Page 2 - Finance Ministry

House panel on finance seeks task force to fill 38 vacant Dipam positions

The Standing Committee on Finance has flagged the "crippling" 43 per cent vacancy in the Department of Investment and Public Asset Management (DIPAM), and recommended setting up a task-force to ensure the early filling of all 38 vacant positions. Lamenting that "no tangible progress" has been made in resolving vacancies at DIPAM since the Committee's report presented in March, the panel said, "for a department overseeing a public asset portfolio exceeding Rs 42.76 lakh crore, routine administrative correspondence is grossly inadequate". The Standing Committee, in its report tabled in Parliament in March, had noted that maintaining only 51 officers against a sanctioned strength of 89 - with critical shortages at the Director (11 vacancies) and Under Secretary (8 vacancies) levels - "severely jeopardises" the department's ability to execute complex transactions like the IDBI Bank sale or finalise CPSE MoUs. Such significant manpower shortages in a field requiring highly specialised ..

FinMin warns against high turnover, payroll criteria in GeM tenders

The Finance Ministry has advised central government entities procuring consultancy services through the GeM portal against prescribing excessively high turnover and payroll requirements, saying such criteria could unnecessarily restrict competition. In an office memorandum, the Department of Expenditure said that procurement agencies should ensure that the prescribed minimum staff strength in a tender is commensurate with the manpower required for the satisfactory execution of the consultancy assignment. "... Disproportionately high staff strength requirements, without adequate justification, may unnecessarily restrict competition," said the memorandum issued by the Procurement Policy Division of the Expenditure Department. The department said a sample study of consultancy procurement tenders floated on the Government e-Marketplace (GeM) over the last three financial years had revealed certain issues about eligibility and qualification criteria. The study revealed instances of ...

Govt weighing two models to offset UPI costs: FinMin tells Parl panel

Restoring MDR for high-threshold transactions/merchants; or a tiered incentive structure

Evolving West Asia crisis may have fiscal impact in FY27: FinMin to panel

The ministry said its fiscal consolidation path and Rs 1 trillion stabilisation fund provide room to absorb mild shocks, but sustained oil-price increases pose risks

Why more Indians are surrendering life insurance policies before maturity

Life insurance surrenders have surged, with early exits concentrated in the first two years. Why are policyholders leaving policies early despite tighter disclosure and suitability rules?

Communists in India are total cowards, cannot face facts: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday termed communists in India as "total cowards" while lashing out at CPI (M) member John Brittas, accusing him of spreading confusion in the country over the charging of fees on UPI payments. In her reply to the discussion on The Taxation and Other Laws (Amendment) Bill, 2026, in the Rajya Sabha, Sitharaman took exception to Brittas walking out of the house without listening to her reply after he made allegations while moving a resolution to disapprove of the Income-Tax (Amendment) Ordinance, 2026, promulgated on June 5, 2026. Brittas alleged that the government has decided to charge fees on UPI payments due to pressure from the US, just like it was exerted on Brazil, and was going against Prime Minister Narendra Modi's assertion that "India's digital payment ecosystem had been developed as a free public good". The CPI (M) member, who was allowed to move his resolution by Deputy Chairman Harivansh after a brief commotion, had walked out wh

IT rules for online lower, nil TDS certificates to be notified soon: Govt

The Income Tax department is currently in the process of framing rules to implement the 2026-27 Budget provision that allows taxpayers to electronically apply for lower or nil TDS certificates electronically, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said Section 395(1) of the Income-tax Act, 2025 provides for the issuance of certificates for deduction of tax at source at Nil or lower rates. Vide Finance Act, 2026, to ease the compliance burden of small taxpayers, an option has been enabled for the payee, to file the application for issuance of certificates for lower or nil deduction of income-tax electronically and the certificate may be issued or rejected subject to fulfilment of conditions as may be prescribed. "... the enabling rule is currently under preparation and shall be notified in due course," Chaudhary said in a written reply in the Lok Sabha. A taxpayer typically applies for a lower or nil TDS certificate when their actual tax ...

Sitharaman tables Tax amendment Bill to ease rules for funds, data centres

Finance ministry says Bill aims to provide stable and predictable tax treatment, simplify compliance, and make India more attractive for global investment and manufacturing

FCNR (B) deposits rose by $28 bn after RBI swap window: MoS Finance

Outstanding FCNR(B) deposits have risen to $60.55 billion from $32.56 billion since the RBI announced its concessional forex swap facility in early June

Quadruple import duty on truck tractors: MHI tells finance ministry

MHI says lower import duty is enabling dumping of foreign electric truck tractors in India

Finance Ministry calls for swift policy response to global realities

In reform push, seeks reinvented approach to actions

1 officer, 1 car: Govt bars multiple vehicle allotments for bureaucrats

The government has directed all ministries to follow the 'One Entitled Officer, One Official Car' policy, barring senior bureaucrats from getting multiple staff cars

Monsoon Session: PSBs' profit nearly trebled in 5 years, says FinMin

Public sector banks posted a record ₹1.98 trillion profit in FY26 as bad loans hit a historic low and credit growth remained strong across retail, MSMEs and agriculture

The invisible heist: How bank staff exploit depositors' trust for fraud

The most alarming dimension of frauds perpetrated by insiders is their organised, multi-institutional character

9 months on, GST next-gen reforms: Lower rates, larger base, higher revenue

The authors argue GST rate rationalisation has broadened the tax base, improved compliance and refunds, and boosted consumption, though its full impact will take longer to assess

Finance ministry assigns FCNR (B) deposit mobilisation targets to PSBs

$20.72 bn already mobilised overall since swap window opened, says RBI

No proposal under consideration to scrap LTCG on equities: Finance ministry

The finance ministry said capital gains tax rates and other tax policies are periodically reassessed during the annual Budget exercise and through legislative changes, based on prevailing macroeconomi

DRI officers seize 15 kg smuggled gold, 20 kg silver; 13 people arrested

Directorate of Revenue Intelligence (DRI) officers have seized 15 kg smuggled gold and 20 kg silver -- cumulatively valued at Rs 22 crore -- and Rs 2 crore in cash in nationwide operations, and arrested 13 people, the finance ministry said on Saturday. In an operation on July 17, DRI officers in New Delhi seized about 5 kg foreign-origin gold, 20 kg silver, collectively valued around Rs 7.37 crore and Indian currency worth Rs 2.20 crore, believed to be the sale proceeds of the smuggled goods. Two persons were arrested. On July 15 and 16, acting on an intelligence, DRI officers in the capital intercepted an Indian passenger at IGI Airport, New Delhi, who arrived from Bagdogra and recovered around 1 kg foreign-origin gold, valued around Rs 1.35 crore, ingeniously concealed inside the metallic frame rods of his luggage. The passenger was arrested. In another operation, DRI dismantled an organised gold smuggling syndicate operating through the Mumbai airport and seized around 5 kg ...

DRI cracks down on smuggling networks; seizes drugs, Pak-made pistols

The operations, carried out in Mizoram, Mumbai, Punjab and Chennai between July 15 and July 17, targeted organised smuggling syndicates and transnational criminal networks

Coming soon: KYC from home for NRIs, foreigners looking to invest in India

"Video KYC is blocked for IP (Internet Protocol) addresses outside India. we are seeing how to mitigate risks & open it up," said a Finmin official