Page 62 - Finance Ministry

FinMin releases Rs 4,189 cr as rural local bodies grant to five states

The Finance Ministry on Wednesday said it has released Rs 4,189 crore to five states for providing grants to the rural local bodies. "The Department of Expenditure (has) released an amount of Rs 4,189.58 crore to Karnataka (Rs 628.07 crore), Tripura (Rs 44.10 crore), Uttar Pradesh (Rs 2,239.80 crore), Andhra Pradesh (Rs 569.01 crore) and Gujarat (Rs 708.60 crore) for providing grants to the Rural Local Bodies," an official statement said. This grant is based on the recommendations of the 15th Finance Commission and are released to the states as per the advice of the Department of Drinking Water & Sanitation for making improvements in two services -- sanitation and maintenance of Open-Defecation Free (ODF) status and supply of drinking water, rain water harvesting and water recycling. The states are required to transfer the grants to the local bodies within 10 working days of receipt from the Union Government. Any delay beyond 10 working days requires the state governments to ...

Ministry of Finance reviews performance of PSBs, pushes for credit growth

The govt reportedly said that it was keen on National Asset Reconstruction Company of India Ltd (NARCL) starting its operation

Finmin reviews PSBs' financial performance, progress on financial inclusion

The banks' performance was measured on parameters such as credit growth, asset quality and recoveries; they were also assessed on penetration of insurance schemes

As freebies debate rages, a look at states' contingent liabilities

The net borrowing ceiling of states is mandated by the FRBM Act. However, the upper limit of what their contingent liabilities can be is set by states' own legislative bodies

Finance Ministry to review credit flow in meeting with PSBs today

The department will also take stock of the banks' asset quality, and focus on large bad loans, implementation of the Centre's various schemes, and the lenders' plan to raise capital

Freebies row: Poll promises should be met via budgetary provisions, says FM

Meanwhile, the apex court has asked a three-judge Bench to review a past order on the issue, which said that such handouts are not a corrupt practice

FinMin sees Q1 growth at 15.6% ahead of GDP data, impact on trade component

This is lower than RBI's April-June (Q1FY23) GDP projection of 16.2%

New ODI regulations: Govt allows investment in financial services abroad

Holding less than 10% in an overseas entity not considered 'control'

Providing HSN code responsibility of bidder, not tendering authority: SC

Apex court says it is the bidders' responsibility to find out the relevant HSN code

Banks must ensure credit schemes reach eligible citizens: FM Sitharaman

'Difficult situation' caused by unintended people getting benefits of credit programmes now over, she says

The case for pricing UPI transactions and what's at stake for banks

Banks pay a switching fee running into hundreds of crores every year for UPI, but have to offer the service for free

Inflation to ease to 4% in two years after peaking, says RBI Governor

The RBI has raised policy repurchase rate by a total of 140 basis points since May, including back-to-back half point increases in June and August, to cool down inflation within its mandate

Revenue Secy Tarun Bajaj gets additional charge of Corporate Affairs Secy

Tarun Bajaj was appointed as the revenue secretary under the Ministry of Finance in April 2021

SC dismissal of review petition on HSN codes setback for industry

Auto component industry may have to pay up to 15% basic Customs duty and 28% GST

FTA provisions over Rules of Origin to prevail in case of conflicts: CBIC

Exemptions specified in Free Trade Agreement (FTA) with regard to country of origin will prevail in case of conflict between revenue department and importer, the finance ministry has said. In an instruction to chief commissioners, the Central Board of Indirect Taxes and Customs (CBIC) said the customs field officers should be sensitive to applying CAROTAR and maintain consistency with the provisions of relevant trade agreement or its Rules of Origin. Customs(Administration of Rules of Origin under Trade Agreements) or CAROTAR Rules, came into effect from September 21, 2020. It empowers the customs officers to ask the importer to furnish further information, consistent with the trade agreement, in case the officer has reasons to believe that the country-of-origin criteria have not been met. Where the importer fails to provide the requisite information, the officer can make further verification consistent with the trade agreement. "In the event of a conflict between a provision of th

Finance ministry expects rural demand to recover as inflation softens

India's headline retail inflation for July came in at a five-month low of 6.71%, helped by easing global commodity prices and lower food prices domestically

India better placed on growth-inflation-external balance triangle: FinMin

India is better placed on the growth-inflation-external balance triangle for 2022-23 than it was two months ago, on the back of government policy response and the Reserve Bank's monetary policy actions, the finance ministry's monthly economic review said on Friday. On the price situation, the review said in absence of any further shocks, the downward movement of global commodity prices along with the RBI's monetary measures and the government's fiscal policies are expected to cap inflationary pressures in the coming months. Softening of inflationary pressures in India is further on the anvil as the prices of important raw materials such as iron ore, copper and tin that feed into the domestic manufacturing process, globally trended downwards in July 2022, it noted. Headline retail inflation eased to 6.7 per cent in July 2022 from 7.01 per cent in the previous month. Despite global headwinds, the IMF forecasts India's economy to grow at a robust rate of 7.4 per cent in 2022-23, the .

Inter-regulatory coordination to reduce arbitrage opportunity: CCI chairman

'In the case of market purchases where prices are volatile, if one is required to wait for approval from the CCI, the person or entity may lose the opportunity to buy shares at best prices'

FinMin contributed over Rs 900 cr towards Covid vax development: Official

The Union Finance Ministry contributed over Rs 900 crore to COVID vaccine development under 'Mission COVID Suraskha' resulting in India becoming a leader in vaccine production, said a top official.

FinMin plans to review exemption-free tax regime to make it more attractive

The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources said