Page 39 - Finance Ministry

28% GST on deposit refunds issued by online gaming portals, casinos

Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point

LIC may need 5 yrs more beyond 2027 comply with public float norms

FinMin-LIC discusses roadmap, stake dilution plans and challenges ahead

FinMin tightens PMLA rules, brings partners with 10% stake under purview

The finance ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as against 15 per cent earlier, under the definition of beneficial owners. The ministry has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which also provides for management-level functionary as 'Principal Officer' responsible for providing information to the financial intelligence unit. The amendment also said that in the case of a trust, the reporting entity shall ensure that trustees disclose their status at the time of commencement of an account-based relationship or when carrying out specified transactions. The government has in recent months tightened various anti-money laundering provisions ahead of assessment by the global watchdog on terror financing and money laundering Financial Action Task Force (FATF). The agency is scheduled to conduct an assessment of the implementation of anti-money laundering and ...

Centre sets Rs 4,350 cr as target for IREDA in operating revenues

In the previous financial year, Indian Renewable Energy Development Agency (IREDA) managed to achieve revenue from operations of Rs 3,482 crore, surpassing the target of Rs 3,361 crore

FinMin initiates Budgetary exercise for 2024; seeks inputs from ministries

The Finance Ministry has initiated the process to prepare the interim Budget for 2024-25 by inviting inputs on expenditure from different ministries and departments. It will be an interim Budget as the elections for the Lok Sabha are due early next year. The full Budget for FY25 will be presented after the formation of the new government after the general elections. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2023...shall continue till around mid-November, 2023," according to the Budget Circular (2024-25) of the Budget Division under the Department of Economic Affairs of the Finance Ministry. According to the circular dated September 1, financial advisers should ensure that the necessary details required should be submitted by October 5, 2023. The Budget Estimates for 2024-25 will be provisionally finalised after completion of pre-Budget meetings, it said. During the pre-budget meetings, the requirement of funds for all ...

Inflation will remain steady in coming months, growth on track: FinMin

Food price inflation rose to 11.5% in July, its highest in more than 3-1/2 years, while India is set to receive its sparsest monsoon rains in eight years

PM SVANidhi scheme to help bring India in top 3 world economies: Mos Karad

Union Minister of State for Finance Bhagwat Krishanrao Karad on Tuesday said that PM SVANidhi, a loan scheme for street vendors and small traders, will help in achieving the target of bringing India into the world's top three economies in the next few years. He said Madhya Pradesh was on the second spot in implementation of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), which was launched in June 2020. The Union minister was talking to reporters on the sidelines of a zonal conference organised here to review the implementation and progress of the special micro-credit facility for street vendors. Officials of Madhya Pradesh, Chhattisgarh and Rajasthan participated in the conference. Prime Minister Narendra Modi has said India, currently the world's fifth largest economy, will be at No. 3 spot in the next few years, Karad said. "To achieve this target, we need to speed up money circulation and the PM SVANidhi scheme will play an important role for this," said the junior ...

Ministries should be realistic in budgeting for this and next year: Govt

The Finance Ministry is expected to bring out the budget circular in the first week of September. The pre-budget meetings will start in October

Over 500 mn Jan Dhan accounts opened in past 9 yrs, deposits cross Rs 2 trn

More than 50.09 crore accounts have been opened under the PM Jan Dhan Yojana in the last nine years and the deposit balance swelled to over Rs 2.03 lakh crore, the Finance Ministry said on Saturday. The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, with the aim to provide universal banking services through the opening of zero-balance bank accounts for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured and funding the unfunded. Financial Services Secretary Vivek Joshi said 33.98 crore RuPay cards were issued to PMJDY account holders as of August 2023, up from 13 crore at the end of March 2015. "Currently there are 225 crore bank accounts in the country. The data shows that many people have more than one bank account. Overall in terms of account opening, we are nearing saturation," Joshi said. He said the zero balance accounts under Jan Dhan yojana have reduced to 8 per cent of total accounts as of Augus

FinMin considering proposals to include EVs under priority sector lending

The move will reduce the cost of finance and also promote and accelerate the penetration of EVs in the country

Govt may rejig borrowing plan as small savings rise: Finance ministry

An official from the finance ministry disclosed that the net collections have so far reached 34 per cent of the budgetary target

Inflation may stay elevated in coming months, says finance ministry

The government's continued emphasis on capital expenditure is expected to drive growth in the coming years, the finance ministry said in its monthly economic review for the month of July

FinMin, MCA must strive for simplification of processes: Sitharaman

Ministries of Finance and Corporate Affairs should strive for simplification of processes with a focus on whole-of-the country approach to maximise delivery and engagement, Union Minister Nirmala Sitharaman said on Tuesday. Addressing the Chintan Shivir of the Finance Ministry and MCA, Sitharaman also emphasised the need to continuously reorient policy in the cultural context and to instil a sense of ownership in decision-making, to enhance effectiveness with efficiency. During the three-day Chintan Shivir of the Ministry of Finance and Ministry of Corporate Affairs, discussions were held by more than 100 senior officers of MoF and MCA on how to re-orient to achieve the Amrit Kaal goals. In a statement issued after the conclusion of the Chintan Shivir on Tuesday, Sitharaman advised the officers to optimally utilise the vast pool of resources and experience at disposal in the Government. The Finance Minister underlined mentoring of young generations to embellish efforts in the march

Global uncertainty, domestic disruption to keep inflation elevated: FinMin

The finance ministry on Tuesday said the inflation in food items is likely to be transitory as preemptive measures by the government and arrival of fresh crops will cool prices, even though global uncertainty and domestic disruptions may keep inflationary pressures elevated for the coming months. In its Monthly Economic Review for July, the ministry said going forward, while domestic consumption and investment demand are expected to continue driving growth, enhanced provision for capital expenditure by the government in the current fiscal is now leading to crowding in of private investment. The consumer price index based retail inflation spiked to a 15-month high of 7.44 per cent in July 2023, with specific food commodities mainly driving the increase. Core inflation, however, stayed at a 39-month low of 4.9 per cent. Cereals, pulses and vegetables exhibited double-digit growth in July compared to the corresponding period last year. Disruption in domestic production also aggravated

Inflation pressures warrant government, central bank vigilance: FinMin

The ministry's comments come weeks after data showed retail inflation in July rose to its highest in 15 months, as vegetable and cereals prices skyrocketed

Price pressure in food items to be transitory, says finance ministry

The finance ministry of Tuesday said the inflation in food items is likely to be transitory as preemptive measures by the government and arrival of fresh crops will cool prices, even though global uncertainty and domestic disruptions may keep inflationary pressures elevated for the coming months. In its Monthly Economic Review for July, the ministry said going forward, while domestic consumption and investment demand are expected to continue driving growth, enhanced provision for capital expenditure by the government in the current fiscal is now leading to crowding in of private investment. The consumer price index based retail inflation spiked to a 15-month high of 7.44 per cent in July 2023, with specific food commodities mainly driving the increase. Core inflation, however, stayed at a 39-month low of 4.9 per cent. Cereals, pulses and vegetables exhibited double-digit growth in July compared to the corresponding period last year. Disruption in domestic production also aggravated

Finance Commission expected to be constituted by November end: Finance secy

The government is expected to constitute the 16th Finance Commission by end of November, finance secretary T V Somanathan said. Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations. It suggests, among other things, the ratio in which tax is to be divided between the Centre and states for five years, beginning April 1, 2026. "The Finance Commission is expected to be constituted by end of November because that's the statutory requirement," he told PTI in an interview. Terms of Reference (ToR) for the commission is being finalised, he said. The previous Finance Commission submitted its report on November 9, 2020, for the 5 fiscals -- 2021-22 to 2025-26 -- to the President. The 15th Commission under N K Singh had kept the tax devolution ratio at 42 per cent -- at the same level suggested by the 14th Commission. The central government accepted the report of the commission, and accordingly, the states are being given 42 per cent of the

Vegetable prices likely to cool down next month, says FinMin official

The government expects vegetable prices to start cooling off from next month with the advent of new crops in the market, but rising crude oil prices is a concern even though it is still within the tolerable zone of USD 90 a barrel, a finance ministry official said. The official further said that reduction in excise duty is not on cards and the government is driving infrastructure investment, and private sector capital investment is yet to gather steam. He further said that the Centre's capital expenditure which was 28 per cent of Budget estimates at the end of June quarter, will reach 50 per cent by September end. In the 2023-24 budget, the government had hiked capital investment outlay by 33 per cent to Rs 10 lakh crore in the current fiscal. The official further said that a 6 per cent rainfall deficit is unlikely to impact kharif sowing as the agriculture sector is resilient. The government has been taking steps to control inflation, including releasing wheat and rice stocks from

Framework in works to make GIFT City global hub for accounting: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said a comprehensive legal framework will soon be in place to enable accounting, auditing and taxation professionals to provide services from GIFT City, turning it into a global hub for accounting and financial back-office functions. Chairing a review meeting on the growth and development of GIFT-IFSC at Gujarat International Finance Tec-City (GIFT City), Sitharaman also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) -- launched here in 2022 -- in ensuring disintermediation and efficient price discovery. She asked the Reserve Bank of India to pilot the import of tariff rate quota (TRQ) gold under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates through IIBX to pave the way for Indian banks efficiently using the IIBX platform, an official release stated. The Union minister exhorted both the International Financial Services Centres Authority (IFSC

Jan Dhan accounts cross 500 mn mark in less than 9 years: Finance ministry

The total number of Jan Dhan accounts in the country has crossed 50 crore-mark, with 56 per cent of the accounts belonging to women, the finance ministry said on Friday. About 67 per cent of these accounts have been opened in rural and semi-urban areas, it said in a statement. The total deposits in these accounts are above Rs 2.03 lakh crore while around 34 crore RuPay cards have been issued with these accounts free of cost. The average balance in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts is Rs 4,076 and more than 5.5 crore of these are receiving Direct Benefit Transfer (DBT), it said. The National Mission on Financial Inclusion -- popularly known as PMJDY -- which was launched on August 28, 2014, has been successful in changing the financial landscape of the country, it added. PMJDY offers multiple advantages to account holders such as a bank account without the requirement of a minimum balance, free of cost RuPay debit cards with in-built accident insurance of Rs 2 lakh, a