Page 32 - Finance Ministry

Govt on course to achieve small savings scheme collection target for FY24

The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said

FM-fintech companies meet on Monday: Compliance, innovation on table

Paytm may be absent from the meeting

FinMin asks depts to surrender unspent Budgetary allocation by March 8

Finance Ministry has asked other ministries and departments to surrender unspent Budgetary allocation for 2023-24 by March 8. The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, an office memorandum issued by the Department of Economic Affairs dated February 22 said. It is requested that the details of surrender of savings under each unit of appropriation may be sent to the Budget Division, Ministry of Finance by the said date in a specified format, it said. "The ministries/departments are also requested to furnish the details of excess or shortfall in recoveries, receipts if any, in the respective grants against the original estimates or recovery, while intimating the surrender of savings," it said.

FSDC meet discusses ways for simplification, digitisation of KYC process

Take more steps to curb illegal lending apps: FM

Govt says 20% export duty on parboiled rice to continue beyond Mar 31

Besides, duty-free import of yellow peas, too, has been extended beyond March 31, subject to the condition that the bill of landing is issued on or before April 30, 2024

FinMin to meet fintech startups next week amid Paytm Payments Bank row

The meetings come in the wake of the Paytm Payments Bank crisis triggered by the Reserve Bank of India ordering the banking unit of digital payments firm Paytm to wind down operations

16th Finance Commission: Centre to replace Rajadhyaksha as member

Niranjan Rajadhyaksha was appointed as a member to the 16th Finance Commission on January 1, 2024

Artha Global's Rajadhyaksha expresses inability to join Finance Commission

Artha Global Executive Director Niranjan Rajadhyaksha has expressed his inability to join as a member of the 16th Finance Commission due to personal reasons, the Finance Ministry said on Monday. The government had on January 31, appointed four members of the 16th Finance Commission chaired by Arvind Panagariya. Apart from Rajadhyaksha, former expenditure secretary Ajay Narayan Jha and retired bureaucrat Annie George Mathew were appointed as full-time members of the commission. SBI Group Chief Economic Advisor Soumya Kanti Ghosh was named a part-time member. "Dr. Rajadhyaksha has expressed his inability to take up this responsibility due to unforeseen personal circumstances. Action will be taken to appoint a Member of the 16th Commission in lieu of Dr. Rajadhyaksha," a ministry statement said. Officials said Rajadhyaksha did not attend the first meeting of the 16th Finance Commission which was held on February 14. The government constituted the 16th Finance Commission under the ...

Fiscal federalism: No breakthrough in talks with Centre, says Kerala FM

Kerala Finance Minister KN Balagopal on Thursday said there was no "breakthrough" in the meeting between the state officials and Centre over the issues of fiscal federalism. A four-member group, headed by Balagopal, held a meeting with central government officials, including the Union Finance Secretary. The Kerala government has approached the Supreme Court, accusing the Centre of interfering in the exercise of its "exclusive, autonomous and plenary powers" to regulate the state's finances by imposing a ceiling on net borrowing. "There was no positive outcome at today's meeting... there was no breakthrough. We submitted the most feasible options (to the Centre)," Balagopal said at a press briefing in the national capital. The meeting was convened after the Centre on February 13 told the apex court that it is open to discussions with Kerala to resolve the dispute. Apart from Balagopal, other members of the group are Chief Principal Secretary to the Chief Minister KM Abraham, Financ

Electoral Bond Scheme: Rs 16,518 crore collected till date, Centre told LS

Electoral Bonds scheme verdict: On Thursday, the Supreme Court struck down the scheme and called it 'unconstitutional'

FM Sitharaman to review state of economy at FSDC meeting on February 21

Finance Minister Nirmala Sitharaman is scheduled to review the state of the economy amid global challenges at a meeting of the Financial Stability and Development Council (FSDC) on February 21. The 28th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das, sources said. This would be the first meeting of the FSDC after the passage of the Rs 47.6 lakh crore Budget for 2024-25, focussing on capital expenditure with an outlay of Rs 11.11 lakh crore. In the meeting, the Finance Minister will review the current global and domestic economic situation and financial stability issues. Sitharaman is likely to stress key priorities highlighted in the interim Budget, the way forward for various future policies and measures that the government has proposed to take in many sectors, sources said. Besides, the council may also review the progress of measures approved earlier for further development of the finan

16th Finance Commission: Chairman Panagariya discusses ToR in first meet

The Finance Commission is a constitutionally-mandated body established once every five years to devise a formula for distributing net tax proceeds between the Centre and the states

FinMin rejects proposal to double minimum pension amount under EPS

The central board of trustees (CBT) - the apex decision-making body of the Employee Provident Fund Organisation (EPFO) - was apprised of the rejection of the proposal in its latest meeting on Saturday

2008 global financial crisis wasn't as serious as Covid-19: FM Sitharaman

A nearly 60-page White Paper was tabled in the Lok Sabha and Rajya Sabha by Sitharaman on Thursday

Highlight of interim budget emphasis on capex: FM Sitharaman in RS

Finance Minister Nirmala Sitharaman on Thursday said the highlight of interim budget is the emphasis given by the government on capital expenditure and sustaining pace of economic growth. She was replying to the general discussion on the Interim Union Budget 2024-25, Finance Bill 2024 and the Interim Budget of Union Territory of Jammu and Kashmir, 202425 in Rajya Sabha. The minister emphasised that capital expenditure for creation of public infrastructure is growing faster than real GDP growth. "With the capital expenditure being in the focus, in the last 3-4 years, we have made sure that our debt management is done in such a way that we honour the glide path for fiscal deficit that we had given in 2021," the minister said. She emphasised that money spent on capital expenditure gives return compared to revenue expenditure. "So public investment in infrastructure gives us greater returns," she said, and added the government is making sure that fiscal deficit is managed without hurt

FM Sitharaman moves Finance Bill 2024 for consideration in Rajya Sabha

Finance Minister Nirmala Sitharaman on Thursday moved the Finance Bill 2024 for consideration in the Rajya Sabha. The Finance Bill 2024 will be considered for returning to the Lok Sabha which passed the bill on Wednesday. The finance minister also moved a bill related to Jammu and Kashmir budget bill and appropriation Bill authorising the government to meet expenses for four months in the next financial year. "I move that the bill to continue the existing rates of income tax for the financial year 2024-25 and to provide for certain relief to taxpayers and to make amendments in certain enactments as passed by Lok sabha be taken into consideration," Sitharaman said while introducing the Finance Bill 2024-25. The minister moved the appropriation vote on Account Bill 2024 as passed by Lok Sabha as part of the discussion on the interim budget. The Appropriation Bill 2024 , The Jammu and Kashmir Appropriation 2 Bill, and the Jammu and Kashmir Appropriation Bill 2024 were also moved by t

Rajasthan FM proposes Rs 1,000 cr for schools, colleges, hospitals

Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals and administrative buildings in assembly constituencies, recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who presented the state's interim Budget on Thursday. The other major announcement was Mukhyamantri Jal Swavlamban Abhiyan to create 5 lakh water harvesting structures in 20,000 villages over the next four years, for which a Rs 11,200 crore provision has been made. Kumari said the former government ignored several assembly constituencies. "The previous government did not approve any plan for many areas like Ladpura, Nasirabad, Siwana, Ahor, Dag, Malpura. Now, to ensure regional balance of development, Rs 1,000 crore has been announced for setting up and upgrading additional colleges, schools, hospitals, and administrative buildings," she said. The minister said a Detailed Project Report to expand Jaipur Metro from Sitapura to Ambabari wil

Paytm shares rise amid news reports of CEO meeting FM, RBI officials

Paytm's stock price ended the session at Rs 496.7 on Wednesday. Still, since January 31 - when the RBI ordered its payments bank division to stop accepting fresh deposits from March

Govt expects $1.8 billion in dividends from state-run banks in FY25

The government expects to receive at least Rs 15,000 crore ($1.8 billion) in dividends from state banks in 2024/25, up 8.7% or more from an expected Rs 13,800 crore in the current fiscal year

LS to discuss Interim Budget; FM Sitharaman to move Finance Bill 2024

Union Finance Minister Nirmala Sitharaman is scheduled to move The Finance Bill, 2024 for its consideration and passage in the Lok Sabha on Tuesday