Page 74 - Nirmala Sitharaman

Sikkim achieved extensive financial inclusion covering remote villages: FM

Union Finance Minister Nirmala Sitharaman on Saturday lauded the Sikkim government for helping the Himalayan state achieve extensive financial inclusion, covering remote villages and habitats. She also congratulated banks and other financial institutions for the success story in Sikkim. "Sikkim has done extremely well to set up bank branches and ATM kiosks in all six districts, covering remote villages and habitats to make the mission of financial inclusion a great success," Sitharaman said at a credit outreach programme here. The minister said there are 32 bank branches and 36 ATMs in Sikkim per one lakh population in comparison to the national average of 14. "The state capital Gangtok alone has 43 bank branches and 58 ATMs per one lakh population," she said, adding that women and youth are the biggest beneficiaries of financial inclusion in Sikkim. Sitharaman also handed certificate of loans worth Rs 402 crore to 3,828 beneficiaries under various central schemes, noting that the

Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. "As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent. According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and

Centre not hostile to TN on funds flow, even made advance payment: FM

The Centre was never hostile towards Tamil Nadu, Kerala or any other state on ensuring funds flow and had made advance payments and even released funds to foster infrastructure development, Union Finance Minister Nirmala Sitharaman said on Thursday. Responding to a criticism from the DMK government that the central government was not disbursing funds or settling its share, she said from 2014 to 2023 the Centre received Rs 6.23 lakh crore as direct tax (income tax and corporate tax) from Tamil Nadu but gave back Rs 6.96 lakh crore to the state during the same period. "I will get the update on the current figures only in March. But as per the available statistics, from 2014 till 2022-23, Tamil Nadu's direct tax collection was Rs 6.23 lakh crore. But we gave Rs 6.96 lakh crore to the state," she said while speaking at the Viksit Bharat Sankalp Yatra programme here. "It is a wrong assumption that this Rs 6.23 lakh crore is paid only by the people of Tamil Nadu. Among them were ...

Centre expected to maintain fiscal discipline in Interim Budget 2024

Interim budget likely to prioritise fiscal consolidation over populist spending, anticipating fiscal deficit at 4.5% of GDP by FY26

Real estate players seek a host of benefits from the upcoming Budget

In 2023, the Indian real estate sector - both housing and commercial - witnessed a strong momentum fueled by demand, supply, and absorption

India launches a single-window portal for medical devices management

The Drugs Controller General of India said that the National Single Window System (NSWS) has been established as a 'genuine single-window system which acts as a one-stop shop for all approvals'

NARCL, PSBs should work to expedite on-boarding of stressed accounts: FM

The Finance Minister, during the review meeting, also asked the banks to put more effort into recovery from accounts declared as fraud and wilful default while also monitoring early warning signals

Sitharaman meets heads of public sector banks, reviews performance

Finance Minister Nirmala Sitharman on Saturday held a meeting with heads of public sector banks and reviewed their financial performance. During the meeting, concerns related to cyber security and the risks on the financial sector were discussed, sources said. Issues related to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) also came up for discussion, they said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. On the performance front, PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. During 2022-23, it said banks' balance sheets grew at a healthy pace, with both deposits and credit growth accelerating. The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) fell to a decade low of 3.9 per cent at the end of March 2023 and further to 3.2 per cent in September

Fiscal deficit for Apr-Nov narrows to 50.7% at Rs 9.07 trillion: Govt

Earlier this month, finance minister for state Bhagwat Karad said that the Centre was confident of meeting the fiscal deficit target of 5.9% in FY24

RBI, Mumbai banks receive bomb threat demanding resignation of FM

Mumbai Police are investigating an email claiming bombs planted have been at 11 locations, calls for resignation of RBI governor and finance minister

FinMin to meet heads of PSBs on Sat; review implementation of govt schemes

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on Saturday to review the financial performance of lenders. PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), sources said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. She will also discuss on measures to improve customer service and cyber security, sources said. The finance minister would also review financial inclusion, credit growth, asset quality, and business growth plan of banks for the next financial year, the sources said, adding non-performing assets (NPAs) and the reco

LIVE news: BJP national secretary Anupam Hazra removed from his post

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The capital gains tax conundrum

Capital gains tax suffers from varied tax rates or holding periods for different types of instruments even though they fall within the same asset class

Lives were saved during cyclones due to world-class equipment: RMC Chennai

Amid the criticism that there was a delay in the forecast on the amount of heavy rainfall that occurred last week, the Regional Meteorological Centre here said it has world-class equipment and because of warning issued huge loss of lives was prevented when cyclones like Vardah, Michaung crossed the Eastern coast. Tamil Nadu Chief Minister M K Stalin and a host of leaders from the ruling DMK had claimed that the India Meteorological Department failed to predict the accurate amount of rainfall in its forecast for the southern districts which faced 'historic' rains last week leading to severe flooding. Union Finance and Corporate Affairs Minister Nirmala Sitharaman, however, countered the comments by Stalin and said the RMC in Chennai has 'modern' equipment and is a 'state-of-the-art' facility and it had forecast 'heavy rains' in southern states well in advance. The RMC Chennai, in a statement, on Sunday said there were media reports that the centre did not have any modern equipment an

31 people lost their lives in rain related incidents in TN: FM Sitharaman

As many as 31 people have lost their lives in the four districts in Tamil Nadu due to heavy rainfall, Union Finance Minister Nirmala Sitharaman said on Friday. The Centre has already released Rs 900 crore funds in two installments to be used in this financial year to Tamil Nadu, she said, addressing mediapersons here. Sitharaman said the Regional Meteorological Centre, Chennai has ultra-modern equipment including three dopplers and had forecast on December 12 itself that there would be heavy rainfall in the four districts - Tenkasi, Kanyakumari, Tirunelveli and Tuticorin on December 17. When such a massive disaster was taking place in Tamil Nadu, Chief Minister M K Stalin was in Delhi with the INDI Alliance, she said.

Budget 2024: What is Budget Presentation?

Finance Minister Nirmala Sitharaman is set to present the interim Budget 2024 on Feb 1. Watch the video to know what Budget Presentation is all about. >

CPSEs make 34.63% procurement from MSMEs in FY24 against mandated 25%: FM

Finance Minister Nirmala Sitharaman on Thursday said Central Public Sector Enterprises (CPSEs) have made 34.63 per cent of their total procurement from MSMEs in 2023-24 (till November) as against the mandated 25 per cent. She said this during a meeting of the Consultative Committee attached to the Ministry of Finance on 'Performance of Public Enterprises'. "Another highlight during the meeting was the exponential growth in Government e-Marketplace @GeM_India procurement by #CPSEs from Rs. 7,035 crore in 2020-21 to Rs. 133,720 crore in 2023-24 (upto November 2023)," the finance ministry said in a post on X. During the meeting a presentation was made by the Department of Public Enterprises (DPE) that highlighted the progress made by the CPSEs with 57 per cent growth in gross revenue and 27.5 per cent growth in net profit of CPSEs between 2020-21 and 2022-23. "While appreciating the efforts of the Government for #PerformanceMonitoring of the #CPSEs, Members of Consultative Committee g

World Bank chief Banga, FM Sitharaman discuss engagement of MDBs in India

Finance Minister Nirmala Sitharaman on Wednesday met World Bank Group President Ajay Banga and discussed engagement of multilateral banks in various sectors in India. Sitharaman also discussed outcomes of G20 India Presidency and strengthening of the World Bank besides issues of mutual interest. "The Union Finance Minister stated that @WorldBank should take the lead in advancing recommendations contained in the Volume-I #TripleAgenda and the recommendations that #MDBs must be bigger, better and bolder as contained in the Volume-II, of the reports of the G20 Independent Experts Group #IEG, prepared under the #G20India Presidency, and added that other #MDBs look up to @WorldBank for such #reform initiatives," the finance ministry said in post on X. Independent Expert Group (IEG), appointed under India G20 Presidency, has recommended a triple agenda to harness the potential of Multilateral Development Banks (MDBs). The report suggested adopting a triple mandate of eliminating extreme

Valuation rules for GST on e-gaming platforms effective prospectively: FM

Finance Minister Nirmala Sitharaman on Tuesday said the valuation rules for levying 28 per cent GST on entry-level bets on online gaming platforms are effective prospectively. "The clarification on that (online gaming) was issued. 28 per cent is the tax and as to who it will apply to and on whom the incidence will fall is clearly explained... The valuation rules to exclude winnings is prospective. So, I hope there is not confusion on that," Sitharaman said in the Lok Sabha. The minister was replying to a discussion in the House on the GST (Second Amendment) Bill, which provides for capping the age limit for president and members of GSTAT. This implies that bets placed from the winning amount on online gaming portals will not attract 28 per cent Goods and Services Tax (GST) with effect from October 1. In its meeting in August, the GST Council had clarified that 28 per cent GST is applicable on online gaming. Thereafter, amendments to Central GST Act were cleared by Parliament in Au

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

The government on Monday informed Parliament that Google has suspended or removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by t