Page 44 - Finance Ministry

FAME-II subsidy block: SMEV reaches out to govt for Rs 3K-crore rehab fund

The industry body has maintained the subsidies withheld and due to various electric two-wheeler (E2W) manufacturers amount to over Rs 1,200 crore

Govt's 20% TCS policy unfair on domestic operators: Travel agents

Overseas travel firms have been granted exemption of up to Rs 7 lakh before TCS kicks in; no such benefit for domestic ones

270 mn loans to women under MUDRA; here's all you need to know about scheme

The MUDRA loans are given by commercial banks, regional rural banks, small finance banks, microfinance institutions, and non-banking financial institutions

FinMin extends date for MSMEs to submit refund claims till July 31

The finance ministry has extended the deadline for MSMEs by one month, till July 31, to submit refund claims for performance or bid security and liquidated damages forfeited by government departments and public sector entities during the Covid-19 period. To give relief to MSMEs, finance minister Nirmala Sitharaman in 2023-24 Budget announced 'Vivad se Vishwas-I' scheme which provides that in cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. The scheme commenced from April 17 and the Department of Expenditure under the finance ministry had fixed the last date for claim submission as June 30. The Expenditure department has now issued amendments to the scheme and extended the deadline for submission of bids till July 31. Under the scheme, ministries have been asked to refund 95 per cent of the performance security, bid ..

FinMin, ADB organise workshop on Expected Loss-based Credit Rating System

The Ministry of Finance and Asian Development Bank (ADB) on Monday organised a workshop on Expected Loss-based Credit Rating Mechanism. The workshop was addressed by Economic Affairs Secretary Ajay Seth, the finance ministry said in a tweet. Around 120 representatives from banks, regulators, project developers, industrial associations, financial institutions and institutional investors participated in this workshop, it added. Experts from credit rating agencies, the Reserve Bank of India, banks, industry associations and financial institutions deliberated on the array of topics related to EL-based credit rating mechanism and their potential impact on infrastructure projects.

GST mop-up crosses Rs 1.5 trillion for third month in a row; up 12% in May

The collections, tax experts said, reflects a continuation of the good economic performance across states witnessed since last year

GDP growth at 6.1% in Q4, 7.2% in full FY23; construction, agri surprise

For FY23, the Indian economy clocked a growth rate of 7.2%. In the previous financial year (FY22), India had seen 9.1% GDP growth

FM reviews infra projects under NICDIT, urges states to tie up loose ends

Finance Minister Nirmala Sitharaman on Tuesday reviewed the progress of projects under the National Industrial Corridor Development and Implementation Trust (NICDIT) and urged states to tie up loose ends and resolve all pending issues through greater exchange. NICDIT seeks to create greenfield smart industrial cities with sustainable 'plug n play' and information and communications technology ICT-enabled utilities. It is within the overall framework of PM GatiShakti National Master Plan NMP. It aims to create quality infrastructure and keep land parcels ready for allotment to attract investments in the manufacturing sector and position India strongly in Global Value Chains (GVCs). Addressing the second meeting of the apex monitoring authority of the NICDIT organised in hybrid mode here, Sitharaman urged all the states to tie up loose ends and move forward and resolve all pending issues through greater exchange and sharing of information to expedite the progress of works in the ...

FM Sitharaman calls Rahul Gandhi's remarks over China policy shameful

Union finance minister Nirmala Sitharaman on Monday launched a fresh attack on Congress leader Rahul Gandhi for criticising Indian government policies on China

Vivad Se Vishwas scheme to settle disputes in contracts begin from July 15

The Finance Ministry on Monday said the scheme to settle pending disputes related to government contracts under the Vivad Se Vishwas II will commence on July 15 and contractors will have time till October 31 to submit their claims. The Vivad se Vishwas II (Contractual Disputes) scheme was announced in 2023-24 Budget for settlement of pending disputes related to government contracts. Under the scheme, contractors would be offered settlement amounts depending on the status of a dispute. As per the scheme announced by the Department of Expenditure, in cases of disputes where court or arbitral order has been passed, the settlement amount would be 85 per cent or 65 per cent of the amount awarded by the court or the arbitral tribunal respectively. In the draft scheme, the Expenditure Department had proposed that the settlement amount would be 80 per cent in case of court orders and 60 per cent in case of arbitral awards. The expenditure department has improved the final scheme after ...

FinMin urges PSBs to settle small debt defaults by taking haircuts

Says this would enable in reduction of pending cases at DRTs and enhance recovery for banks

Banks need to improve digitalisation, keep vigil on stressed loan: Official

Minister of State for Finance Bhagwat K Karad on Monday said banks need to focus on digitalisation and keep a vigil on stressed loans. Bank should also undertake financial literacy and financial inclusion activities, he said after inaugurating the zonal office of ESAF Small Finance Bank here. Karad said banks should do timely recognition of non-performing assets and make adequate provisions so that the banking system remains healthy. Emphasising on use of technology, he said, it is the future and there is need to promote digital banking. Speaking on the occasion, ESAF Small Finance Bank managing director K Paul Thomas said the bank has special focus on agriculture sector. The bank signed an agreement with Agriculture Insurance Company of India Limited for providing crop insurance. The bank, which has nearly 600 branches spread across 21 states, recorded over four-fold jump in net profit to Rs 302.33 crore for the year ended March 31, 2023. The bank earned a profit of Rs 54.73 cr

Centre to launch Rs 75 coin to mark the opening of new Parliament building

Rs 75 coin: The face of the coin will bear the Lion Capitol of Ashoka Pillar in the centre with 'Satyameva Jayate' inscribed below it

Infrastructure Finance Secretariat holds infrastructure outreach workshop

The Infrastructure Finance Secretariat (IFS), Department of Economic Affairs under the finance ministry, in partnership with the Madhya Pradesh government, conducted the infrastructure outreach workshop. The two-day workshop concluded on Thursday at Bhopal. This is the fourth workshop in a series of outreach workshops planned with state governments and Union Territories and key central infrastructure ministries, with the objective of understanding ground issues faced by project sponsoring authorities in undertaking large infrastructure projects, the ministry said in a statement. The workshop was inaugurated by the chief guest Ajit Kesari, Additional Chief Secretary Finance, government of Madhya Pradesh, who emphasised on a long-term vision for infrastructure development by understanding the needs and aspirations of citizens and prioritising the identified needs, it said. Challenging available models and looking for alternatives is important for optimal utilisation of resources, th

Leave encashment limit for non-govt employees hiked to Rs 25 lakh: CBDT

The CBDT circular dated May 24 stated that the increased leave encashment limit will be applicable from April 1, 2023

Highway contractors to convert bank guarantees into surety bonds: Gadkari

Union Minister Nitin Gadkari has said the finance ministry has agreed to allow contractors engaged by state-owned NHAI and NHIDCL to convert their bank guarantees into insurance surety bonds. Gadkari had recently said changes will be made to the surety bond offering to make it more lucrative as no contractor is buying it because of the strict conditions imposed by insurance regulator Irdai. "I conveyed to the road transport secretary that he should talk to the finance secretary once to give it (allowing conversion of bank guarantee to surety bonds) from retrospective effect. "In NHAI, in the road ministry and NHIDCL whatever bank guarantees are there, if they want, they can convert them into insurance surety bonds. Permission should be given for this," Gadkari said on Wednesday at an event organised by the National Highways Authority of India. Last year in December, Gadkari launched the country's first-ever surety bond insurance product with an aim to reduce the dependence on ...

India poised for world-beating growth, says CEA V Anantha Nageswaran

Data next week is likely to show the economy expanded 7% in the year that ended March

India witnessing high growth in aerospace: FM to Boeing seeking investment

Finance Minister Nirmala Sitharaman on Tuesday said India's aerospace and civil market is on a high growth trajectory and invited US-based aircraft maker Boeing to ramp up investment in the country. During an interaction with a delegation from Boeing comprising of their global senior leadership team, Sitharaman highlighted the opportunities available in India for relocating companies in the form of not just a captive market but also the chance to be a hub for serving the region as a whole and this can be rewarding for companies from a business point of view. "In reference to the recent bulk order for aircraft placed by Indian companies, FM stated that India's aerospace and civil market is on a #HighGrowth trajectory & also informed the group about aircraft leasing operations being undertaken by banks in GIFT-IFSC @GIFTCity," a finance ministry said in a series of tweets. In the context of India's geographical advantage, the minister underlined India's focus on repositioning itself

First climate development financial institution runs into FinMin roadblock

Ministry ready to offer provisions to ease global climate funding

April macroeconomic data shows strong start to FY24: Finance Ministry

The report stated that inflationary pressures across countries are waning with commodity prices easing in the current year following weakened prospects for global demand and improving supply chains