Page 47 - Nirmala Sitharaman

Financial bids for Chhattisgarh-based NMDC Steel likely in two months

The Union Budget has set the target for miscellaneous capital receipts, including disinvestment, at Rs 50,000 crore for FY25 compared to the revised estimate of Rs 30,000 crore for FY24

Wish I could bring down taxes to nil, says FM Nirmala Sitharaman

But there are challenges to overcome and the country needs money for that, says the finance minister

Govt needs money to meet challenges, fund R&D, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday justified the present taxation regime, saying that the country needs resources to meet the challenges facing the nation and also to fund research and development activities. Sitharaman was addressing the 11th convocation of Indian Institute of Science Education and Research (IISER) in Bhopal. While appealing to the scientist community to do more research on the storage of renewable energy, Sitharaman said the world has promised a lot of money towards transitioning from fossil fuel to renewable energy but that money is yet to come. "But India didn't wait. The promises given in Paris (Paris Agreement) were fulfilled with our own money. There are times when being the finance minister, it doesn't give me motivation when I have to answer people about why our taxes are like this? Why can't we even be lower than this? I wish I can bring it down to almost nil. But India's challenges are severe and challenges will have to be overcome," the

Centre sets up team to implement internship scheme announced in Budget

The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme

Uncertainty in garment sector amid Bangladesh crisis, normalcy soon: FM

FM Sitharaman addresses concerns over garment sector investments in Bangladesh and urges banks to boost deposit mobilisation amidst rising economic challenges

Banks should bring in innovative products to mobilise deposits: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday asked banks to come up with innovative and attractive schemes to mobilise deposits. Addressing the media after the board meeting of the Reserve Bank of India, she said that deposits and lending are the two wheels of a cart and "deposit is moving slowly." The banks, she stressed, need to focus on core banking business which is mobilising deposits and lending to those who need funds. In order to overcome the mismatch between deposits and lending, Sitharaman asked banks to come up with "innovative and attractive" deposit schemes to mobilise funds from the people. RBI Governor Shaktikanta Das said that interest rates are deregulated and often banks raise deposit rates to attract funds. "Banks are free to decide on interest rates", Das added. RBI Governor Shaktikanta Das while unveiling the bi-monthly monetary policy earlier in the week, also had expressed concern of deposit-lending mismatch in the banking sector. He had said that banks

Banking laws Bill extends tenure of cooperative banks' directors to 10 yrs

Changes to banking laws have a consumer tilt; no proposal that would allow change in ownership pattern of PSBs

Govt tables banking laws bill in LS, seeks to raise nominees per a/c to 4

The government is scheduled to introduce the Banking Laws (Amendment) Bill, 2024 which seeks to increase the option for nominees per bank account to four, from existing one, among others. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. As per the revised list of business of Lok Sabha, Finance Minister Nirmala Sitharaman is scheduled to introduce the Banking Laws (Amendment) Bill, 2024 later in the day. Besides, sources said there are some changes with respect to cooperative banks. In addition, the Bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. The Bill also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month instead of the second and fourth Fridays. The Bill, which was approved by the Union Cabinet l

No back-door entry for defaulting promoters: FM Nirmala Sitharaman

Statement comes in response to concerns over haircuts in insolvency cases

Union Budget 2024: Parliament approves Appropriation Bill, Finance Bill

Parliamentary approval for the Budget 2024-25 was completed on Thursday with the Rajya Sabha returning the relevant legislations to the Lok Sabha after Finance Minister Nirmala Sitharaman's spirited reply to the debate emphasising Budget was aimed at promoting investments and creating jobs. The Rajya Sabha returned the Appropriation Bill and the Finance Bill to the Lok Sabha, thus completing the budgetary exercise for 2024-25. The Jammu and Kashmir Appropriation Bill too was returned to the Lower House. Earlier, these bills were approved by the Lok Sabha. Sitharaman presented the Budget in the Lok Sabha on July 23. It was her seventh Budget. Replying to the discussions in the Upper House, the minister said the Union Budget balances different overriding imperatives, including growth, employment, capital expenditure, and fiscal consolidation. "In a nutshell, the Union Budget this year balances several overriding imperatives, growth, employment generation, capital investment, and fis

We have courage to change: FM Nirmala Sitharaman on LTCG amendment

The original LTCG regime proposed on July 23 Budget, removed the indexation benefit, sparking concerns over real estate transactions

Flexible fiscal targets

India needs a sustainable and clear framework

Opposition's walkout on GST issue a 'face-saver', says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday criticised the opposition parties for their walkout from the Lok Sabha after their amendment to withdraw GST levy on medical and life insurance premiums was not taken up and said they did so as a "face-saver" after she addressed all their issues in her speech. Speaking to reporters in Parliament House Complex, Sitharaman said the GST Council, which is a constitutional body, can take up any matter related to the GST and such an amendment could not be moved in Parliament as demanded by the opposition parties. "They were given appropriate response to all their issues. They were looking for a face-saver and picked on this to stage a walkout. It was an afterthought," she said. RSP member N K Premchandran had moved the amendment during the passage of the Finance Bill, seeking removal of 18 per cent GST on medical and life insurance premiums. Normal procedure of the House is that the amendment is circulated only if it is admitted, he told .

FM proposes amendments to LTCG tax provision on immovable properties

Finance Minister Nirmala Sitharaman on Wednesday said the contentious LTCG tax proposal on real estate is being amended to give option to taxpayers to compute tax liability under the old system or at reduced rates without indexation, and pay the lower of the two. Replying to a debate on the Finance Bill, Finance Minister Nirmala Sitharaman said the rollover benefit will be available to taxpayers who buy new immovable property utilising the capital gains on the sale of old property. The Budget 2024-25 proposal to remove indexation benefit in calculation of long term capital gains on sale of immovable properties evoked sharp criticism from various corners, including opposition parties and tax professionals. The Budget, presented on July 23, had proposed a lower 12.5 per cent rate of LTCG tax, down from 20 per cent, while doing away with the indexation benefit. The major amendment in the Bill relates to restoration of indexation benefit on sale of properties bought prior to July 23, .

FM Sitharaman tables Appropriation (No 2) Bill 2024 in Rajya Sabha

Finance Minister Nirmala Sitharaman on Wednesday introduced the Appropriation (No 2) Bill 2024 in the Rajya Sabha which authorises certain sums out of the Consolidated Fund of India for services in 2024-25. Sitharamam also introduced the Jammu and Kashmir Appropriation (No.3) Bill, 2024 in the Upper House. The Lok Sabha passed the two legislations last week. Initiating the discussion on the bills, Digvijaya Singh of Congress stated that the focus of the government should be on reducing the disparity between rich and poor, tackling price rise and generating employment. Attacking the government, he said that for the last decade the government has just worked for the benefit of big corporations. He stated that household savings have come down in the country signalling that poverty is on the rise. He said that while price increase is there, earnings remain at the same level as was the case 10 years ago. "The number of billionaires has risen the most during the Modi government. Poor h

Indian energy cos lag in R&D, innovation metrics compared to global peers

India's leading energy companies do not fare better than global firms on R&D intensity, proportion of employees with a PhD degree, and patents per billion dollar revenue, according to FAST India

FM Nirmala Sitharaman, PSB chiefs likely to talk NPAs and cybersecurity

Finance Minister Nirmala Sitharaman will hold the review meet on August 19

No need to keep minimum balance in Jan Dhan, basic savings accounts: FM

Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts. The minister was replying to a question in Rajya Sabha during Question Hour regarding public sector banks collecting about Rs 8,500 crore in penalty from customers for non-maintenance of minimum balance in accounts in five years. "Since the member is talking about banks collecting money for basic minimum balance which is not there in the account, that does not apply to PM Jan Dhan accounts and basic accounts of the poor people. It is only for others whose minimum balance is expected to be at a certain level," Sitharaman said. It emerged in a written reply to a question in the Lok Sabha that public sector banks collected around Rs 8,500 crore under this head in five years starting FY 2019-20. Minister of State for Finance Pankaj ..

NPAs of PSBs on Mudra loans declined to 3.4% in FY24: FM Sitharaman

Sitharaman addressed questions regarding NPA associated with Mudra loans, highlighting a significant reduction in NPA rates over the past few years

SFIO carrying out detailed probe into Sahara group companies: FM Sitharaman

The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group companies and further action will be taken after its report, Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. To a query on why all investors of the Sahara group companies have not come forward to claim refunds, Sitharaman said the entire affairs of the Sahara group are being monitored by the Supreme Court and the government is acting as per the directives of the apex court. "It is true that only small investors have come forward to claim the refunds. The SFIO is investigating the entire matter. It is also looking into why all the investors have not come forward to claim the refunds and where are they," she said during Question Hour. The minister said after the detailed analysis of the SFIO the whole picture will be cleared and action could be taken. She said there were 3.7 crore investors in the Sahara group companies and so far 19,65