Page 88 - Finance Ministry

Rs 35,000-crore fund enough to vaccinate 1 billion: Govt estimates

Sources in the know say that the govt has so far spent about 5,000 crore on vaccines in the current financial year (since April).

FM Nirmala Sitharaman says macroeconomic fundamentals are sound

The finance ministry's assessment of the impact of the second wave on the economy will take a bit longer considering the timings and uncertainties, she said

Financial inclusion a top priority for govt, says Union Minister Thakur

Union Minister Anurag Singh Thakur on Thursday said financial inclusion is a top priority for the government and that promoting financial education would help in realising the collective potential. He was speaking at a virtual event to launch six modules of short films of Investor Education & Protection Fund Authority (IEPFA) titled 'Hisaab Ki Kitaab', according to an official release. Thakur is the Minister of State for Finance and Corporate Affairs. IEPFA comes under the corporate affairs ministry. The mandate of IEPFA is to build investor awareness among various stakeholders in the rural and urban areas. Due to the digital global community, the urban-rural divide in India is blurring. Yet the behaviour change in the rural populace with respect to investment and long term financial planning needs to be triggered, the minister said. Noting that financial inclusion is one of the top-most policy priorities for the government, Thakur said promoting and deepening financial education

MPC meet: RBI will reiterate the need for right policy mix, says expert

As India's early-stage recovery has been derailed by the second wave, the MPC will continue to focus on growth and maintain the status quo on policy rates and liquidity stance

June MPC meet crucial, may throw light on bias for policy in future

Over the last couple of months, there have been major unfavourable developments with regards to both growth and inflation.

Covid impact: India's economy unlikely to see double-digit growth in FY22

Barclays has pegged growth at 7.7 per cent in a bear-case scenario, if the country is hit by a third wave of the pandemic.

GST compensation: Oppn-ruled states claim Rs 55,000-cr underestimation

They have also sought an additional compensation of Rs 65,000 crore for FY21

Despite record dividend, RBI and govt may have differences over new norms

Apex bank's Rs 99,122 cr dividend supports the Centre's fiscal rescue plan, obviates need to ramp up borrowings for now

Govt borrows 55% more this fiscal as lockdowns hit revenue collections

The Centre has borrowed Rs 2.1 trillion so far this fiscal

GST Council likely to exempt govt depts, local authorities from e-invoicing

The Council is meeting today to discuss issues such as rates on Covid-related supplies

Finance Ministry plans stimulus package to support economic growth: Report

Ministry working on proposals to bolster the tourism, aviation and hospitality industries, along with small and medium-sized companies.

IBA reaches out to govt for refund of compound interest waiver by banks

The Indian Banks' Association (IBA) on behalf of lenders has approached the finance ministry to refund the burden fallen on their shoulders due to a recent Supreme Court judgment on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020. The March judgment of the apex court directed the banks to waive off compound interest on loans above Rs 2 crore availing moratorium as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21, and the scheme covered all borrowers including the prompt one who did not avail moratorium. Various banks are at the different stages of executing the order. Punjab & Sind Bank Managing Director S Krishnan said the burden on the bank due to waiver works out to be around Rs 30 crore. The issue of reimbursement of the waiver amount by the government is being pursued by IBA on behalf of

Direct foreign listing: Indian companies face capital gains hurdle

FinMin seeks 10% capital gains tax on transfer of Indian shares

RBI's higher payout to help govt tide over revenue losses: Analysts

After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns

Govt notifies solvency rules for foreign-owned insurance companies

Rules mandate 50% profit in general reserve if solvency margin is not maintained after profit repatriation, half the board should consist of independent directors

Centre releases Rs 8,923.8 cr to 25 states for grant to rural local bodies

The Union Finance Ministry, on the recommendation of the Panchayati Raj Ministry, released Rs 8,923.8 crore to 25 states for providing grant to rural local bodies.

Charge 0.1% GST on Covid vaccines, medical items

GST is applicable on domestic supplies and commercial import of vaccines at 5 per cent and on Covid drugs, oxygen concentrators, etc. at 12 per cent

I-T dept goes after hospitals taking cash payment to treat Covid patients

Response from Minister of State for Finance Anurag Thakur and I-T department is carried at the end of the story

Notify Covid-19 vaccines as zero-rated supply under GST, say experts

Tax waiver on entire Covid-related supply chain could prevent a rise in price

FinMin asks PSU banks to keep high vigil on attempt to seize funds by Cairn

UK's Cairn Energy plc has been awarded $1.2 billion against India