Page 48 - Finance Ministry

India's trade deficit widens to $19.73 bn, exports rose 6% to $447 bn

India's merchandise trade deficit in March 2023 stood at $19.73 billion, which was higher than $17.43 billion recorded in the previous month, according to government data released on Thursday

DFS Secretary chairs meeting to boost enrolments under PMJJBY, PMSBY

In a bid to push micro insurance schemes, Financial Services Secretary Vivek Joshi held a meeting with chief secretaries and senior officials of all states and union territories. The meeting via video conference was held on Monday with the objective of sensitising and impress on states salient features of the intensive three- month long campaign to boost coverage of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) at gram panchayat level. The three-month campaign will cover all the districts in the country from April 1 to June 30, 2023, the finance ministry said in a statement on Tuesday. During the meeting, states/UTs were urged to increase enrolments under the micro-insurance schemes given the scope and size of population in states, it said. Currently, it said, active enrolments under PMJJBY are 8.3 crore and 23.9 crore under PMSBY, and claims of about Rs 15,500 crore have been paid under these schemes. Joshi sought support of the

CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others. The I-T exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23. The exemption will continue in the current fiscal and the next financial year (2024-25). In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income. Such income include examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts. Also, receipts from CBSE projects/programmes; interest on income tax refunds; and .

Japan books $16.6 bn current account surplus for 2nd consecutive month

Japan logged a current account surplus of $16.6 billion in February, the Finance Ministry said in a report on Monday

FinMin to respond in 3 weeks to plea seeking mechanism on unclaimed funds

The Supreme Court has granted three weeks to the Ministry of Finance to file its response to a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders.A bench of Chief Justice of India DY Chandrachud and Justice JB Pardiwala posted the matter for hearing on April 28."While the Ministry of Corporate Affairs has filed its counter affidavit, counsel for the Union of India submits that the Ministry of Finance may be granted some time to file its counter affidavit. Counter affidavit be filed within three weeks. List the petition on April 28, 2023," the bench stated in its order on Thursday.Last year the apex court had issued a notice to the Ministry of Finance, Reserve Bank of India, Securities & Exchange Board of India (SEBI) and others on the petition.The plea filed by journalist Sucheta Dalal asked the court to pass a direction for the establishment of a procedure for ...

Centre notifies committee on pension schemes for govt employees

The panel will devise its own procedure and mechanism, including consulting with the states, to arrive at its recommendations

Indian government forms panel to review pension system, says FinMin

The Indian government has formed a panel to review the country's pension system and discuss whether changes are warranted, the finance ministry said on Thursday

SC asks FinMin to respond to PIL seeking mechanism on unclaimed deposits

The Supreme Court on Thursday asked the Union Ministry of Finance to file its response in three weeks to a PIL seeking a mechanism to inform the legal heirs of deceased depositors about the unclaimed deposits lying dormant in bank accounts. A bench comprising Chief Justice D Y Chandrachud and Justice J B Pardiwala took note of the submissions of a lawyer, representing the Centre, that a reply to the PIL has been filed by the Ministry of Corporate Affairs and some more time may be granted to the Finance Ministry. The Ministry of Finance is granted three weeks time to file the counter affidavit (reply), the bench said. The bench was hearing a PIL filed by Sucheta Dalal, a journalist. It had earlier issued notices to the two union ministries, market regulator SEBI and the RBI. The PIL has sought directions to the Centre and others to ensure that unclaimed deposits of the public that get transferred to government owned funds be given to the legal heirs of the depositors. It said a ...

Finance Ministry to meet chiefs of PSBs, key schemes' progress in focus

DFS secretary to review progress of financial inclusion and social security schemes

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