Page 84 - Nirmala Sitharaman

Indian firms can go for listing on foreign exchanges, IFSC: Sitharaman

Finance minister Nirmala Sitharaman on Friday said Indian companies can now go in for direct listing on foreign exchanges as well as on the International Financial Services Centre (IFSC) bourse in Ahmedabad. The nod, which came after three years of announcement as part of the Covid relief package, will enable domestic companies to access foreign funds by listing their shares on various exchanges overseas. A proposal regarding this was first floated as part of the liquidity package announced during the pandemic in May 2020. "A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions. I'm also pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchange. So, this is a major step forward. This will facilitate access to global capital and better valuation, Sitharmanan said here. The minister was speaking at an event to launch AMC Repo Clearing and a corporate debt ..

FM Sitharaman meets delegation of Canadian Pension Plan Investment Board

Finance Minister Nirmala Sitharaman on Thursday met the delegation of the Canadian Pension Plan Investment Board (CPPIB) and discussed the pension fund's investment plan for the country. The delegation was led by CPPIB president and CEO John Graham. "During the interaction, the CPPIB delegation briefed Smt. @nsitharaman regarding their global engagement and outlook, the current details of engagement with India as well their plans for #investment going forward," the finance ministry said in a tweet. Graham appreciated the host of reforms undertaken by the government over the years to facilitate long-term private investment in India. During the meeting, the finance minister outlined various investment opportunities across sectors that CPPIB may like to consider during Amrit Kaal.

Centre may begin PLI scheme for chemical, petroleum sector: FM Sitharaman

Finance Minister Nirmala Sitharaman states that India plans to be energy independent by 2047 and achieve net zero by 2070

Global gaming firms running 'no GST' ads to lure Indians to their platforms

The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets

FM Nirmala Sitharaman meets US envoy John Kerry, discusses climate goals

Finance Minister Nirmala Sitharaman on Wednesday met US Special Climate Envoy John Kerry and discussed joint efforts and commitments by both the countries to achieve climate, economic and strategic technology cooperation goals. Kerry, who arrived here on a five-day visit, met Sitharaman at her office in Parliament House. "Both sides also discussed creation of an innovative investment platform for deployment of greenfield Renewable Energy projects in India," the finance ministry said in a tweet. Earlier, Kerry held discussions with Union Minister for Heavy Industries Mahendra Nath Pandey and discussed diversifying supply chains and empowering India as a manufacturing hub for electric trucks, buses, and heavy duty vehi?cles. Speaking to reporters outside Parliament, Kerry said he had very good and constructive meetings. "There are many things where India and the United States can work together in order to advance the climate agenda," he said, adding that the two countries were worki

Kejriwal writes to FM, points to Delhi's 'frozen' share in central taxes

Ahead of constitution of the 16th Central Finance Commission, Chief Minister Arvind Kejriwal has written to Union Finance Minister Nirmala Sitharaman, pointing to Delhi's "frozen" share in central pool of taxes even as he demanded that Delhi be treated as a "unique case". Alleging "stepmotherly and unfair" treatment by the Centre, Kejriwal said Delhi's share in central pool of taxes was "frozen at astonishingly low" amount of Rs 350 crore for the last 23 years. "Had Delhi been treated in an unbiased manner, its share would have been Rs 7,378 crore," he said in his letter to Sitharaman. Kejriwal also said that the Municipal Corporation of Delhi (MCD) has been facing "extreme unjust behaviour" over the last few years, with it receiving nothing from the Central government. The chief minister said it was understood that since Delhi's name has been removed (for being a Union Territory) from the 'Terms of Reference' of the Finance Commission, it does not fall under the purview of tax ...

Govt instructed banks not to take harsh action against borrowers: FM

Union Finance Minister Nirmala Sitharaman on Monday said both public and private banks have been instructed that harsh steps should not be taken when it comes to the process of loan repayment and that they should handle such cases with sensitivity. Sitharaman said this while making an intervention during the Question Hour in the Lok Sabha on a question related to repayment of loans taken by small borrowers. "I have heard complaints about how mercilessly loan repayments have been followed up by some banks. The government has instructed all banks, both public and private, that harsh steps should not be taken when it comes to the process of loan repayment and they should approach the matter with humanity and sensitivity in mind," she said.

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100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman

Notices served in past years for misreporting, non-filing of returns for income above Rs 50 lakh

No proposal to extend deadline for exchange of Rs 2,000 notes: FinMin

The finance ministry on Monday said there is no proposal to extend the deadline for the exchange of Rs 2,000 notes beyond September 30, 2023. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary replied in negative to a question about whether there is a proposal to extend the deadline for the exchange of Rs 2000 in banks beyond September 30. "At present, this matter is not under consideration," the minister said. Chaudhary also replied in negative to another question about whether the government is planning to demonetise other high-denomination currency notes to eliminate black money. The Reserve Bank, in a surprise move, on May 19 announced withdrawal of Rs 2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. According to the RBI, as much as 76 per cent of the Rs 2,000 currency notes in circulation have either been deposited or exchanged at banks. In value terms, Rs

Sitharaman's Move: The End of Ruthless Loan Recovery?

Union finance minister Nirmala Sitharaman on July 24 told Parliament that the government has instructed all banks, both public and private, to not take harsh steps when it comes to processing of loan

74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM

Number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman said on Monday. "There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22," she said in the Lok Sabha. India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal. As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase. Over 7.40 crore ITRs were filed in 2022-23, of which over 5.16 crore had zero tax liability. Similarly, for 2021-22 fiscal, over 6.94 crore ITRs were filed, of which over 5.05 crore had zero tax liability. Over 6.72 crore and 6.47 crore ITRs were filed in 2020-21 and 2019-20 fiscal years. Of this, over 4.84 crore and 2.90

Govt told banks not to take harsh action against borrowers for loans: FM

Union Finance Minister Nirmala Sitharaman on Monday said both public and private banks have been instructed that harsh steps should not be taken when it comes to the process of loan repayment and that they should handle such cases with sensitivity. Sitharaman said this while making an intervention during the Question Hour in the Lok Sabha on a question related to repayment of loans taken by small borrowers. "I have heard complaints about how mercilessly loan repayments have been followed up by some banks. The government has instructed all banks, both public and private, that harsh steps should not be taken when it comes to the process of loan repayment and they should approach the matter with humanity and sensitivity in mind," she said.

Indian will maintain its growth momentum despite inflationary pressures: FM

The FM asked CBIC officials to ensure that they focus on stopping smuggling

All must make efforts to bring Manipur out of present crisis: Sitharaman

Manipur must come out of the present crisis and all must make efforts to restore peace in the state, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. The incident of women being disrobed and paraded is a serious and sensitive issue. The state is passing through a difficult phase and all communities are suffering there, the minister said on the sidelines of a programme. Manipur is a beautiful state and it has to come out of the crisis and honestly, all of us will have to make efforts to bring back peace to the state, she said. This kind of incident hurts each one of us and there is no word with which we can explain or address the issue, she said. The perpetrators will have to be caught and some arrests have already been made yesterday, the minister said. I am sure all efforts will be made to punish the perpetrators, she said. Prime Minister Narendra Modi had said before the commencement of the Monsoon Session of Parliament on Thursday on how

GST collection, devolution a success story in NE states: FM Sitharaman

The North Eastern states have scripted a success story in the collection and devolution of the Goods and Services Tax (GST), Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. According to the 2023 RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, she said. Sitharaman was speaking at the Investiture Ceremony for conferring the Presidential Award for Specially Distinguished Record of Service' to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). Assam was the first state to ratify the GST Act, four days after it was passed and since then there has been a 12 times increase in the collection of taxes, the minister said. Assam's sales tax collection prior to the implementation of the GST was Rs 558.26 crore but this has increased manifold to Rs 7,097 crore. Sikkim and Meghalaya too have registered a significant achievement with the former's collection increas

FM Nirmala Sitharaman on two-day visit to Assam, Tripura from Friday

Union Finance Minister Nirmala Sitharaman will embark on a two-day visit to Assam and Tripura from Friday, an official release said. She will participate in an investiture ceremony for conferring Presidential Awards for Specially Distinguished Record of Service to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC) in Guwahati. The Presidential Award of Appreciation Certificate, which was announced on this year's Republic Day, will be awarded to 29 officers and staff of CBIC. They were selected on the basis of their exemplary performance in their respective field of service over the years. The awardees selected this year include officers from all cadres of the service, who have consistently performed with distinction in their various assignments, including prevention of smuggling, detection of tax evasion, detection of trade-based money laundering and foreign exchange violations, besides contributions in tax policy formulation, revenue mobilisation, automat

G20: US talks higher private investment to spur India's energy shift

Yellen backs reforms to multilateral development banks

G20: Int'l efforts needed to deal with energy insecurity, says Sitharaman

Finance Minister Nirmala Sitharaman on Monday made a strong case for coordinated international efforts to navigate the challenges relating to food, energy insecurity and climate change. In her opening remarks at the two-day meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) here, Sitharaman said the global economic growth is below its long-term average and remains uneven. "... We need ... coordinated international efforts to navigate this challenging period. In this context, the G20 framework Working Group explored the issue of tackling macroeconomic challenges related to food and energy insecurity, and those related to climate change and transition pathways. "The policy lessons that have emerged from these issues clearly underpin the need for enhanced international economic cooperation," the minister said. Quoting Mahatma Gandhi, Sitharaman said "the future depends on what we do in the present." "This statement powerfully conveys the responsibility we have as fin

G20 meet: India, US to explore alternate mechanism to fund renewable energy

India and the US on Monday committed to further improving bilateral ties, exploring alternate mechanisms for funding renewable energy and actively pursuing the G20 agenda which includes strengthening MDBs and taking coordinated action to deal with climate change. Several issues, including climate action, rising indebtedness in low and middle income countries and digital public infrastructure, figured during a bilateral meeting between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors. India, Sitharaman said, will "look forward to furthering ... bilateral interests through development cooperation and new investment opportunities through Alternate Investment platforms for renewable energy." Yellen too in her statement said the US will "look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed .