Page 4 - Nirmala Sitharaman

Govt introduces Bankers' Books Evidence Act to replace British era law

The government on Monday introduced a Bill to replace British era legislation with the objective to include digital and virtual records as admissible evidence in the court of law in sync with digital dependence of the banking system. The Bill was introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha. The new law to be called the Bankers' Books Evidence Act, 2026 is going to repeal or replace the Bankers' Books Evidence Act, 1891. "With the advancement of technology and growth of digital banking, bank records are increasingly created, stored and maintained using contemporary technology (instead of physical record). It has, therefore, become necessary to modernise and strengthen the existing legal framework to meet the requirements of the present banking system," the statement of objects and reasons of the Bill said. The bill proposes to expand the scope of the definition of 'bankers' books' to include all forms of records maintained by banks, whether in physical, ...

Parliament to take up four bills today as Monsoon Session enters third week

Monday's agenda also includes a statement by Union Finance Minister Nirmala Sitharaman presenting the Demands for Excess Grants for 2022-23

Govt to introduce Bankers' Books Evidence Bill in Lok Sabha on Monday

The proposed law will replace the 1891 Act, expand the definition of bankers' books and provide a technology-neutral legal framework for financial records.

No plan to adjust Budget numbers yet, says FM Nirmala Sitharaman

FM Nirmala Sitharaman says the government has adequate fiscal buffers to tackle risks from the West Asia conflict and sees no need to revise Budget estimates

Don't make citizens run from pillar to post: Sitharaman to I-T officials

Union Finance Minister Nirmala Sitharaman on Sunday urged the Income Tax department to work for the benefit of common people without making them run from pillar to post. She also went public with her disappointment at the "laidback" nature of government departments, which leads to illegal occupation or encroachments on government lands and underlined the need for integrity in conduct from all officials. Citing the challenges faced by the department in getting permissions to construct a building in the Nariman Point business district, which she inaugurated on Sunday, Sitharaman said these experiences, despite serving in the Indian Revenue Service (IRS), would have given them an idea of what the common man goes through. An IRS officer has the name of the Income Tax department behind him, a "powerful force to frighten people", Sitharaman reminded, adding that despite this, the officials had to run from pillar to post to get clearances from authorities to proceed with work on the 13-flo

FM Sitharaman nudges I-T authorities to speed up appeal disposals

Finance Minister Nirmala Sitharaman said the tax department must strengthen litigation management and prevent disputes as over 5.4 lakh first appeals remain pending

Sitharaman defends govt on Neet row, says Congress 'exploiting issue'

FM Nirmala Sitharaman said the government's response ensured arrests, a timely re-examination and prompt declaration of results, allowing students to move ahead with admissions.

Value of rupee market-determined with no specific level or band: Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the rupee's value against the US dollar is market-determined and there is no target or specific band for the domestic currency. "The government closely tracks the trends in key economic parameters, including exchange rate movements, along with their implications for economic growth and fiscal stability. These issues are discussed at various fora at various levels of the government," she said in a written reply in the Rajya Sabha. On Tuesday, the rupee pared initial losses and settled 12 paise higher at 96.24 (provisional). Traders attribute the recovery to RBI's intervention. Sitharaman said the value of the rupee is market-determined, with no target or specific level or band, and RBI regularly monitors the foreign exchange market and intervenes in situations of excess volatility. Further, the RBI monitors key developments across the globe which may have an impact on the USD-INR exchange rate, she said. Various measures have been

FCNR(B) inflows trail expectations as rupee comes under fresh pressure

The rupee weakened as initial FCNR(B) deposit inflows fell short of market expectations, though analysts said it was too early to assess the success of the RBI's measures

India asks state-owned banks to step up foreign currency deposits

The Centre has asked state-run banks to intensify efforts to mobilise NRI deposits as policymakers seek to strengthen foreign exchange reserves

FM asks banks to step up NRI outreach as FCNR(B) mobilisation gathers pace

Lenders report encouraging response from Singapore, HK, Gulf, UK, US; ECB inflows seen picking up in Q3 FY27

FM Sitharaman to meet PSB chiefs to review foreign currency deposit drive

Finance Minister Nirmala Sitharaman will meet the heads of public sector banks (PSBs) on Monday to review the progress of the foreign currency deposit mobilisation campaign being undertaken by the lenders. In a bid to attract foreign currency deposits by Non-Resident Indians, Overseas Citizens of India, and Persons of Indian Origin, the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity. The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just USD 946 million in FY26 from USD 7.1 billion in FY25. The Finance Minister will chair the meeting of chiefs of PSBs and financial institutions, including IDBI Bank, on mobilisation of FCNR(B) deposits, Overseas Foreign Currency Bonds and External Commercial Borrowings on July 13, sources said. Under the new arrangement, the RBI is offering a concessional foreign exchange swap facility

FM Nirmala Sitharaman to meet heads of public sector banks on Monday

Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on Monday to review progress of foreign currency deposit mobilisation excercise being undertaken by them. In a bid to attract foreign currency deposits by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs), the Reserve Bank of India last month withdrew, till September 30, interest rate ceiling on fresh Foreign Currency Non-Resident (Bank) deposits of 3-5 years' maturity. The move came at a time when FCNR(B) deposit inflows weakened sharply, with net inflows dropping to just USD 946 million in FY26 from USD 7.1 billion in FY25. The Finance Minister will chair a meeting of public sector banks and financial institutions, including IDBI Bank, on mobilisation of FCNR(B) deposits, Overseas Foreign Currency Bonds and External Commercial Borrowings on July 13, sources said. Under the new arrangement, the RBI is offering a concessional foreign exchange

FM Sitharaman, CEA urge GCCs to move up the value chain as AI threat looms

Nirmala Sitharaman urged GCCs to move up the value chain, while the CEA warned AI could erode India's cost advantage if firms fail to innovate

FM Sitharaman asks toy makers to aim for a quarter of global market by 2032

Finance Minister Nirmala Sitharaman urged the Indian toy industry to target a quarter of the global toy market, citing government support and quality measures to boost manufacturing and exports

Middle class growth engine of India, 500 cities to be economic hubs: FM

Finance Minister Nirmala Sitharaman on Friday described the middle class as the growth engine of India and said nearly 500 cities are poised to emerge as the country's next centres of economic activity. Participating in a panel discussion on 'How to promote the rise of a new middle class' at the Rencontres Economiques d'Aix-en-Provence, a major economic forum of France, Sitharaman said 31 per cent of India's population is middle class as of today. Since India opened its economy, the middle class is growing at an annual rate of 6.3 per cent, she noted. "We think 93 per cent of all spending in India will be because of the middle class or the slightly affluent consumers...and again, this middle class is not concentrated in our metropolitan cities...India's model has resulted in the development in such a way that the middle class is present not just in big cities but they are on the contrary in these tier two, tier three cities," the finance minister said. The distribution of wealth is

Sitharaman invites French firms to partner in India's Viksit Bharat journey

Finance Minister Nirmala Sitharaman invited French businesses and investors to partner with India in its journey towards Viksit Bharat 2047, emphasising the need to strengthen the India-France Strategic Partnership and work towards shared prosperity for both countries. Addressing an India-France Business Roundtable in Paris on Thursday, she urged French investors to explore partnerships in healthcare, pharmaceuticals and biotechnology by leveraging the two countries' complementary strengths in life sciences, vaccines, active pharmaceutical ingredients (APIs), clinical research, precision medicine and digital health to build resilient healthcare value chains. The minister also highlighted India's clean energy transition, including the target of achieving 500 GW of non-fossil fuel capacity by 2030, the National Green Hydrogen Mission and Production Linked Incentive (PLI) schemes, saying these initiatives offer significant investment opportunities in renewable energy, green hydrogen, ..

Sitharaman begins four-day France visit to deepen economic, strategic ties

The finance minister will co-chair the India-France Economic and Financial Dialogue, meet business leaders and participate in a global economic forum during her four-day visit

States should use borrowings for asset creation, not handouts: FM

Union Finance Minister Nirmala Sitharaman on Thursday emphasised that state governments must channel their borrowed funds into long-term capital expenditure, such as schools and hospitals, rather than relying heavily on revenue expenditure like cash distributions when financial resources are tight. Addressing the media, Sitharaman underscored that taking loans to create public infrastructure yields a positive economic impact and generates employment for the next 50 to 60 years. "Borrowing is not the issue, but what you do with the borrowed money matters. Are you creating assets? Is it bringing education, industries, or increasing employment? That should be the focus," she said, noting that states are permitted to borrow up to three per cent of their Gross State Domestic Product (GSDP). Sitharaman, who is on a two-day visit to Tamil Nadu and Puducherry, attended Maha Kumbabhishekam of Sri Upanishad Brahmendra Mutt in Kancheepuram on Thursday. Later in the day, she is scheduled to ..

Amid fiscal worries, govt puts PSU share sales on fast track to raise funds

As part of the stake-sale drive, an OFS in LIC is also likely to be launched "very soon"