Page 49 - Finance Ministry

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

Treat customer as God: MoS Finance calls for boost in banking services

Calling for further improvement in banking services, Minister of State for Finance Bhagwat K Karad urged banks to treat their customers as God. Banks should focus on improving their customer service and work towards reducing pain points, Karad said while addressing a Customer Meet programme organised by Bank of Maharashtra (BoM) earlier this week. At the same time, he asked customers to be responsive and prompt in repayment of loans so that banks are financially healthy. With regard to Kisan Credit Card (KCC), he urged banks, including BoM for expanding the reach of KCC scheme to more farmers and ensure time-bound saturation. The banking industry needs to serve small and marginal farmers, youth and women agripreneurs and act as catalyst for growth, he said. India has now become the fifth largest economy in the world and is aiming to be a USD 5 trillion economy under the guidance of Prime Minister Narendra Modi, he said. Addressing the gathering, BoM Managing Director A S Rajeev s

Finance, railways, defence ministries among top 5 litigants in government

Union ministries of finance, railways, defence, labour and employment and home are the "top five litigants" amongst the government, Lok Sabha was informed on Friday. In a written reply, Law Minister Kiren Rijiju said seeking to reduce litigation, ministries and departments such as the railways and the Department of Revenue, involved in a high number of litigations, have been taking several measures for reducing the number of court cases. Citing data available on the Legal Information Management and Briefing System (LIMBS) portal, he said the finance ministry has 1.73 lakh pending cases, including 9,062 in the Supreme Court. The railways ministry has 1.08 lakh pending cases, including 554 in the top court, while the defence ministry has over 85,000 pending cases, which include 1,235 in the apex court. The labour and employment ministry is party to over 78,000 pending cases, including 320 in the top court. The home ministry has over 23,000 pending cases in various courts and tribunal

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

Panel working on classification of millet products to determine GST rates

The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June

Top headlines: FPIs seek six more mths from FinMin, 1st India chip fab soon

Business Standard brings you the top headlines at this hour

MoS IT Chandrasekhar to take up SVB-liked startups' woes with FinMin

The IT ministry will take up woes of Indian startups impacted by the Silicon Valley Bank collapse with the finance ministry to help them navigate through the crisis and address the immediate liquidity crunch they are facing, Union Minister Rajeev Chandrasekhar said on Tuesday. The Minister of State for Electronics and IT during interactions with startups asked them to engage with the Indian banking system, which has been very robust and assured them of resolving teething issues they may face. Though startups and venture capitalists said that the US government authorities have assured of returning full money to the depositors, there is no clarity on the timelines, which will lead to a liquidity crunch in the firms that have been impacted by the SVB collapse, according to the minister. "I am going to put together a suggestion list and give it to the honourable finance minister on your behalf, and work closely with the government of India as a whole," Chandrasekhar said. Most of the .

FinMin pushes PSBs to enhance procurement via GeM to Rs 10,000 cr in FY24

GeM Sahay to provide short-term loans to all sellers

CAG to chair G20 SAI on March 13-15 in Guwahati, 'Responsible AI' in focus

The Comptroller and Auditor General (CAG) of India is the Chair of the Supreme Audit Institutions-20 (SAI20) Engagement Group under India's G20 Presidency

Finance Ministry tightens definition of 'beneficial owners' under PMLA

The Finance Ministry has tightened the definition of beneficial owners under the anti-money laundering law, mandating reporting entities like banks and crypto platforms to collect information from their clients. As per the amendments to the Prevention of Money Laundering Rules, any individual or group holding 10 per cent ownership in the client of a 'reporting entity' will now be considered a beneficial owner as against the ownership threshold of 25 per cent applicable earlier. The amended rules were notified on March 7 by the Finance Ministry. Under the anti-money laundering law, 'reporting entities' are banks and financial institutions, firms engaged in real estate and jewellery sectors. They also include intermediaries in casinos and crypto or virtual digital assets. So far, these entities were required to maintain KYC details or records of documents evidencing the identity of their clients as well as account files and business correspondence relating to clients. They are requir

India imposes money laundering provisions on cryptocurrency sector

The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services

FinMin holds webinar on services for better implementation of Budget

As part of a post-Budget Webinar, the Finance Ministry on Tuesday hosted virtual discussions on the six chosen subjects following an address by Prime Minister Narendra Modi. The webinar had six breakout sessions on various themes, including creating growth opportunities in GIFT International Financial Services Centre, facilitating seamless credit flow for MSMEs and enhancing customer ease for account opening and digital payments. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities', a breakout session on "Facilitating Seamless Credit Flow" to #MSMEs was held via virtual mode today," the Finance Ministry said in a tweet. The webinar was the 10th in the series of 12 post-Budget webinars being held to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget 2023-24. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities'