Page 13 - Finance Ministry

Faceless tax assessments: Benefits, challenges, solutions for improvement

How can govt improve upon the faceless tax assessment system

Finance Ministry dept to meet business correspondents, banks next week

Senior executives of banks to attend discussion; commissions and penalties for sector on agenda

Commerce dept seeks to extend 2 export schemes ahead of Union Budget

The commerce department is now seeking an additional allocation of Rs 1,600-1,700 crore, which will allow the government to drag the scheme till March 31

FinMin reviews financial inclusion schemes, urges better banking outreach

Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East

FinMin reviews financial inclusion schemes, urges better banking outreach

Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East

FinMin considers asking banks to implement geotagging for all BCs

This is also expected to ensure that services are delivered effectively and efficiently to the intended beneficiaries

FinMin meet: MFI representatives seek lowering of asset qualification norms

In 2022, the RBI updated regulations for MFIs, which now apply to all entities in the sector, including banks, small finance banks, and non-banking financial companies (NBFCs)

Centre likely to save over Rs 70,000 crore on expenditure in FY25

FinMin has parked Rs 62K cr towards "new schemes" with the DEA, most of which is expected to go unspent with only two and half months left in FY25

FinMin to meet bank heads on Wed to review financial inclusion schemes

Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana. The meeting, which would see participation from representatives of private sector banks, is scheduled to be chaired by Financial Services Secretary M Nagaraju. According to sources, the meeting to be chaired by the Secretary would also discuss and review the progress of various financial inclusion schemes including PM SVANidhi Schemes. The Finance ministry from time to time launched various drives to achieve saturation under Pradhan Mantri Jan dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The PMJJBY offers life insurance cover of Rs 2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium. On the other

Centre releases tax devolution of Rs 1.73 trillion to state govts

A higher amount is being devolved this month to enable states to accelerate capital spending and finance their development and welfare-related expenditures

Finance secretary Tuhin Kanta Pandey takes charge as revenue secretary

A 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, Pandey had been serving as the DIPAM secretary since October 24, 2019

Tuhin Kanta Pandey take charge as revenue secretary in finance ministry

Finance Secretary Tuhin Kanta Pandey on Thursday took charge as Revenue Secretary in the Ministry of Finance. The Appointments Committee of the Cabinet on Wednesday appointed Pandey, who was holding the charge of the Department of Investment and Public Asset Management (DIPAM) and Department of Public Enterprises (DPE), as the Revenue Secretary. The order also stated that Pandey will continue to be designated as the Finance Secretary. In September last year, Pandey, a 1987-batch IAS officer from Odisha cadre, was appointed the Finance Secretary. The Finance Ministry has six departments -- Revenue, Economic Affairs, Expenditure, Financial Services, DIPAM and DPE -- and the senior most bureaucrat in the ministry is designated as the Finance Secretary. Before serving as Secretary in the DIPAM, Pandey held many significant positions in the Union government and the Odisha government, in addition to serving a stint in the Regional Office of the United Nations Industrial Development ...

Business Standard poll: Experts see FY26 nominal GDP growth at 10-11%

The first advance estimates released by the National Statistics Office (NSO) on Tuesday estimated a nominal GDP growth of 9.7 per cent for FY25

FinMin files review petition in Supreme Court's Safari Retreats case ruling

The move follows the Goods and Services Tax (GST) Council's recommendation last month for a retrospective amendment to the Central Goods and Services Tax (CGST) Act

Fintech sector voices concerns amid regulatory fears in meeting with FinMin

The fintech sector has expressed its concerns about declining investments, particularly from abroad, as the narrative around this sector has become less positive

FinMin to hold meeting with MFI players on Wed amid rising bad loans

Finance Ministry will hold a meeting with microfinance institutions (MFIs) on Wednesday amid rising bad loans and delinquencies across all types of lenders in the sector. According to sources, the Department of Financial Services Secretary is likely to chair the meeting with senior officials of MFIs here. The meeting assumes significance as it comes with the sector showing signs of stress and rising delinquencies. Credit to the microfinance sector by banks (including SFBs), NBFC-MFIs and other NBFCs has decelerated during the current financial year so far after witnessing rapid growth during the last three years, according to a latest report of the Reserve Bank. "The microfinance sector is showing signs of stress, with rising delinquencies across all types of lenders and ticket sizes. During H1:2024-25, share of stressed assets increased, with 31-180 days past due (dpd) rising from 2.15 per cent in March 2024 to 4.30 per cent in September 2024," said the RBI's Financial Stability .

Trade unions urge FM to prioritise jobs, 8th Pay Commission, MGNREGA boost

The unions further demanded an increase in the income tax exemption rebate limit to Rs 10 lakh per annum and a social security scheme for gig workers

Jobs, growth, demand in focus as FinMin concludes pre-Budget talks

The Union Budget for FY 2025-26 assumes significance as it comes on the back of lower than expected growth numbers in the second quarter and geopolitical uncertainty

FinMin wants banks, NBFCs to join hands to fund large infra projects

So far, IIFCL has sanctioned loans worth Rs 2.8 trillion, with disbursements totalling Rs 1.4 trillion, of which 50 per cent has occurred in the last 4-5 years

DFS Secy launches 'Baanknet' portal as a one-stop property e-auction hub

According to a Finance Ministry statement, this platform consolidates information on e-auction properties from all PSBs and offers a one-stop destination for buyers and investors