Page 59 - Finance Ministry

No loss of interest rate for EPFO subscribers, clarifies Finance Ministry

The Finance Ministry has said there is no loss of interest rate for EPFO subscribers and the delay in crediting interest for the last fiscal is due to software upgrade being conducted. It further said that for all outgoing subscribers seeking settlement and also those withdrawing their deposits, the payments are being done inclusive of the interest. "There is no loss of interest for any subscriber. The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO (Employees' Provident Fund Organisation) to account for change in the tax incidence," the ministry tweeted late on Wednesday night. The ministry said this on Twitter in reply to a tweet by IT industry veteran TV Mohandas Pai, who raised queries on interest in the Employees' Provident Fund deposits. "For all outgoing subscribers seeking settlement and for subscribers seeking withdrawal, the payments are being done ...

Centre releases Rs 7,183 cr as revenue deficit grant to 14 states

The Union Finance Ministry on Thursday released the seventh monthly instalment of post devolution revenue deficit (PDRD) grant of Rs 7,183.42 crore to 14 states

Latest news LIVE: India logs 2,529 Covid-19 cases, 4 deaths in 24 hours

From coronavirus cases in India to all the latest developments from across the globe, catch all the updates here

Classification of goods: CBIC comes to the aid of auto component industry

The industry had been worried after the Supreme Court dismissed a review petition filed by the finance ministry over the issue.

FinMin modifies ECLGS; raises loan limit to Rs 1,500 cr for aviation sector

The finance ministry has modified the Emergency Credit Line Guarantee Scheme (ECLGS) by raising loan limit under the scheme to Rs 1,500 crore from Rs 400 crore to help the COVID-hit industry tide over liquidity stress. Recognising that an efficient and strong civil aviation sector is vital for the economic development of the country, the Department of Financial Services (DFS) has modified the ECLGS on Tuesday to enhance the maximum loan amount eligibility for airlines, an official statement issued on Wednesday said. As per the modified ECLGS 3.0, an airline would be eligible for "100 per cent of their fund based or non-fund-based loan outstanding as on the reference dates or Rs 1,500 crore, whichever is lower; and of the above, Rs 500 crore shall be considered, based on equity contribution by the owners." All other criteria terms and conditions parameters prescribed under the operational guidelines of the ECLGS on August 30, 2022, would be applicable as it is, it said. The ...

Govt likely to save around Rs 80k crore in FY23 from unused budgeted funds

The government will be saving more than two per cent on the Rs 39.4 trillion budget

Finance ministry rejects 15% benign corporate tax in DESH Bill

Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it

Exporters call on FM Sitharaman to extend GST exemption on export freight

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

Top Headlines: PM Gati Shakti plan, broad-based rules for PE/VCs, and more

Under a 100-trillion-rupee ($1.2 trillion) mega project called PM Gati Shakti Modi's administration is creating a digital platform that combines 16 ministries

Finance ministry panel mulls 'broad-based' regulations for PE/VCs

FinMin panel has sought inputs from the Big Four audit firms

FinMin's special campaign in seven districts to deepen financial inclusion

Campaign will work to achieve saturation in respect of bank accounts, insurance/pension schemes; distribution of loans to FPOs, SHGs for setting up cold-chain infra, KCC penetration, among other thing

GST collections rise by 26% to over Rs 1.47 trn in September 2022

GST collections in September rose 26 per cent to over Rs 1.47 lakh crore, the finance ministry said on Saturday. Goods and Services Tax (GST) mop-up has been over Rs 1.40 lakh crore for seven months in a row. The gross GST revenue collected in the month of September 2022 is Rs 1,47,686 crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore, Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods), the ministry said in a statement.

Some small savings schemes see up to 30-basis point hike for Q3 of FY23

National Savings Certificate, Public Provident Fund rate kept unchanged

Govt not keen on India's inclusion in global bond indices: FinMin official

Finance ministry official says not engaged in dialogue regarding it

PSBs asked to expedite recruitment, fill vacancies in time-bound manner

The finance ministry has asked public sector banks (PSBs) to expedite the process of filling pending vacancies, sources said. The ministry had reviewed the vacancies in PSBs earlier this month and advised them to take action to fill them. Finance Minister Nirmala Sitharaman on Tuesday had directed PSBs to fill the backlog vacancies of Scheduled Castes (SCs) in a time-bound manner. The total employees strength of PSBs peaked at 8.86 lakh during 2012-13. It declined to 7.80 lakh during 2020-21. Banks have started issuing advertisements for recruitment. The country's biggest lender State Bank of India (SBI) has issued advertisements for recruitment of 1,673 probationary officers. Of this, 1,600 are regular vacancies while 73 are backlog cases. Due to COVID-19, the recruitment process got impacted and as a result there are some backlogs which will be filled in due course of time, a senior PSB official said. Besides, Central Bank of India has issued advertisements seeking applications

Depleting forex reserves making India vulnerable? Not really, say experts

At the current rate, the reserves may provide cover for eight months of imports in FY23. Four months could be considered a danger mark

Top Headlines: FinMin won't exhaust forex for rupee; govt extends PMGKAY

Amid fast-depleting forex reserves, the Finance Ministry signalled that it was not in favour of selling the dollar to defend any particular level of the rupee

FinMin opposed extension of PMGKAY a day ahead of Cabinet approval

Office memorandum flagged fiscal concerns due to impact of Ukraine war on fuel prices. With Covid-19 having largely subsided, reasons for which earlier extensions were given no more seem to hold

DESH Bill likely to be reworked after finance ministry raises concern

The Bill, which will replace the SEZ law, is facing hurdles due to lack of consensus between the commerce and finance ministries

Amid falling staff strength, PSBs may soon start hiring on a monthly basis

From a peak of 886,490 in 2012-13, staff strength in state-owned banks fell to 770,800 in 2020-21