Page 45 - Nirmala Sitharaman

Centralised portal for internship scheme set to go live on October 3

Candidates can send applications from October 12

Govt announces 3 new external members ahead of key RBI MPC meet

Govt appoints Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as new external members of RBI's Monetary Policy Committee

FM Sitharaman tells Arunachal govt to adopt cluster development approach

Union Finance Minister Nirmala Sitharaman on Tuesday advised the Arunachal Pradesh government to adopt the cluster development approach as a key strategy for enhancing productivity and competitiveness as well as capacity building of micro and small enterprises (MSEs) in the state. Addressing a credit outreach programme organised by the State Bank of India here, she said that Arunachal Pradesh does not have even a single cluster announced by the MSME ministry till date. "I request Chief Minister Pema Khandu to take up cluster development approach of the 20 GI-identified products in the state. In small places such clusters could be declared by the ministry and Small Industrial Development Bank of India (SIDBI) could be roped in to finance such enterprises," the Finance minister said. A cluster is a group of enterprises located within an identifiable and as far as practicable, contiguous area and producing same and similar products and services. The MSME ministry has adopted the clust

K'taka HC halts probe against FM Nirmala Sitharaman in electoral bonds case

The Karnataka High Court on Monday stayed the investigation into an FIR registered against Union Finance Minister Nirmala Sitharaman and others in the extortion case linked to the now-scrapped electoral bonds scheme. Justice M Nagaprasanna passed the interim order on a petition by BJP leader Nalin Kumar Kateel, who is named as the fourth accused in the FIR. The case registered by Bengaluru city police on September 28, followed a magistrate court's directive in response to a private complaint submitted by Adarsh R Iyer, co-president of the Janaadhikaara Sangharsha Parishath (JSP) relating to the now-scrapped electoral bonds scheme. According to police, an FIR was registered under IPC sections 384 (punishment for extortion), 120B (criminal conspiracy) and 34 (acts done by several persons in furtherance of common intention) against Sitharaman, ED officials, office-bearers of the BJP at state and national level, based on the order of a special court.

FM Sitharaman asks IT dept to analyse cases lost at HCs, SC to draw lessons

Union Finance Minister Nirmala Sitharaman has asked the Income Tax Department to "analyse" court cases the taxman lost over the last decade in order to draw lessons and ensure litigation disputes are eliminated, official sources said Monday. The minister has also asked the department to prepare a list of "expert" tax law advocates so that they can represent the I-T Department or the revenue side effectively at judicial forums including in insolvency cases before the National Company Law Tribunal (NCLT), the sources said. The decisions were taken during a meeting of the top brass of the tax department and its administrative authority, the Central Board of Direct Taxes (CBDT), held in Delhi last month. The principal chief commissioners and directors general of the I-T department apart from the CBDT chairman, members and officers were part of the meeting, they said. The sources told PTI that finance minister Sitharaman directed the CBDT to "audit" the cases won or lost by the departme

Increase share in ground-level agri credit: FM asks Northeast RRBs

Union Finance Minister Nirmala Sitharaman on Monday directed the Regional Rural Banks (RRBs) to increase their share in ground-level agriculture credit disbursement with a special focus on horticulture and allied agriculture activities like piggery, poultry, dairy and fisheries, officials said. Chairing a review meeting of the RRBs in the northeastern states at the civil secretariat here, Sitharaman urged the banks to put greater thrust on the identification of the right beneficiaries while sanctioning loans under various central schemes, they said. The meeting focused on business performance, upgrading digital technology services, and fostering business growth in allied agriculture and MSME clusters, they added. Among those present in the meeting were chairpersons of RRBs and sponsor banks, representatives of RBI, NABARD and SIDBI, and senior officers of all the northeastern states.

Karnataka court orders FIR against FM in case related to electoral bonds

A case was registered on Saturday against Union Finance Minister Nirmala Sitharaman and others on the directions of a court here, following a complaint relating to the now-scrapped electoral bonds scheme. Accorsing to police, an FIR was registered under sections 384 (punishment for extortion) and 120B (criminal conspiracy) read with 34 (acts done by several persons in furtherance of common intention) against Union Minister Nirmala Sitharaman, ED officials, office-bearers of the BJP at state and national level, based on the order of a special court. The complaint was lodged by Adarsh R Iyer, Co-President of 'Janaadhikaara Sangharsha Parishath' (JSP) alleging that the accused "committed extortion under the guise and garb of electoral bonds and benefitted to the tune of 8,000 and more crore of rupees." The complainant further alleged that Sitharaman through the clandestine aid and support of ED officials facilitated extortion of thousands of crores of rupees for the benefit of others .

I-T Act review: Govt to invite suggestions from industry next month

The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October, as part of an exercise to simplify the direct tax law, sources said. In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income Tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation. Following the Budget announcement, the Central Board of Direct Taxes (CBDT) had set up an internal committee for a comprehensive review of the six- decade old direct tax law and make it concise, lucid, easy to read and understand. "In the meeting with industry associations, the revenue department suggested that the functionality be developed by the first week of October to give suggestions for reworking the income tax law," a source said. Another source said that the exercise is not to write a new tax law or a tax

'NEET' problem: 25% of India's youth not in education, employment, training

NEET, short for not in education, employment and training, globally 20.4% of youth fell into the NEET category in 2023

GoM on GST on health, life insurance premium to meet on October 19

The ministerial panel to decide on lowering goods and services tax (GST) on health and life insurance premiums will have its first meeting on October 19, officials said. Currently, 18 per cent GST is levied on insurance premiums and there have been demands to either exempt or reduce the tax. The GST Council in its meeting earlier this month decided to set up a 13-member GoM to decide on tax on health and life insurance premiums. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The panel includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu, and Telangana. The GoM has been mandated to submit its report to the Council by October-end. A final call by the council on taxation of insurance premiums is likely to be taken in the next meeting in November, based on the GoM report. "The GoM on GST on insurance will meet on October 19 in Delhi," the official said. The terms of re

FM asks AIIB to increase innovative financing, non-lending services

The finance minister was attending the Governors' Business Roundtable at the 9th Annual Meeting of the Board of Governors of AIIB in Samarkand, Uzbekistan

Welfare permit absent at EY, FM Sitharaman clarifies remark & more

Maharashtra’s labour department recently conducted a probe into the EY office at Pune that has been under scrutiny after its employee Anna Sebastian Perayil’s death. Watch the video to know the detail

Drive safe or pay more: Delhi LG's plan to link traffic fines to insurance

In his letter, Delhi LG V K Saxena has recommended a tiered insurance premium system that would directly reflect the driving habits of individual motorists

FM asks AIIB to assist low-income countries to avail financial resources

Finance Minister Nirmala Sitharaman on Wednesday said AIIB should continue to focus on a client-centric approach and facilitate member countries, particularly low-income countries to avail financial resources through technical assistance. She urged Asian Infrastructure Investment Bank (AIIB) during a meeting with its president Jin Liqun ahead of the 9th Annual Meeting of Board of Governors in Samarkand (Uzbekistan). The finance minister appreciated AIIB's rapid growth in lending operations in a short span of nine years. "The Union Finance Minister suggested that @AIIB_Official should continue strengthening its client centric approach and facilitate member countries, particularly Low-Income Countries to avail financial resources through technical assistance and other non-financial services," the ministry said in a post on X. India being the second largest shareholder and the largest client, the AIIB President appreciated India's contributions to the governance and overall growth of

No way victim shaming was done: FM Sitharaman on row over EY remark

The finance minister said that she had specifically mentioned that after clearing a demanding and rigorous examination such as CA, the stress on her was unbearable

Sitharaman to visit Uzbekistan from Sept 24 to 28, attend AIIB annual meet

Finance Minister Nirmala Sitharaman will attend the 9th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB) scheduled in Samarkand, and hold bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President. She will embark on an official visit to Uzbekistan from September 24 to 28, the finance ministry said in a release. The Annual Meeting of Board of Governors of AIIB is scheduled on September 25 and 26. The annual meeting witnesses participation of delegations from around 80 countries, and other international organisations. "In the Annual Meeting of AIIB, the Union Finance Minister will attend as the Indian Governor to the AIIB. India is the second largest shareholder of the bank. The multilateral discussions centred around a broad spectrum of important global issues relevant to the development agenda," the finance ministry said. As part of the official visit, she is expected to call on Shavkat Mirziyoyev, President of ...

Left, Congress in Kerala attack Sitharaman over remark on EY employee death

The ruling CPI(M) and the opposition Congress in Kerala on Monday lashed out at Union Finance Minister Nirmala Sitharaman over her statement on the recent death of a young CA professional employed with audit major EY, and demanded her apology. Anna Sebastian Perayil, who cracked the tough Chartered Accountant exam in 2023 and worked at Ernst and Young, Pune office for four months, died in July. According to a letter her mother wrote to the EY India Chairman, Perayil was overworked with a "backbreaking" load as a new employee that affected her "physically, emotionally, and mentally". In an event held at Chennai on Saturday, Sitharaman had in an apparent reference to the incident, said families should teach the children to handle pressure through divinity. "What should families teach--whatever you study and the job you do, you should have the inner strength to handle that pressure and this can be achieved through divinity only. "Believe in God, we need to have God's grace. Seek God,

India on right track to become Viksit Bharat by 2047: FM Sitharaman

The country was on the right track towards Viksit Bharat 2047 and institutional capacity building would play a key role in that, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Sunday. Viksit Bharat 2047 is the NDA government's roadmap to make the country a developed nation by 2047, when India celebrates its centenary of achieving independence. The FM said the Centre has left no stone unturned towards enhancing self-sufficiency in defence capabilities. "We will also need to look after our banks, overall infrastructure, health of the companies in the market and prioritising the digitisation of the Indian economy," she said at the Pondy Lit Fest. "So if you are looking at what the future entails for India and how we are going to reach the destination of Viksit Bharat 2047, we are on the right track in that. We have prioritised our national security. " she said. Sitharaman said the Centre never compromised spending on Defence although the earlier regime

Avail finance ministry's services to boost business: FM to fisherfolks

Urging the fishing community to avail the benefits offered through the Kisan credit card, Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said it would help boost their trade. At a BJP membership drive here, Sitharaman said members of the fishing community who's applications were rejected by banks and financial institutions, may approach her for redressal. Prime Minister Narendra Modi felt the need for a separate department to address the issues related to fisheries and therefore, a dedicated department has been set up, she said in her address. "There are a lot of schemes for the welfare of the fishermen and they can avail term loan facilities to grow their businesses." Pointing out that a dedicated Kisan Credit Card was launched by the Centre to serve farmers' community, PM Modi suggested that a similar mechanism be developed to serve those who have been traditionally engaged in ocean farming along India's coastline for several years, Sitharaman said. "It

Govt to kick off FY26 Budget making exercise from 2nd week of next month

The finance ministry will commence the exercise to prepare the annual budget for 2025-26 from the second week of next month in the backdrop of the Indian economy recording 7 per cent growth rate for the fourth consecutive year. The budget for the next financial year would focus on reforms to be pushed to further accelerate growth momentum and measures to generate jobs and boost demand in the economy. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," Budget circular 2025-26 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said. It will be the second budget of the Modi 3.0 government and 8th straight Budget for Finance Minister Nirmala Sitharaman, a rare distinction in Indian ...