Page 56 - Finance Ministry

Union Bank likely to sell tier-2 bonds worth Rs 2,000 crore next week

Tier-2 bond sale plan comes amid sharp decline in bond yields

IBBI expected to introduce two key changes to the Insolvency Law: Report

The decision was made during meetings between IBBI officials, lawyers, consultants and some officials from the finance ministry

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

NPCI holds talks with RBI on proposed December 31 volume cap deadline

National Payments Corporation of India (NPCI), which runs the UPI digital pipeline, is in talks with the Reserve Bank on implementation of its proposed December 31 deadline for limiting the volume cap of players to 30 per cent. At present, there is no volume cap. So, two players -- Google Pay and PhonePe -- account for a market share of about 80 per cent. NPCI in November 2022 had proposed a 30 per cent volume cap for third-party app providers (TPAP) in a bid to avoid concentration risk. In this regard, sources said, a meeting was convened to comprehensively look at all aspects. Besides NPCI officials, senior officials of the finance ministry and RBI also participated in this. At the moment, NPCI is evaluating all the possibilities and no final decision has been taken to extend the December 31 deadline, the sources said. NPCI has also received representations from industry stakeholders to extend the deadline and they are being examined, they added. According to the sources, NPCI

Cut I-T, review capital gains tax in Budget 2023-24: CII to govt

FM Nirmala Sitharaman's pre-Budget consultations from today

LIVE news: Finance Minister to begin pre-budget consultations from Monday

From Amit Shah's scheduled rally in Gujarat to BJP's roadshows across Delhi ahead of MCD polls, catch all the live updates from across the globe here

FM urges independence of CAs to preserve integrity of financial statements

Says statutory filings and audit reports by CAs are public documents that multiple stakeholders rely on; urges adherence to fair and transparent practices

First G20 meeting under India's presidency in Dec; FM talks in Feb

The Finance Track of the powerful G-20 grouping is older than the Sherpa Track, since G-20 was formed with the intention of governance of the global economy

SBI nominates Ministry of Finance secretary Vivek Joshi on its board

State Bank of India (SBI) on Tuesday said the government has nominated Vivek Joshi to its board following the cessation of the previous director. The Department of Financial Services, Ministry of Finance, in a letter dated November 15, 2022, has nominated Vivek Joshi (secretary, Ministry of Finance) as a director on the central board of directors of State Bank of India, the bank said in a regulatory filing. Following the cessation of Sanjay Malhotra as the government nominee director, the nomination of Joshi comes into immediate effect, until further orders.

Nine Russian banks open special vostro accounts for trade in rupee

Next round of India-UK FTA talks expected in Dec: Commerce secy

Finance ministry likely to give additional Rs 25,000 crore for MGNREGS

But asks rural development ministry to identify and remove inefficiencies

Budget 2023-24: FY24 direct tax target likely to see 14-17% increase

Centre's FY23 mop-up may top BE by Rs 1-1.5 trn

Budget 2023-24: Sitharaman's meetings with stakeholders to begin on Nov 21

Seven meetings will take place between November 21 and 24, while the pre-budget interaction with state Finance Ministers is expected to take place in December in Madurai

GST evasion of Rs 55,575 cr detected in last 2 years, 719 persons arrested

GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST). "In the two years of the special drive, GST/ITC fraud worth Rs 55,575 crore has been detected. 719 persons have been arrested, which include 20 CA/CS professionals," the official told PTI. Voluntary deposits of Goods and Services Tax (GST) worth Rs 3,050 crore have been made during the period. The official did not disclose the recovery amount in these cases, but said it would be a "sizeable amount". "Credible intelligence, coordina

Financial market regulators may rebuff EU counterpart's auditing demands

Under some recent European amendments to practices, which India has not signed up to, the ESMA is seeking rights to independently inspect clearing houses in India

Govt to finance green bond projects and initiatives under 9 categories

Proceeds will be deposited in the Consolidated Fund of India

Govt may release green bond framework today; financing under 9 categories

Proceeds from green bond issuances will be deposited in the Consolidated Fund of India

Forex cover for imports may fall to lowest this year under Modi govt

There could be $27.7 billion dollars of withdrawals in the next five months

Govt not to impose anti-dumping duty on Chinese metal cutter wheels

The government has decided not to impose anti-dumping duty on Chinese metal cutter wheels as the finance ministry has not accepted the recommendations of the Directorate General of Trade Remedies (DGTR) for imposing the levy. The commerce ministry's investigation arm DGTR had conducted a probe into the alleged dumping of "Resin Bonded Thin Wheels" from China, and in September it recommended the imposition of the duty. The product is used in various sectors ranging from welding, cutting, foundry to primary metal markets for nagging and cutting ferrous and non-ferrous materials. "The central government, after considering the final findings of the designated authority (DGTR), has decided not to accept the ... recommendations," an office memorandum of the Department of Revenue said. While the Directorate General of Trade Remedies (DGTR) recommends the duty, the Department of Revenue takes the final decision to impose it. In international trade parlance, dumping happens when a country

Taxpayers should check AIS quarterly, report discrepancies: FinMin official

Taxpayers should check their annual information statement every quarter and flag any discrepancies to help curb instances of wrongful HRA deductions, a senior finance ministry official said on Monday. The income tax department had in November last year rolled out a new Annual Information Statement (AIS) on its portal that provides a comprehensive view of taxpayer information and an option to submit feedback. It includes additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information. "You must keep on checking your AIS not only at the time of return filing, but quarterly. You should check your AIS and (report) if anything wrong is reported so that the other person who is wrongly claiming some kind of benefit should be caught," Joint Secretary in the finance ministry Kamlesh Varshney said at an event here. He said AIS has played an important role in ensuring voluntary compliance as it provides details of all