Page 20 - Finance Ministry

Uncertainty in garment sector amid Bangladesh crisis, normalcy soon: FM

FM Sitharaman addresses concerns over garment sector investments in Bangladesh and urges banks to boost deposit mobilisation amidst rising economic challenges

FM Sitharaman tables Appropriation (No 2) Bill 2024 in Rajya Sabha

Finance Minister Nirmala Sitharaman on Wednesday introduced the Appropriation (No 2) Bill 2024 in the Rajya Sabha which authorises certain sums out of the Consolidated Fund of India for services in 2024-25. Sitharamam also introduced the Jammu and Kashmir Appropriation (No.3) Bill, 2024 in the Upper House. The Lok Sabha passed the two legislations last week. Initiating the discussion on the bills, Digvijaya Singh of Congress stated that the focus of the government should be on reducing the disparity between rich and poor, tackling price rise and generating employment. Attacking the government, he said that for the last decade the government has just worked for the benefit of big corporations. He stated that household savings have come down in the country signalling that poverty is on the rise. He said that while price increase is there, earnings remain at the same level as was the case 10 years ago. "The number of billionaires has risen the most during the Modi government. Poor h

No need to keep minimum balance in Jan Dhan, basic savings accounts: FM

Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts. The minister was replying to a question in Rajya Sabha during Question Hour regarding public sector banks collecting about Rs 8,500 crore in penalty from customers for non-maintenance of minimum balance in accounts in five years. "Since the member is talking about banks collecting money for basic minimum balance which is not there in the account, that does not apply to PM Jan Dhan accounts and basic accounts of the poor people. It is only for others whose minimum balance is expected to be at a certain level," Sitharaman said. It emerged in a written reply to a question in the Lok Sabha that public sector banks collected around Rs 8,500 crore under this head in five years starting FY 2019-20. Minister of State for Finance Pankaj ..

UPI transactions jump 36% to Rs 60 trn in Apr-Jun qtr: MoS Finance

UPI transactions in the first three months of the current fiscal have grown over 36 per cent to Rs 60 lakh crore, Parliament was informed on Monday. As per the details of UPI transactions shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha, 4,122 crore UPI transactions worth Rs 60 lakh crore took place between April and June in 2024-25. In the April-June period, 2,762 crore UPI transactions took place, having a value of Rs 44 lakh crore. For the full fiscal 2023-24, 13,113 crore UPI transactions were made with a value of Rs 200 lakh crore. In FY23, a total of 8,371 crore UPI transactions took place with a value of Rs 139 lakh crore, while in FY22, there were 4,596 crore transactions involving Rs 84 lakh crore. Chaudhary further said that a facility of cardless cash deposits on an inter-operable basis has been extended through UPI. Presently, this facility has been made available by a select few banks. To ensure the safety and security of cash deposits throug

Relief for homeowners likely as finance ministry may modify LTCG regime

FinMin reviews new LTCG regime after 12.5% tax without indexation sparks concerns over property transactions

FinMin tells insurers to expedite claims for Wayanad landslide victims

The finance ministry on Saturday asked public sector insurance companies including Life Insurance Corporation of India (LIC) to speedily disburse the claim amount to landslide victims and their families in Wayanad and other districts of Kerala. The insurance companies have initiated efforts for reaching out to their policyholders through various channels (local newspapers, social media, company websites, sms, etc) to provide the contact details for assistance in the districts of Wayanad, Palakkad, Kozhikode, Malappuram, and Thrissur, where a significant number of claims are being reported, the finance ministry said in a post on X. "In view of the unfortunate landslide incident and heavy rains in Kerala, the government has mandated the Public Sector Insurance companies (PSICs), including LIC, National Insurance Corporation, New India Assurance, Oriental Insurance, and United India Insurance to extend all possible support to the victims of the calamity so that the insurance claims can

IDBI Bank potential bidders likely to get data room access next week

This will allow interested bidders to obtain detailed financial information about the bank to carry out due diligence

Kerala seeks Rs 24,000 crore special financial package from Centre

Kerala has sought a Rs 24,000 crore special financial package from the Centre, Minister of State for Finance Pankaj Chaudhary said in a written reply in Rajya Sabha on Tuesday. He also said that Andhra Pradesh has sought Rs 15,000 crore for developing state capital Amravati and Rs 17,144.06 crore for various sectors, including Polavaram irrigation projects. In addition, he said Bihar has also requested for about Rs 785 crore for various projects. "A letter dated 27th June 2024 was received from the Finance Minister of Kerala in which the State Government of Kerala has requested for a special financial package of Rs 24,000 crore for the state," the minister said. In addition, a request for a special capital investment support of Rs 5,000 crore was also made for developing the Vizhinjam Port region in Kerala. Chaudhary further said request has also been received from Andhra Pradesh for financial support for various sectors, including Polavaram irrigation projects (Rs 17,144.06 crore

India has overcome after-effects of pandemic with capex push: FM Sitharaman

Nirmala Sitharaman said that not mentioning a state in the Budget speech does not mean that it will not be given any financial support, referring to the Opposition's charge on Bihar and Andhra

Tax certificate not mandatory for all travelling abroad: Finance Ministry

Applicable to those involved in serious financial irregularities, tax dues over Rs 10 lakh

News updates: One dead after flooding in UPSC coaching centre basement, rescue operations underway

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PM Modi urges states to attract FDI, suggests 'investor-friendly charter'

Investor friendly charter, zero poverty and demographic management plans highlights of NITI Aayog meet

Steel ministry knocks on finance ministry's door for RINL support

The request to finance ministry is to help RINL continue as a going concern

CM Stalin attacks Centre, calls Union Budget a 'revenge' against country

Tamil Nadu Chief Minister M K Stalin on Saturday launched a sharp attack against the ruling BJP at the Centre over the 2024-25 Union Budget, calling it a 'revenge' taken by the saffron party against the country and warned it will face more electoral defeats since it was committing "mistake after mistake." Explaining his decision to boycott the Niti Aayog meeting scheduled in New Delhi under the Chairmanship of Prime Minister Narendra Modi on Saturday, Stalin said he was 'compelled' to speak in the people's forum, seeking justice due to the "discriminatory attitude" towards Tamil Nadu reflected in the budget. The state's pleas for disaster relief to the tune of Rs 37,000 crore and Chennai Metro Rail's second phase were not heeded to, he said in a statement. Further, the BJP runs "the government with political motive". "The budget presented on July 23 is evidence of this. In the recently held parliamentary elections, the people of various states defeated the anti-people BJP. The Budg

First draft of revised direct tax code in 6 months: Revenue secretary

Malhotra said that the exercise is not linked to bringing a new Direct Tax Code, but a comprehensive review of the income tax law

Budget 2024: FM Nirmala Sitharaman hikes higher education funding by 8%

Union Budget 2024: Finance Minister Nirmala Sitharaman allocated Rs 47,619 crore for the higher education sector under the Ministry of Education

Budget 2024: Customs duty hike to increase costs for 4G, 5G network rollout

Union Budget 2024: The increase in basic customs duty on printed circuit board assemblies from 10% to 15% can help create a robust telecom equipment manufacturing ecosystem in India

Budget at a glance: Here're the key numbers from Union Budget 2024

This is Nirmala Sitharaman's seventh consecutive presentation

Is old tax regime over? What FM Sitharaman said about old and new regimes

Union Budget 2024-25: Govt to review old tax regime. What is the current tax system and what has the Budget 2024 proposed for FY25

Union Budget 2024-25: A Budget for long term capital and gains

The stock market's knee-jerk reaction must not define FM Sitharaman's far-reaching Budget