,000 cr bank deposit: DFS Secy

Budget proposals for income tax cuts and other tax changes will help banks to mobilise Rs 40,000-45,000 crore additional deposits, Financial Services Secretary M Nagaraju on Monday said. The Union Budget 2025 has proposed an increase in the tax deduction at source (TDS) threshold on interest earned from fixed deposits for general (non-senior) citizens from the current Rs 40,000 to Rs 50,000 per financial year. The TDS threshold for fixed deposit interest income earned by senior citizens will go up from Rs 50,000 to Rs 1 lakh from FY2025-26, he said. "We see over Rs 20,000 crore coming back into the banking system due to the hike in tax rebate limit, over Rs 15,000 crore from the hike in TDS threshold on interest earned from savings deposits by senior citizens," he said in a post-Budget media briefing. Besides these two, Rs 7,000 crore is seen coming from the non-senior individuals tax savings due to the income tax slab changes, he added. Asked about MTNL debt resolution and haircu

FM Sitharaman says no targets for rupee value, it is market-determined

The value of Indian rupee is market-determined, and there has been no devaluation, which is a feature of a fixed exchange rate regime, Finance Minister Nirmala Sitharaman said on Monday. The rupee has been falling in recent weeks, and on Monday touched an all-time low of 87.29 against the American currency. Various domestic and global factors influence the exchange rate of the rupee such as the movement of the Dollar Index, trends in capital flows, level of interest rates, movement in crude prices, and current account deficit. In a written reply to the Lok Sabha, Sitharaman said there has been no devaluation of the Indian Rupee (INR), which is a feature of a fixed exchange rate regime. "The value of the INR is market-determined, with no target or specific level or band," she said. The minister further said the depreciation of currency is likely to enhance the export competitiveness, which in turn impacts the economy positively. On the other hand, depreciation may raise the prices

Not concerned about rupee value, RBI managing volatility: Finance Secretary

Amid rupee falling to a record low level of 87.29 to a dollar, Finance Secretary Tuhin Kanta Pandey on Monday said there is no concern over rupee value and the Reserve Bank of India is managing the volatility of the local currency. "There is no concern about the value of the rupee. The volatility in rupee is being managed by the RBI," Pandey told reporters. He said the Indian rupee is "free-float" and no control or fixed rate is applicable on the currency. He said the exchange rate is facing pressure amid unabated foreign fund outflows. The rupee depreciated 67 paise to hit record low of 87.29 against the US dollar in early trade on Monday after Trump Tariffs on Canada Mexico and China triggered fears of a broad trade war. Donald Trump slapped Canada and Mexico with 25 per cent duties and China with a 10 per cent duty, The move was the first strike in what could usher a destructive global trade war, forex traders said. In 2025, the Indian rupee depreciated 1.8 per cent from the 8

Budget 2025: We've responded to the voice of the people, says FM Sitharaman

We continue to place emphasis on the multiplier effect that capital expenditure done by the government has shown, said FM Sitharaman

PM Modi hails Budget: Tax relief will provide big benefit to middle class

Budget 2025: Following the Budget presentation, Prime Minister Narendra Modi congratulated Finance Minister Nirmala Sitharaman and her team for presenting a 'people's Budget'

Budget 2025: FM Sitharaman meets President Murmu at Rashtrapati Bhavan

Finance Minister Nirmala Sitharaman is set to present her record 8th consecutive budget today at 11 am in the Lok Sabha

The growth path: Economic Survey 2025 presents a realistic assessment

It discussed the medium- to long-term challenges in detail, which should guide policymaking

Budget 2025: PM Modi hints at new measures for women, poor, middle class

Prime Minister Narendra Modi on Friday hinted at new initiatives for the poor and middle class as well as women as he laid out his government's vision a day before the Union Budget is presented in Parliament. Modi began his customary pre-session remarks to the media by invoking Lakshmi, the goddess associated with wealth and prosperity, and said he prayed for special blessings for the poor and middle class. Stressing the importance of ensuring equal rights for women free from religious and sectarian differences, he asserted that significant decisions towards the goal will be taken during the Budget Session, which started from Friday. He emphasised the importance of establishing the dignity of women, who have been at the centre of the ruling BJP's welfare measures. Modi said several historic bills and proposals will be discussed in this session, leading to laws that will strengthen the nation. President Droupadi Murmu in her address to the joint sitting of Parliament also underscor

Economic Survey 2024-25: Key highlights and challenges the CEA presents

India's economy is expected to grow between 6.3 per cent and 6.8 per cent in FY26. Chief Economic Adviser believes India is on a steady growth path while globalisation is slowing down

India needs 7.8 mn non-farm jobs yearly to sustain growth: Economic Survey

Economic Survey 2025: India's unemployment rate for those 15+ fell from 6% in 2017-18 to 3.2% in 2023-24; urban joblessness dropped from 6.6% in Q2FY24 to 6.4% in Q2FY25

Wishlist for Budget 2025: Strengthening foundations for sustained growth

The Union Budget 2025 will be presented in the Parliament by Finance Minister Nirmala Sitharaman in a 'red bahikhata' on Saturday, 1st February

Budget 2025: Will the Finance Minister provide a fillip for demand growth?

Why media and policy circles are abuzz with expectations of big announcements on Saturday