Page 34 - Finance Ministry

AHPI welcomes proposed regulator exclusively for health insurance

The Association of Healthcare Providers India (AHPI) has lauded the Ministry of Finance for contemplating setting up an independent regulator for health insurance. The ministries of finance and health are in discussions over the need for a sector watchdog to help achieve the IRDAI Vision 2047. The AHPI, representing a vast majority of private sector hospitals in the country, is also represented on the IRDAI advisory for the healthcare sector. In an official letter, the AHPI said, "This is a welcome move as making healthcare available, accessible and affordable has been resolved by the present government." The AHPI is very much engaged in this initiative. Penetration of private insurance is increasing at a fast pace and along with government-run insurance, India should soon be covering 70 per cent of the population, which will be a milestone to achieve Universal Health Coverage (UHC), it said. The AHPI has suggested that the proposed regulator, besides regulating the private insura

FinMin clears stance on IMF's report on govt debt, says it has declined

The International Monetary Fund (IMF) had warned in its report that India's general government debt could exceed 100 per cent of gross domestic product (GDP) in the medium term

Centre asks state-run banks to review top 20 insolvency cases monthly

The government has asked for reviews of insolvency cases as there are delays in admission of cases in insolvency courts

Special camps to settle insurance claims once flood water recedes in TN: FM

Finance Minister Nirmala Sitharaman on Friday said a special camp was organised in Chennai for expeditious settlement of claims by general insurance companies in areas impacted by cyclone Michaung and similar efforts would be made in four districts of Tamil Nadu affected by excessive rains and flood. Following Michaung cyclone, four districts--Tirunelveli, Toothukudi, Kanyakumari and Tenkasi -- received excessive rainfall leading to flood like situation in these areas. Once the water in these districts recedes, she said, special camps by insurance companies would be organised to settle claims caused due to flood. Under the aegis of General Insurance Council of India, 19 insurers organised a special camp on December 20-21 at Ambattur Industrial Estate in Chennai for expeditious settlement of claims related to the cyclone. She further said spot settlements were made after survey of the affected industrial units. As many as 31 people have lost their lives in the four districts while

Centre releases additional Rs 73k crore tax devolution to states

Money released for financing social welfare measures and infrastructure development: Finance Ministry

Budget 2024: What is Budget Presentation?

Finance Minister Nirmala Sitharaman is set to present the interim Budget 2024 on Feb 1. Watch the video to know what Budget Presentation is all about. >

CPSEs make 34.63% procurement from MSMEs in FY24 against mandated 25%: FM

Finance Minister Nirmala Sitharaman on Thursday said Central Public Sector Enterprises (CPSEs) have made 34.63 per cent of their total procurement from MSMEs in 2023-24 (till November) as against the mandated 25 per cent. She said this during a meeting of the Consultative Committee attached to the Ministry of Finance on 'Performance of Public Enterprises'. "Another highlight during the meeting was the exponential growth in Government e-Marketplace @GeM_India procurement by #CPSEs from Rs. 7,035 crore in 2020-21 to Rs. 133,720 crore in 2023-24 (upto November 2023)," the finance ministry said in a post on X. During the meeting a presentation was made by the Department of Public Enterprises (DPE) that highlighted the progress made by the CPSEs with 57 per cent growth in gross revenue and 27.5 per cent growth in net profit of CPSEs between 2020-21 and 2022-23. "While appreciating the efforts of the Government for #PerformanceMonitoring of the #CPSEs, Members of Consultative Committee g

FinMin economic advisors question rating agencies' view on India's progress

Criticise "unilateral measures" by advanced economies to combat climate change

National Infrastructure Pipeline outlay stands at Rs 109 trillion: FinMin

National Infrastructure Pipeline (NIP) was launched with 6,835 projects and has expanded to capture over 9,288 projects with a total outlay of Rs 108.88 lakh crore between 2020-25, the finance ministry said on Thursday. "NIP comprises brownfield and greenfield infrastructure projects of above Rs 100 crore across both economic and social infrastructure," the Finance Ministry said in a post on X. NIP consists of projects implemented by all the states and Union Territories of India and 22 infrastructure ministries, it said. NIP is a first-of-its-kind initiative to provide world-class infrastructure across the country and improve the quality of life for all citizens. It will improve project preparation, attract investments (both domestic and foreign) into infrastructure, and will be crucial for attaining the target of becoming a USD 5 trillion economy by FY25. Mahila Samman Savings Certificate (MSSC) provides financial advantages to women and encourages them to take charge of their ..

Centre may set up regulator for healthcare to expand insurance coverage

A regulator for the healthcare sector is expected to bring in standardisation and lower the costs

About 20% of 510 mn Jan Dhan accounts inoperative: MoS finance informs RS

About 20 per cent of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in the country are inoperative, the government said on Tuesday. As on December 6, of the total 10.34 crore inoperative PMJDY accounts, 4.93 crore belong to women, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha. As per data received from banks, of the approximately 51.11 crore PMJDY accounts, around 20 per cent accounts were inoperative as on December 6, he said. The percentage of inoperative PMJDY accounts is similar to the percentage of overall inoperative accounts in the banking sector, he said. The deposited balance in the inoperative PMJDY accounts is around Rs 12,779 crore, which is around 6.12 per cent of the total deposited balance in PMJDY accounts, he said. This balance continues to earn interest at par with that applicable to operative accounts and can be claimed and withdrawn by depositors at any point of time after the account becomes operative again, he ...

Centre allows additional borrowing of Rs 60,000 crore to 22 states for NPS

The normal net borrowing ceiling for states has been fixed at 3 per cent of their gross state domestic product

BCCI denied tax exemption under Section 11 of I-T Act, says FinMin

The government on Monday said the Income Tax department has denied tax exemption to BCCI under Section 11 of I-T Act, and the matter is now sub judice. Section 11 of I-T Act deals with charitable institutions. Minister of State for Finance Pankaj Chaudhary made the remarks while responding to a question on whether the BCCI, despite being one of the richest sports bodies in the world, is enjoying tax exemption in the name of promoting cricket. "BCCI is claiming exemption under Section 11 of the Income Tax Act, 1961. However, during assessment proceedings the exemption is being disallowed by the Income Tax department. The matter pertaining to tax exemption of BCCI is sub judice," Chaudhary said.

Over 74 mn ITRs filed in FY23, 50 mn people showed zero tax liability: Govt

Over 7.40 crore persons filed income tax returns in the 2022-23 fiscal, of which 5.16 crore showed zero tax liability, the Finance Ministry said on Monday. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal. The number of persons whose I-T returns amount to zero tax liability during the last four years increased from 2.90 crore in fiscal 2019-20 to 5.16 crore in 2022-23. "There may not be proportionate increase in direct tax collection and number of income tax returns filed because the direct tax collection is dependent upon multiple factors which include tax rate applicable for relevant assessment year, admissible deductions/ ...

Centre, Asian Development Bank sign two loan pacts worth $250 million

Manila-based Asian Development Bank (ADB) on Monday said it has approved two loans, including funding for the construction of an 82-km Delhi-Meerut Regional Rapid Transit System (RRTS) corridor, of USD 250 million each. The other loan of USD 250 million towards continued support to industrial corridor development to make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs. Earlier, ADB approved a USD 1,049 million Multi-tranche Financing Facility (MFF) for the project in 2020 to support the construction of RRTS, the first of three priority rail corridors planned under the NCR Regional Plan 2021, to connect Delhi to other cities in adjoining states, a finance ministry said in a statement. The RRTS will have multi-modal hubs to ensure smooth interchange with other transport modes, it said, adding the first tranche of the ADB loan amounted to USD 500 million with another USD 500 million ...

I-T dept seized Rs 5,095 cr assets in 4 years till FY23, Parliament told

The Income Tax department has seized assets worth Rs 5,095.45 crore through search and seizures actions on 2,980 groups in four years till 2022-23, Parliament was informed on Monday. As per details of the search and seizure actions, including those mounted on business establishments, shared in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary in 2019-20, a total of 984 groups were searched and the value of assets seized stood at Rs 1,289 crore. A total of 365 prosecutions were launched during the fiscal. In 2020-21, 569 groups were searched, leading to asset seizures of Rs 881 crore. Prosecution was launched in 145 cases. In 2021-22, 686 groups were searched and Rs 1,159.59 crore worth assets were seized, and 115 prosecution cases were launched. During 2022-23, 741 groups were searched, Rs 1765.56 crore assets were seized, and 97 prosecution were launched. "On the basis of the evidence gathered during search operation and subsequent investigation, tax-assessments ar

RBI imposed monetary penalties worth Rs 40 crore on 211 entities in 2022-23

Out of 211, 176 penalties worth Rs 14.04 crore were alone imposed on cooperative banks, Bhagwat Karad told Lok Sabha on Monday

Govt considering termination of FAME subsidy for electric two-wheelers

Earlier, the finance ministry expressed its concerns about the continuation of the scheme, now, other government departments have also agreed to North Block's views

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