Page 2 - Finance Ministry

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

Centre extends anti-dumping duty on Chinese tubes, pipes till Jan 2027

India has extended the anti-dumping duty imposed on certain Chinese tubes and pipes till January 27, 2027 to guard domestic makers from cheap inbound shipments, according to a finance ministry notification. The duty on 'seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel' was first imposed on October 28, 2021 for five years. Amending a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said it extends "the levy of anti-dumping duty... up to and inclusive of 27th January, 2027 unless revoked, superseded or amended earlier". The existing duty ranges between USD 961.33 and USD 1,610.67 per tonne. The CBIC has also announced continuation of an anti-dumping duty on imports of 'Normal Butanol' or 'N-Butyl Alcohol' exported from Malaysia, South Africa, and the United States of America for five years. It is used in different sectors such as chemicals, paints, adhesives, and coatings. Anti-dumping measures are taken to ensure fair trade and pr

Why India’s economy still depends on the monsoon | El Niño | Inflation

A single can influence vegetable prices, inflation, rural incomes, corporate earnings and even the RBI's interest-rate decisions. In this video,

Over 140K guarantees worth ₹1.55 trillion issued under ECLGS 5.0: Govt

The finance ministry said over 140,000 guarantees worth more than Rs 1.55 trillion have been issued under ECLGS 5.0, with MSMEs accounting for the overwhelming majority of beneficiaries

FM Sitharaman asks toy makers to aim for a quarter of global market by 2032

Finance Minister Nirmala Sitharaman urged the Indian toy industry to target a quarter of the global toy market, citing government support and quality measures to boost manufacturing and exports

Over ₹1.55 trillion guarantee cover issued under ECLGS 5.0: FinMin

The Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 has crossed 4.11 lakh guarantees to businesses affected by the West Asia geopolitical situation, with the guaranteed amount reaching over Rs 1.55 lakh crore, the finance ministry said on Tuesday. The scheme has benefited India's small businesses with 98 per cent of the total number of guarantees and 82 per cent of the total guaranteed amount going to MSMEs. "Since launch, 4,11,497 guarantees have been issued under ECLGS 5.0, with the guaranteed amount reaching Rs 1,55,229 crore - a sign of the scheme's rapid absorption across the lending ecosystem," the ministry said in a statement. The ECLGS 5.0 was approved by the Union Cabinet on May 5, 2026. The scheme aims to infuse additional credit of Rs 2.55 lakh crore to existing borrowers to tide over the liquidity challenges arising due to the West Asia crisis. As the scheme evolves and outreach expands, it is expected to further strengthen liquidity support for businesses, including

Inflation may remain relatively contained in coming months: FinMin report

The report said the cessation of the conflict in West Asia had also brightened the growth outlook and reduced external deficit risks

AI tools helping identify GST evasion, easing compliance: FinMin

The finance ministry on Tuesday said advanced technologies like AI and data analytics are being used in GST registration and scrutiny to identify possible tax evasions, while easing regulatory requirements for compliant taxpayers. The number of taxpayers registered under Goods and Services Tax (GST) has increased from 66.5 lakh in 2017 to 1.65 crore as of May 2026, reflecting greater formalisation of the economy, according to the ministry. Also, gross GST collection, which stood at around Rs 7.4 lakh crore in 2017-18, has increased steadily over the years. In the last five years, collections rose from Rs 13.76 lakh crore in 2021-22 to Rs 22.27 lakh crore in 2025-26. In April-May this fiscal, GST collections have reached Rs 4.37 lakh crore. Introduced on July 1, 2017, GST replaced a complex system of 17 central and state taxes and 13 cesses with a unified indirect tax framework. The reform, rolled out after years of negotiations between the Centre and states, was aimed at creating a

Economy resilient, but monsoon and geopolitical risks persist: FinMin

India's inflation likely to remain contained in coming months, says FinMin

Small savings rates remain unchanged for 10th consecutive quarter

The Centre has retained interest rates on all small savings schemes for the July-September quarter, extending the status quo for the 10th consecutive quarter despite policy rate cuts

Govt extends deadline for filing GSTAT appeals by one month till July 31

Extension follows representations over technical issues on the GSTAT portal and a sharp increase in appeal filings as the new appellate mechanism becomes operational

Customs duty exemption on key petrochemical imports extended till July 15

The extension, prompted by supply-chain disruptions arising from the West Asia conflict, will continue to provide relief to industries dependent on critical petrochemical imports

Small savings scheme interest rates unchanged for second quarter: FinMin

The interest rate on the Public Provident Fund (PPF) has been retained at 7.1 per cent, while post office savings deposits will continue to earn 4 per cent

Govt approves ₹1.25 trillion outlay for India Semiconductor Mission 2.0

Under ISM 1.0, the government approved 10 major projects with cumulative investments of roughly ₹1.60 trillion across six Indian states as of December 31, 2025

Govt to add ₹30,000 crore to NIIF to catalyse foreign investments

The Centre's total commitment to the sovereign-anchored fund will rise to Rs 60,000 crore, supporting a new infrastructure fund and attracting global investors

Govt offers retrospective tax relief for nuclear power equipment imports

The exemption covers specified goods imported for nuclear power generation under designated customs tariff categories

Govt extends microfinance guarantee scheme, raises loan cap to ₹1,000 cr

The government has approved the extension of the Credit Guarantee Scheme for Microfinance Institutions - 2.0 and a hike in the maximum loan limit to Rs 1,000 crore. As of date, loans totalling Rs 770 crore have been sanctioned under the scheme, the Finance Ministry said in a statement. The CGSMFI-2.0 scheme was introduced on March 20, 2026, and aims to provide guarantee cover to Banks/ FIs through National Credit Guarantee Trustee Company Limited (NCGTC) against expected losses on the financial assistance extended by them to NBFC-MFIs and MFIs for on-lending to small borrowers. The scheme was valid till June 30, 2026 or loans up to Rs 20,000 crore are guaranteed, whichever is earlier. "The Government of India has approved extension in validity of the Credit Guarantee Scheme for Microfinance Institutions-2.0 (CGSMFI-2.0) up to August 31, 2026, or till guarantees for an amount of Rs 20,000 crore are issued, whichever is earlier," the ministry said. The government has also approved a

Govt considers selling 2% stake in Hindustan Zinc to raise ₹5,000 crore

The Department of Investment and Public Asset Management, which is under the Finance Ministry, aims to launch the process this month or in July