Page 41 - Finance Ministry

Companies allowed to list on GIFT IFSC for foreign flows: Sitharaman

India has been considering proposals to allow firms to list on foreign exchanges, in order to compete with Chinese companies that flourish on bourses in the US

Financial frauds in India rose 65% between 2021 and 2022: Finance Ministry

National Payment Corporation of India informed the Parliamentary Committee that, on average 2,000 customers are impacted by cyber frauds in India every month

'Diversify credit portfolio': FinMin flags concentration risk at 5 PSBs

BoI, PNB, UCO, Canara, and Punjab & Sind Bank told to trim exposure to any particular group or industry

Banks recovered bad loans worth Rs 10.16 trillion in 9 years: FinMin

Wilful defaulters and companies with wilful defaulters as promoters/directors have been debarred from accessing capital markets to raise funds: Bhagwat Karad

Centre devolved more than Rs 3.09 trn to states till July: MoS Finance

The Centre has devolved over Rs 3.09 lakh crore to states till July of the Rs 10.21 lakh crore budgeted to be transferred in the current fiscal, Minister of State for Finance Pankaj Chaudhary said on Tuesday. "Out of Rs 10.21 lakh crore estimated to be transferred to states for the FY 2023-24, Rs 3,09,521.22 crore has been devolved till July 2023, in 4 instalments having double the normal amount in June'23 for FY 2023-24. There is no pendency on part of devolution payable to states...," Chaudhary said in the Lok Sabha. Of the Rs 3.09 lakh crore net proceeds of shareable union taxes and duties distributed to the states, Central GST collection devolution stood at Rs 94,368 crore till July. "Part of the CGST collected and credited to the Consolidated Fund of India is devolved to the States as per the accepted recommendations of the Finance Commission. The total amount of such CGST devolution released to states during FY 2022-23 was Rs 2,68,334.19 crore; this was released in 14 ...

Over 750,000 HUFs claimed Rs 3,803 cr tax deductions in 2022-23: FinMin

Over 8.75 lakh Hindu Undivided Families (HUFs) have filed income tax returns (ITRs) and claimed deductions worth Rs 3,803 crore during 2022-23, the Finance Ministry said on Tuesday. Minister of State for Finance Pankaj Chaudhary in a reply to the Rajya Sabha provided details of the number of Hindu Undivided Families (HUF) availing tax benefits (in the form of deduction under Chapter VIA of the Income-tax Act) during the last five years. To a question on whether the government has assessed the impact of the Uniform Civil Code on tax benefits to HUFs in the country, the minister said: "No such assessment has been made as there is no such Code at present". Currently, a debate is going on about the status of the HUFs, following the implementation of the Uniform Civil Code on which the Law Commission has invited comments from the public. Under Hindu Law, a HUF is a family comprising all lineally descendants of a common ancestor, including wives and unmarried daughters. This provision al

Monsoon session: NARCL acquired Rs 21K crore of bad loans in Q4FY23

A Parliamentary panel on Monday asked the government to look at the feasibility of setting up a specialised security agency for airports amid rising air passenger traffic

100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman

Notices served in past years for misreporting, non-filing of returns for income above Rs 50 lakh

Govt officers entitled to mobile, laptop costing up to Rs 1.3 lakh

Central government officers will be entitled to mobile, laptop or similar devices costing up to Rs 1.3 lakh, which can be retained by them for personal use after 4 years. The Finance Ministry's Expenditure Department, in an office memorandum, listed out guidelines for the issuance of mobile, laptop, tablet, phablet, notebook, notepad, ultra-book, net-book or devices of similar categories to eligible officers for official work. As per the guidelines, all central government officers of the rank of deputy secretary and above will be entitled to such electronic devices. In the case of Section Officers and Under Secretaries, 50 per cent of the sanctioned strength can be issued such devices. Regarding the cost of the device, the office memorandum said it could be Rs 1 lakh plus taxes. However, for devices with a Make-in-India component of more than 40 per cent, the price ceiling will be Rs 1.30 lakh plus taxes. "No new device may be sanctioned to an officer who has already been allotted

FM urges RRBs to focus on improving credit-deposit ratio by lending in NE

Finance Minister Nirmala Sitharaman on Friday reviewed the performance of Regional Rural Banks of the northeast region and asked them to improve the credit-deposit ratio by giving more loans. During the meeting with heads of Regional Rural Banks (RRBs), she exhorted them to work towards meeting the credit requirements of rural people of the Northeast, the finance ministry said in a series of tweets. Financial Services Secretary Vivek Joshi, SBI Chairman Dinesh Khara, PNB Managing Director Atul Kumar Goel and other senior government officials of northeastern states and bank representatives were present at the meeting. The Finance Minister stated that emphasis should be on giving as much credit to the priority sector as possible. "Smt @nsitharaman directed the Secretary @DFS_India to review individual #RRBs in presence of their sponsor banks and to identify their strengths and specific issues affecting their performance," a tweet said. She said that a roadmap has to be prepared with

RBI to banks: Report all digital frauds not just those above Rs 1 lakh

The rising volumes of UPI transactions and related frauds have emerged as a major challenge for the banks

Financial services secy asks banks to achieve financial inclusion targets

Financial services secretary Vivek Joshi has urged public sector banks to achieve the targets allocated to them under various schemes for financial inclusion for the current financial year at the earliest. During a review meeting with the top management of state-owned banks and Nabard chairman, Joshi exhorted the banks to expeditiously clear the sanction and disbursement pendency of applications under PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme. He further urged banks to devise the strategy and step up efforts to increase the digital onboarding of street vendors and scale up their digital payments, the finance ministry said in a statement on Thursday. PM SVANidhi scheme envisages empowerment of street vendors through hassle free access to affordable credit and their digital onboarding for their economic development. During the meeting, he reviewed the progress under various social security (Jan Suraksha) schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradh

PSBs stepping up recovery of bad loans to meet FinMin's 40% target: Report

In the five years that ended on March 31, 2022, the PSBs were able to recover only 14 per cent, Rs 1.03 trillion, out of the total written-off loans of Rs 7.34 trillion

FM Sitharaman discusses trade negotiation progress with Canadian Dy PM

Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat. Freeland, who is also the finance minister of Canada, said Canadian Pension Funds would be keen to explore investing in Indian Infrastructure Funds as India offers a stable investment climate. "The two ministers also discussed the progress being made on the ongoing various trade-related negotiations between India and Canada," the Indian finance ministry tweeted. The ministers discussed continued constructive participation in building consensus on the G20 Finance Track work streams, it added.

FM says no income tax up to Rs 7.27 lakh per annum under new tax regime

Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum. Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24. The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted. "So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn... (for instance) for Rs 7.27 lakh, you don't pay any tax now. It is only at Rs 27,000 that the break even comes. After that you start paying tax. "You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought

Finance ministry not considering tax waivers for Tesla: Revenue Secy

Last month, Tesla CEO Elon Musk said Indian Prime Minister Narendra Modi was pushing the car maker to make a "significant investment" in the country, adding that such an announcement was expected soon

India Finance Minister not considering tax waivers for Tesla: Official

India's finance ministry is not considering any duty waivers for U.S. automaker Tesla Inc, Revenue Secretary Sanjay Malhotra told Reuters on Thursday

50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

FinMin asks IBA to finalise wage revision of bankers of PSU banks by Dec 1

The government has asked the Indian Banks' Association (IBA) to initiate the process of negotiations for the 12th Bi-partite settlement in a time-bound manner and to finalise it by December 1, 2023, said a senior official. The wage revision for employees and officers of the public sector banks is due from November 1, 2022. The early wage revision would help improve working conditions and incentivise the banking sector employees, the official said. Further, the official said, the finance ministry has asked IBA to ensure that all future wage negotiations should be finalised before the beginning of the subsequent period so that the wage revision could be implemented from the due date itself. As a part of the settlement, the IBA is expected to engage in dialogues with the employees' Unions/ Associations and work out to arrive at a mutually agreeable wage settlement. The government has stressed the importance of fairness and equity in the revision, ensuring that the compensation struct

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