Page 76 - Nirmala Sitharaman

21,791 fake GST registrations, tax evasion of Rs 24,000 cr detected: FM

Finance Minister Nirmala Sitharaman on Tuesday said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of honest taxpayers and avoid extreme hardship to taxpayers, instructions have been issued from time to time, directing officers to exercise due caution and care in the exercise of powers such as summons, provisional attachment of property, blocking of tax credit etc. "A total of 21,791 entities (11,392 entities pertaining to state tax jurisdiction and 10,399 entities pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + Centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive," Sitharaman said. The minister was replying to a question on the number of entities identified as

PSBs given Rs 15,000 crore on ED action, says FM Nirmala Sitharaman

Finance minister said that over last two financial years, the number of non-performing asset accounts in the commercial banks have declined from 2.19 cr to 2.06 cr, showing decrease of 6 per cent

PSBs get back Rs 15,183 cr following ED action under PMLA: Sitharaman

The Enforcement Directorate (ED) has confiscated assets worth Rs 15,186.64 crore under the stringent prevention of money laundering law and almost all of these have been restituted to public sector banks, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. Replying to supplementary questions in the Rajya Sabha, the minister said specific actions through various legal provisions are being taken against defaulters and as a result, "huge monies" are going back to the banks. Sitharaman informed the House that as of March 31, 2023, legal suits were filed for recovery against 13,978 loan accounts, action under the SARFAESI Act has been initiated in 11,483 cases, FIRs have been filed in 5,674 cases, and an aggregate amount of Rs 33,801 crore has been recovered. "As of December 1, 2023, assets amounting to Rs 15,186.64 crores under the PMLA have been confiscated by the ED out of which Rs 15,183.77 crores have been restituted to the Public Sector Banks," she said. Chair

Avg monthly GST mop-up at Rs 1.66 trn so far this fiscal: FM Sitharaman

The GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said the GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023. "GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f. 1st July, 2017... The average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year," Sitharaman said. The average monthly Goods and Services Tax (GST) collection in 2022-23 was over Rs 1.50 lakh crore, higher than Rs 1.23 lakh crore in 2021-22. In 2020-21, the average monthly mop-up was Rs 94,734 crore. In reply to

Nothing pending: Sitharaman rejects Karnataka govt charges on fund dues

Union Finance Minister Nirmala Sithraman on Thursday said there is "nothing pending" from the Central government to Karnataka and the National Disaster Response Fund (NDRF) for the drought relief to the state, which is due, will be decided once the high-power committee decides. Speaking to reporters here, she said because Prime Minister Narendra Modi has been Chief Minister of a state for more than 10 years, he knows what it is for states to get their money in time. "The state government can throw the allegations. He can send me the letter and much before the letter reaches me he can put it in social media, the minister or the chief minister. And I say not just this in Bengaluru, I've even, two days ago, when I was in Kerala, I said that," Sitharaman said in response to a question on Congress government here alleging delay in release of Central funds to Karnataka. "There is nothing pending from our side for Karnataka, I'm a MP from the state, I have a responsibility also. There's ..

Sitharaman demands concrete action on climate funding, not words at COP 28

Finance Minister Nirmala Sitharaman on Monday called for concrete action on climate funding and transfer of technology at the upcoming global climate summit, saying that India will be pushing forward to showcase what it has achieved with its own funds. The 28th round of the annual UN climate talks to be held from Nov 03 to December 12 in the UAE and is anticipated to involve intense negotiations on compensation from rich countries to developing ones for climate impacts, fossil fuel usage, methane emissions, and financial aid for reducing planet-warming emissions and adapting to climate change. Speaking during a virtual session at the inaugural event of India Global Forum Middle East and Africa 2023 (IGF ME&A), Sitharaman said that cOP 28 should show the direction to countries. "There is a need for concrete action on climate funding and transfer of technology at the upcoming global climate summit," she said. She said that India will certainly be pushing forward to showcase what it .

Investors need not be jittery; Modi coming back with majority: Sitharaman

Finance Minister Nirmala Sitharaman on Monday said that Prime Minister Narendra Modi will come back to power in 2024 with a "good majority" and global investors need not be "jittery". She also said the government is committed to systemic reforms to accelerate the pace of growth. Participating in a debate virtually organised by India Global Forum, she said, investors "need not be jittery at all" about the outcome of general elections due in April-May 2024. "...keeping their (investors) fingers crossed is normal and I can understand that. But here I am and also there are several people who are observing the Indian economy, observing the political environment, observing the ground level realities and the situation as it prevails today, Prime Minister Modi is coming back and coming back with a good majority," she emphasised. The government led by Prime Minister Narendra Modi has taken various initiatives that have transformed the life of every Indian and the business environment has ..

Sitharaman trying to mislead Kerala people on funds disbursement: CM

Kerala Chief Minister Pinarayi Vijayan on Sunday accused Union Finance Minister Nirmala Sitharaman of trying to mislead the public through her claims of timely disbursement of required funds to the southern state by the Centre. Sitharaman, a day ago, had dismissed allegations by Kerala's Left government of negligence in fund allocation and claimed that the Central government promptly sends the required funds to the people of the southern state without any delay. She had also blamed the state government for non-release of funds under various categories by the Centre, alleging that it was due to the Left administration's failure to meet the necessary criteria. Refuting the claims and allegations of the Union minister, Vijayan contended that requirements of the southern state were brought to Sithraman's attention several times through written requests from state Finance Minister K N Balagopal. Balagopal had also met the Union minister personally to highlight the state's financial ...

FM Sitharaman dismisses Kerala govt's fund allocation 'negligence' charge

Union Finance Minister Nirmala Sitharaman on Saturday dismissed allegations by Kerala's Left government of negligence in fund allocation and claimed that the Central government promptly sends the required funds to the people of the southern state without any delay. Responding to the Left government's allegations of not releasing funds under various categories, she pointed fingers at the state government, alleging that it was due to the state's failure to meet the necessary criteria. Criticising the ruling CPI(M)-led alliance, which has announced a protest in New Delhi in January against the alleged neglect by the Central government, the finance minister claimed that the highest amount of Finance Commission Grants has been released to Kerala from 2009-10 to 2023-24 under the leadership of Prime Minister Narendra Modi. "Under the National Social Assistance Programme (NSAP), all the pending liabilities and the first tranche of 2023-24, covering senior citizen pensions, amounting to Rs

DMK regime retrieved temple properties worth Rs 5,500 cr: Stalin flays FM

Targeting Union Minister Nirmala Sitharaman, Chief Minister and DMK President M K Stalin on Friday said true devotees will laud the DMK regime but not the deceitful who attempt to hoodwink the people. Stalin, referring to the DMK youth wing conference slated to be held in Salem next month, said some people, unable to tolerate the party's growth were trying to confuse the people through disinformation campaign in the social media. In his address at a function here, the DMK chief said he will not be concerned even if BJP state unit chief K Annamalai was to confuse people. However, Union Finance Minister Nirmala Sitharaman has alleged in an interview that "we are looting temples." Under the DMK regime, Rs 5,500 crore worth properties belonging to temples have been retrieved. "If they really have devotion, they should laud the DMK regime," he said. However, they do not have devotion and only try to hoodwink people through their deceitfulness. A senior, retired police officer has made

Rein in enthusiasm to lend: FM Sitharaman to NBFCs, small finance banks

RBI Governor Shaktikanta Das on Wednesday said the central bank's tougher stance on unsecured loans is a "preemptive" move aimed at ensuring financial stability

Customer data shared with account aggregators totally safe: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday assured that customer data shared with account aggregators (AA) is completely safe in India. Concerned over the slow movement of the AA scheme, she said, "It is not as much as I would want to see. It can be better, which means either the building of awareness exercises are not sufficient, adequate" or there is a need for simplification of technology. "Banks, both public and private, have reviewed it with me once. Banks have become a member or a part of this account aggregators working, and it has actually helped," she said at the 'DATE with Tech' event here. She stressed that the enthusiasm of the banks has to be accentuated, only then that it will reach every customer. Allaying concerns about data security, she said, "Initially, there were some apprehensions that possibly, account aggregators are going to sit over data bank. They cannot hold data. They are just a pass-through. Neither the beneficiary customer nor the bank can sit on

NBFCs should remain cautious on lending as suggested by RBI, says FM

Finance Minister Nirmala Sitharaman on Thursday said NBFCs and small finance banks need to remain cautious while lending as suggested by the Reserve Bank. Speaking at 'DATE with Tech' event here, Sitharaman cautioned that NBFCs and small finance banks should respect the red line and should not go too far in their enthusiasm. "Enthusiasm is good but sometimes it becomes a bit too far for people to digest. So as a measure of caution the RBI has also alerted small finance banks, NBFCs to be careful that they don't go too far too soon and face any downside risks later," she said. Reserve Bank Governor Shaktikanta Das on Wednesday had said the central bank's tougher stance on unsecured loans earlier this month is a "preemptive" move aimed at ensuring financial stability. Following a massive rise in unsecured lending and delinquencies, the Reserve Bank on November 16 tightened the norms for unsecured consumer credit, asking banks and NBFCs to assign a higher risk weight. As a result, it

Sitharaman stresses on building awareness among people to curb cyber fraud

Finance Minister Nirmala Sitharaman on Thursday said there was a need to build awareness among people on cyber frauds and take the reins of technology in our hands to stop scamsters from gaming the system. Speaking at the 'DATE with Tech' event, the minister said to stop cyber frauds, where people are duped by way of a phone call or SMS, the government periodically reviews public sector banks, and regulator RBI reviews its own systems. Insurance companies also review their systems. "We are constantly doing what is required. Unless awareness, unless we are able to build that alertness in the mind of people that I should not go by anything that is said on my phone is built, citizens are at risk, Sitharaman said. She said at the micro level there is concern about people getting random calls putting them in a situation where they are getting trapped and as a result ending up losing money. "Those people who game the system probably are one notch ahead of us in terms of using and misusin

FY24 to end with strong growth performance, macroeconomic stability: FinMin

The current financial year should conclude as projected with a strong growth performance and macroeconomic stability as more than half of this fiscal has witnessed positive developments in the economy, a finance ministry report said on Tuesday. The Reserve Bank of India (RBI) has projected a 6.5 per cent GDP growth in the current financial year ending March 2024. In the Monthly Economic Review for October, the ministry also said the downside risk will continue to be inflation that should keep both the government and the RBI on high alert. Financial flows in the external sector need constant monitoring as they impact the value of rupee and the balance of payments, the report said, adding that a fuller transmission of the monetary policy may also temper domestic demand. On the inflation front, it said the decline in international crude oil prices and continued moderation in core inflation are likely to control inflationary pressures going forward. Recognising this trend, the report

Only govt should do food certification, not NGOs: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said food certification should be done only by governmental agencies, and not by non-governmental organisations. In a press conference, replying to a query on the Uttar Pradesh government banning the production, storage, distribution and sale of food products with halal certification, she said it is not right for any organisation other than the government ones to give certification. Food quality and food testing are essentially a government job. Government should do it. We have our Food Safety and Standards Authority of India (FSSAI)," she said, adding it is the government agencies that should ascertain whether there are chemical additives, artificial or harmful colours and so on. "They (government bodies) will have to be the authority to certify which is quality food for people to consume. Non-Governmental Organisations doing it is not right, she said. The Uttar Pradesh government on November 18 banned the production, storage, ...

15 Tamil Nadu fishermen reached Chennai after being released from Sri Lanka

The Finance Minister spoke to the Foreign Secretary and the Indian High Commission in Sri Lanka, following which the fishermen were rescued

Women accorded top priority under PM Mudra Yojana scheme: FM Sitharaman

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said women entrepreneurs are accorded first priority under the Centre's flagship Pradhan Mantri Mudra Yojana scheme which offers financial assistance to beneficiaries. Distributing sanction letters to beneficiaries under the PM SVANidhi Se Samriddhi programme which offers loans to street vendors, here, she said officials of the municipalities should identify the uncovered street vendors and help them avail benefits of this scheme. SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme to facilitate access to eight Central government schemes to eligible PM SVANidhi beneficiaries and their family members for their holistic development and socio-economic upliftment. Recalling the launch of Jan Dhan-Aadhaar-Mobile Trinity, Sitharaman said that through JAM Trinity, an AADHAR card was provided to a beneficiary, after which he or she can open a bank account and, directly, the financial aid from the

Women accorded top priority under PM Mudra Yojana scheme, says Sitharaman

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said women entrepreneurs are accorded first priority under the Centre's flagship Pradhan Mantri Mudra Yojana scheme which offers financial assistance to beneficiaries. Distributing sanction letters to beneficiaries under the PM SVANidhi Se Samriddhi programme which offers loans to street vendors, here, she said officials of the municipalities should identify the uncovered street vendors and help them avail benefits of this scheme. SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme to facilitate access to eight central government schemes to eligible PM SVANidhi beneficiaries and their family members for their holistic development and socio-economic upliftment. Recalling the launch of Jan Dhan-Aadhaar-Mobile Trinity, Sitharaman said through the JAM Trinity, AADHAR card was provided to a beneficiary after which he or she can open a bank account and directly the financial aid from the Centre

Israel war a challenge for West Asia corridor: FM Nirmala Sitharaman

The Centre aims to resolve insurance issues for domestic shippers and reduce India's logistics costs through this move