Page 42 - Finance Ministry

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

Top headlines: Rail freight's 1st dip after Covid, Kharif sowing falls 9%

Business Standard brings you the top headlines at this hour

FinMin tells PSBs to explore AI-powered collab in tech, HR training

The ministry cautioned PSBs on customer protection when critical services, including technology services, were outsourced

HDFC merger poses increased competition in deposits segment for PSBs: Govt

PSBs told to take swift action on fraud and willful defaulters cases

State-run banks confident of withstanding macro shocks: Finance Ministry

India's state-run banks are confident of withstanding any macroeconomic shocks and expect their outlook to improve, despite headwinds in the global banking sector, the finance ministry said

India poised for more durable growth than ever, says finance ministry

Annual Economic Review 2022-23 warns of geopolitical stress, El Niño fears, modest FDI inflows

FM Nirmala Sitharaman to soon review performance of Regional Rural Banks

Finance minister Nirmala Sitharaman is likely to meet heads of Regional Rural Banks (RRBs) and review their performance soon, sources said. RRBs play an important role in financial inclusion and serving the credit needs of rural economy. According to sources, the finance minister would review the progress with regard to issuance of Kisan Credit Card (KCC) to farm and allied sector by RRBs. With an aim to provide the benefits of KCC loans to maximum number of farmers, a special KCC saturation drive was launched under Atma Nirbhar Bharat Abhiyan to cover 2.5 crore farmers under KCC with a credit boost of Rs 2 lakh crore. She is also expected to review capital position of some of the weak RRBs, sources added. The need for technology upgradation of RRBs, strategies for NPA reduction, IT initiatives, improving financial inclusion, enhancing credit delivery to rural areas and support being given by sponsor banks to the RRBs are other issues that may be discussed in the meeting, it ...

4 IRS officers appointed in CBDT under finance ministry: Govt order

Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union finance ministry, according to a government order. The CBDT is the administrative body for the department and it is tasked to collect revenue under various direct tax categories such as personal income tax and corporate tax. According to the order issued by the Appointments Committee of the Cabinet on Wednesday, two Indian Revenue Service (IRS) officers of the 1987 batch -- Pravin Kumar and Harinder Bir Singh Gill -- and two from the 1988 batch -- Sanjai Kumar Verma and Ravi Agrawal -- have been appointed as Members in the CBDT. These officers, currently posted in various regions of the tax department, will fill four positions in the CBDT which have been vacant from September 2021 to June 2023. The CBDT is headed by a chairman and can have a maximum of six Members who are in the rank of special secretary. The two serving Members in the board are

Export of steel, iron ore, cement likely to be hit by EU carbon tax: FinMin

India's merchandise trade deficit rose faster-than-expected in May to $22.12 billion, up from $15.24 billion in April, due to reduced demand for Indian exports from developed countries

Sitharaman meets UN Deputy Secretary General, exchanges views on SDGs

Finance minister Nirmala Sitharaman on Tuesday met United Nations Deputy Secretary-General Amina J Mohammed and exchanged views on financing of Sustainable Development Goals (SDGs) and the ongoing G20 India Presidency. "FM Smt. @nsitharaman highlighted the four main agenda of the #G20 #FinanceTrack under #G20India Presidency, i.e., debt distress; #DigitalAssets/currency; strengthening #MDBs; and #DPI Digital Public Infrastructure/ tools," the finance ministry said in a tweet. During the meeting Sitharaman said a G20 Expert Group on 'Strengthening MDBs' (multilateral development banks) has been constituted to undertake an evaluation of the scale of funding required by low and middle-income developing countries to address the ever-increasing financing gap for SDGs and trans-boundary challenges. "FM Smt. @nsitharaman observed that #G20 needs to provide momentum for International Financial Institutions #IFIs and #MDBs to step-up to provide adequate financing at affordable terms to enabl

FM to meet chiefs of PSB banks to review financial performance on Thursday

Finance Minister Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Thursday and review their financial performance. This is going to be the first review meeting after the 2022-23 financial results. In the last fiscal, PSBs together posted a record profit of Rs 1.04 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way as their profit touched Rs 1,04,649 crore in 2022-23. Besides the review of financial performance, sources said, the meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19. Heads of the banks would also apprise the finance minister about the performance duri

FM Sitharaman holds meet for 'time-bound' completion of Budget schemes

In the meeting with Meity, MCA says will look into competition issues

Finance Minister reviews progress of implementation of Budget schemes

Finance Minister Nirmala Sitharaman on Tuesday reviewed progress of implementation of Budget schemes with secretaries of finance ministry and Corporate Affairs Secretary. The meeting was attended by Economic Affairs Secretary Ajay Seth, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, Financial Services Secretary Vivek Joshi, Corporate Affairs Secretary Manoj Govil and other senior officials. "Union Finance Minister Smt. @nsitharaman chaired a review meeting on the implementation of various Union Budget announcements with Secretary, Department of Economic Affairs, @SecyDIPAM, Secretary @DFS_India, Secretary @MCA21India and senior officials of the @FinMinIndia, New Delhi, today," a finance ministry tweet said. Besides the review of implementation of various schemes of Union Budget, the minister underlined the importance of continuous assessment of progress to ensure that the schemes are implemented in a time bound manner.

FinMin requests FSIB to fill up non-executive chairman posts in PSBs

Positions vacant in six of 11 state-owned lenders, some for two years

How will changes in TCS regime affect international credit card holders?

According to an announcement by the finance ministry, there will be no change in the rate of Tax Collected at Source on international spending through credit cards