Page 47 - Finance Ministry

RBI should prioritise inflation over growth, say FinMin officials

The RBI has a mandate to keep retail inflation at 4 per cent within a band of 2 percentage points on either side

India's Goods and Services Tax mop-up crossed Rs 18 trillion in FY23

March collection was the second-highest ever

Finance Ministry to constitute 16th Finance Commission this year

The Finance Ministry in its FY24 Budget has allocated a token Rs 10 crore for establishing attached offices for the 16th Finance Commission

ED investigating several cases related to crypto frauds: MoS Finance

Enforcement Directorate is investigating several cases related to cryptocurrency/ virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering, Parliament was informed on Monday. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the virtual digital assets have the potential for criminal misuse. "Directorate of Enforcement is investigating several cases related to crypto currency/ virtual digital currency frauds wherein a few crypto exchanges have also been found involved in money laundering," he said. Necessary action as per provisions of Prevention of Money Laundering Act, 2002 (PMLA) has been taken by the Directorate of Enforcement (ED), he added. "As on January 31, 2023, proceeds of crime amounting to Rs 936.89 crore have been attached/seized/freezed, five persons have been arrested and six Prosecution Complaints (PCs), including one supplementary PC have been filed before the Special Cour

FinMin, RBI to depose on impact of global crisis on startup ecosystem

This Standing Committee for Finance chaired by BJP MP Jayant Sinha has also called representatives of 'The Indian Private Equity and Venture Capital Association (IVCA)' to discuss the matter on Monday

SBI received Rs 8,800 crore from DFS in FY18 without asking for it: CAG

The department under the finance ministry did not conduct an assessment of the capital requirement according to its own standard practice before recapitalisation

FM moves amendment to Finance Bill in Parliament to correct STT rate

Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures. The amended Finance Bill 2023 by correcting STT rate has been returned to Lok Sabha, sources said. The amended Bill is likely to be taken up by Lok Sabha either today or tomorrow and thereafter the Budgetary exercise would be complete. The Lok Sabha is adjourned till 4 pm. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. After the Lok Sabha cleared the Finance Bill, which has 64 official amendments, the finance ministry issued a statement saying that there was a typographical error in the amendments with respect to the change in STT on options trading. The error, the finance ministry

Govt tells PSBs to monitor, make provision for companies' pledged shares

Directs banks to double down on comprehensive stress testing of portfolios at micro-cluster level

Finance Bill: Withholding tax on royalty and technical fee doubled to 20%

The decision is part of the 64 amendments introduced through the Finance Bill 2023

Experts welcome changes related to withholding tax hike in Finance bill

As per the Finance Bill, specified mutual funds where at least 65 per cent investment are in equity shares of domestic companies are also included in scope of the above deeming provision

Finance ministry issues clarification over STT hike on selling options

The finance ministry clarified on Friday that the securities transaction tax (STT) on selling options has been raised to 0.062 per cent from 0.05 per cent and not from 0.017 per cent to 0.021 per cent

India pitches for ratings upgrade at meeting with representatives of Fitch

Fitch currently rates India's long-term sovereign debt at BBB- with a stable outlook

Govt to exercise green shoe option for HAL OFS, likely to raise Rs 2,800 cr

The Finance Ministry on Thursday decided to exercise the green shoe option as the offer-for-sale of Hindustan Aeronautics Ltd (HAL) has received a good response, with the issue subscribed 4.5 times on day one. "Offer for Sale (OFS) of government shares in HAL got great response on day one. Issue subscribed 4.5 times of base size at a clearing price above the floor price by non-retail investors. Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow," DIPAM Secretary Tuhin Kanta Pandey said in a tweet. The OFS comprised of base issue size of 1.75 per cent or 58.51 lakh shares, with an option to retain over-subscription of an equal quantum. The government on Wednesday proposed to sell up to a 3.5 per cent stake in HAL at a floor price of Rs 2,450 a share, if fully subscribed, the OFS would fetch about Rs 2,800 crore to the exchequer. On the first day of OFS, shares of HAL closed 4.87 per cent down at Rs 2,497.40 each on BSE. The floor price i

Nine states may surpass national nominal GDP growth of 10.5%: Report

According to data available with the Ministry of Statistics and Programme Implementation (MoSPI), Uttar Pradesh, under the leadership of CM Yogi Adityanath, expects to be the top performer

CPSEs spent 85% of capex target by February, says finance ministry

By comparison, CPSEs had exhausted only 79.28% of the Rs 5.95-trillion target during the same period in the previous fiscal year

FinMin agencies attach immovable properties worth Rs 1.11 trn in 6 years

Enforcement agencies under the Finance Ministry have attached immovable properties worth about Rs 1.11 lakh crore in the last six years, the ministry informed Parliament. Of this, in the current fiscal, immovable properties worth Rs 10,683 crore were attached by various central agencies viz ED, DRI (Directorate of Revenue Intelligence), Income Tax Department, etc. under the ministry in 204 cases from 2017-18 till January 31, 2023. In 2021-22, Rs 19,832 crore immovable properties were attached in 1,657 cases. Of this, immovable properties disposed of by the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) between 2017-18 and 2021-22 was Rs 71 crore. In many cases, where properties are attached by CBDT and CBIC are challenged before the court and unless the court decides the matter, these properties cannot be disposed of, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha on Tuesday. In addition, during

Samsung eyes expansion, planning to make India smartphone manufacturing hub

The South Korean electronics major plans to invest in setting up smart manufacturing capabilities at its second-largest mobile phone plant in Noida

Retail inflation may moderate in coming months: FinMin monthly review

WPI inflation for February eased to 3.85 per cent in February, the lowest in more than two years

GDP to grow at 7% in FY23, inflation set to moderate: FinMin Report

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday. Supported by the gains from high services exports, the moderation in oil prices, and the recent fall in import-intensive consumption demand, India's current account deficit is estimated to fall in FY23 and FY24, providing a buffer to the rupee in uncertain times, Monthly Economic Review by the ministry said. This will provide a much-needed cushion to India's external sector at a time when the Fed is likely to raise rates further and ensure that India's external finances are not a major cause of concern, it said. The jump in net service exports over the previous year is a critical development as India increases its market share in both IT and non-IT services, whose demand has been triggered by the pandemic, it said, adding, imports are also less costly now

Govt invites application for RBI deputy governor post; M K Jain to retire

The finance ministry has initiated the process to appoint a new Reserve Bank deputy governor in place of MK Jain, whose extended term is coming to an end in June. The applicant should have an experience of 15 years in banking and financial market operations, said a public notice, indicating that candidates from the private sector will also be considered for the appointment. Traditionally, one of the four deputy governors is from the public sector banking industry. If the government decides to appoint someone from the private sector, it would be a first for the Reserve Bank of India. Jain, a senior public sector banker, was appointed deputy governor for an initial period of three years in 2018 and extended by another two years in 2021. The central bank has four deputy governors - two from within the ranks and one commercial banker and an economist to head the monetary policy department. "It may be noted that the Financial Sector Regulatory Appointments Search Committee (FSRASC) is