Page 8 - Finance Ministry

CBDT acts against non-filers with foreign income, assets worth ₹29,000 cr

Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs 29,208 crore and additional income of Rs 1,089.88 crore. Suitable action under the extant provision of law is under consideration for non-responsive taxpayers, the finance ministry said in a statement. The finance ministry's statement comes amid reports that money deposited in bank accounts of Indian entities in Switzerland has increased in 2024. Indian money parked in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (nearly Rs 37,600 crore) on the back of a huge jump in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday. The ministry statement said that a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the assessment year (AY) 2024-25, reporting forei

A K Bhattacharya's third book on India's FMs captures the post-reform era

Typically, by the third sequel, authors tend to lose energy, but not A K Bhattacharya. He enjoys reporting the joys and pains of India's finance ministers too much

Most public-sector banks see decline in headcount even as branches spread

Public sector banks (PSBs) have shown varied trends in employee strength over the last three financial years

Beware if bank staff says insurance purchase mandatory for loan approval

Your guard should also go up if undue pressure is applied to purchase a policy immediately

Govt flags bank staff safety, services operations to chief secretaries

Writes to chief secys after incidents of people behaving inappropriately with bankers

Finance ministry may seek lower energy rates for green steel incentives

India, the world's biggest steel producer after China and a key green house gas emitter, has been working on a green steel policy to decarbonise production of the alloy

FM flags drug menace as major national threat, seeks stronger DRI action

Nirmala Sitharaman says drug trafficking is the biggest threat to the nation, urging DRI to target criminal masterminds and coordinate with state police more effectively

Grameen Credit Score framework likely to be launched in next 3 months

The GCS is expected to serve as a supplementary tool to existing credit bureaus, allowing banks, microfinance institutions, and other lenders to better evaluate the creditworthiness of rural borrowers

Draft gold loan norms: FinMin seeks exemption for small-ticket borrowers

DFS suggests exemption for borrowers under ₹2 lakh from RBI's proposed gold loan norms, with implementation timeline set for January 2026

Muthoot Finance soars 7% as FinMin seeks exemptions for gold loan norms

Shares of Muthoot Finance rose nearly 7 per cent on Friday after the government asked RBI to ensure small borrowers are not affected

Finance Ministry cold to Bharti Airtel plea on dues-to-equity switch

If Airtel's request is accepted, the government would have 2 to 4 per cent equity in the telco

Tariff suspense a key risk to Indian economy, says finance ministry

FinMin report flags India Inc's foreign investments

India should leverage strengths to be indispensable to investors: FinMin

Finance Ministry highlights macro stability, low inflation and monsoon outlook as strengths while warning of global risks and the need for strategic trade agreements

FM Sitharaman visits Pine Labs Noida office, lauds India's fintech sector

During her visit to Pine Labs in Noida, FM Sitharaman praised India's fintech sector for delivering secure and inclusive digital financial services to MSMEs and merchants

FinMin asks sponsor banks to draft 5-year growth plan for RRBs

The finance ministry has also asked the sponsor banks of RRBs to submit action plans for expansion of branches and business of RRBs in the next five years

Deposit insurance cap hike likely soon, may go beyond ₹5 lakh in 6 months

The deposit insurance limit refers to the amount of savings in bank deposits whose safety is assured if a lender goes bankrupt

Finance Ministry calls for joint effort to cut backlog at debt tribunals

The Finance Ministry on Saturday urged all stakeholders to collaborate in reducing pendency of cases at debt recovery tribunals (DRTs) by establishing an effective recovery ecosystem. This would facilitate the redeployment of capital locked in cases pending before DRTs for productive use in the economy, the finance ministry said in a statement. During a colloquium of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) organised by the Department of Financial Services (DFS), the Ministry of Finance also discussed effective implementation of DRT Regulations, 2024 and prioritisation of high value cases in DRTs for optimal recovery. Justice S V N Bhatti, Judge of the Supreme Court of India, graced the meeting which was also attended by senior officers of the DFS, representatives of various public and private sector banks and Indian Banks' Association. DFS Secretary M Nagaraju highlighted various key initiatives taken by the

Finance ministry pulls up public-sector banks over staff misconduct

Ministry asks lenders to strengthen handling customer grievances following several incidents

DoT once again knocks on finance ministry's door to repay MTNL debt

The total outstanding dues to the PSBs of MTNL is Rs 8,415.55 crore

Govt gives stockbrokers flexibility in group companies' investments

The DEA has amended Rule 8 of SCRR to clarify that brokers can invest in group companies using own or borrowed funds without breaching rules if liabilities are limited