Page 86 - Nirmala Sitharaman

Sitharaman meets UN Deputy Secretary General, exchanges views on SDGs

Finance minister Nirmala Sitharaman on Tuesday met United Nations Deputy Secretary-General Amina J Mohammed and exchanged views on financing of Sustainable Development Goals (SDGs) and the ongoing G20 India Presidency. "FM Smt. @nsitharaman highlighted the four main agenda of the #G20 #FinanceTrack under #G20India Presidency, i.e., debt distress; #DigitalAssets/currency; strengthening #MDBs; and #DPI Digital Public Infrastructure/ tools," the finance ministry said in a tweet. During the meeting Sitharaman said a G20 Expert Group on 'Strengthening MDBs' (multilateral development banks) has been constituted to undertake an evaluation of the scale of funding required by low and middle-income developing countries to address the ever-increasing financing gap for SDGs and trans-boundary challenges. "FM Smt. @nsitharaman observed that #G20 needs to provide momentum for International Financial Institutions #IFIs and #MDBs to step-up to provide adequate financing at affordable terms to enabl

FM to meet chiefs of PSB banks to review financial performance on Thursday

Finance Minister Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Thursday and review their financial performance. This is going to be the first review meeting after the 2022-23 financial results. In the last fiscal, PSBs together posted a record profit of Rs 1.04 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way as their profit touched Rs 1,04,649 crore in 2022-23. Besides the review of financial performance, sources said, the meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19. Heads of the banks would also apprise the finance minister about the performance duri

FM Sitharaman holds meet for 'time-bound' completion of Budget schemes

In the meeting with Meity, MCA says will look into competition issues

Finance Minister reviews progress of implementation of Budget schemes

Finance Minister Nirmala Sitharaman on Tuesday reviewed progress of implementation of Budget schemes with secretaries of finance ministry and Corporate Affairs Secretary. The meeting was attended by Economic Affairs Secretary Ajay Seth, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, Financial Services Secretary Vivek Joshi, Corporate Affairs Secretary Manoj Govil and other senior officials. "Union Finance Minister Smt. @nsitharaman chaired a review meeting on the implementation of various Union Budget announcements with Secretary, Department of Economic Affairs, @SecyDIPAM, Secretary @DFS_India, Secretary @MCA21India and senior officials of the @FinMinIndia, New Delhi, today," a finance ministry tweet said. Besides the review of implementation of various schemes of Union Budget, the minister underlined the importance of continuous assessment of progress to ensure that the schemes are implemented in a time bound manner.

Bank of India becomes first bank to offer Mahila Samman Savings Certificate

The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech this year

FM Sitharaman's meet with PSBs on July 6 to focus on performance review

Sitharaman on Saturday at an event said the performance of PSBs had improved on account of various initiatives taken by the Modi government since 2014

Falling inbound shipments cast a shadow on IGST and cess on imports

Imports were the only exception in the otherwise strong GST numbers in the first three months of the current financial year

LIVE: SC protects Setalvad from arrest, stays Gujarat HC order for a week

Catch the latest updates from around the world here

During UPA money was given to not-so-worthy customers resulting in NPAs: FM

Net profits of the Public Sector Banks (PSBs) have almost tripled, increasing from Rs 36,270 crore in FY2014 to Rs 1.04 lakh crore in FY 2022-23, she informed

GST added to revenue buoyancy, helped bring down taxes for common man: FM

Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has helped bring down the taxes for consumers by removing the cascading effect of 'tax-on-tax' and added to the revenue buoyancy of states. She said the GST system has seen massive scaling up since its implementation on July 1, 2017, and the benefit accrued to consumers and governments because of GST implementation is an "exemplar". "GST has brought in greater tax buoyancy as a result of which, more than your GSDP growth, your tax collection is growing. Therefore, both Centre and states benefit...We have to dispel this myth that states are losing out after having joined hands for GST...Today, no state suffers after GST, and that is despite Covid," Sitharaman said. Giving a comparison of tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". Before GST was introduced, India's indirect tax system was fragmented, wh

PSBs should focus on robust asset-liability & risk management: Sitharaman

Profit of public sector banks increased to Rs 1.04 trillion in 2022-23

GST increased states' revenue buoyancy, benefit stands out as exemplary: FM

Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has increased revenue buoyancy of states, and the all-round benefit stands out as "exemplary". The multiplicity of taxes in the pre-GST regime resulted in a "tax-on-tax" effect, causing the same product to be taxed multiple times and hence becoming costlier for the consumers, she said at the GST Day 2023. Giving a comparison of the tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". Before GST was introduced, India's indirect tax system was fragmented, where every state was effectively a distinct market for the industry as well as the consumer. "Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar," Sitharaman said. State revenue buoyancy pre-GST was 0.72, while post-GST, it is 1.22. "GST has br

Economy has moved from twin-balance sheet problem, banks now profitable: FM

Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the Modi government. Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister said while inaugurating the corporate office of Punjab & Sind Bank here. The twin-balance sheet problem refers to deterioration in financial health of banks and corporates at the same time. "As a result (of various initiatives of the government) I'm glad to say the problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy is benefiting from,", Sitharaman said. The minister said the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet ...

FM Sitharaman interacts with under Rozgar Mela scheme recruits in Chennai

Union Finance Minister Nirmala Sitharaman on Friday met the new recruits who received job offers in various departments under the Government of India's Rozgar Mela. Sitharaman, on a brief visit to the state's capital, along with senior government officials interacted with the appointees at the Indian Bank Management Academy for Growth and Excellence (IMAGE) here. The appointees were recruited for various roles including probationary officer at the public sector Indian Bank, inspector of Income Tax, and preventive officers at the Customs department, among others. Since the launch of the scheme in 2022, six installments of the Rozgar Mela have been organised across the country and around 4.3 lakh appointment letters have been distributed under it. The National Skill Development Corporation under the Union Ministry of Skill Development and Entrepreneurship has been organising Rozgar Melas across the country to provide suitable job opportunities to unemployed youth. In May, the financ

Go Green, Earn Credits: Govt starts Green Credits scheme under Mission LiFE

Mechanism will be implemented in phases. Initially, 2-3 activities from eight sectors are being considered for piloting the Programme. Later, more activities will be added from the selected sectors

Odisha CM Patnaik urges FM Sitharaman to withdraw 18% GST on Kendu leaves

Odisha Chief Minister Naveen Patnaik has urged Union Finance Minister Nirmala Sitharaman to completely waive the 18 per cent GST tax on Kendu leaves as it would adversely affect the livelihood of the poorest of the poor section of the society. Patnaik in a letter written to Sitharaman on Monday said that 18 per cent GST on Kendu leaves should be waived in the larger interest of poor and tribal people associated with Kendu leaves trade in the state. "Imposition of GST (18%) on Kendu leaves is adversely affecting the Kendu leaves trade. This in turn affects the livelihoods of Kendu leaves pluckers, binders and seasonal workers and implementation of social security and welfare schemes for them," Patnaik wrote in the letter. Stating that the Kendu (Tendu) leaf, which is a minor forest produce, is the financial backbone of 8 lakh kendu leaf pluckers, binders and seasonal workers of Odisha, Patnaik said the people engaged in the trade are mostly tribal and women belonging to the poorest o

Nirmala Sitharaman slams Obama for remarks on Indian minority rights

Sitharaman made the observation that several Muslim-majority countries had faced bombings orchestrated by the United States during President Barack Obama's tenure

Cleartax forays into crypto tax segment, expects 1 mn filings this year

The online tax filing company has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, to provide taxation services at one common platform 'CryptoTax'

Govt to launch portal for unclaimed shares, dividends by February 2024

Currently, investors have to produce about 24 documents for refunds. As a part of the refund process, these documents are checked multiple times at various stages of the process

'Standing on shoulders of UPA': Chidambaram's takes a dig at Modi govt

Senior Congress leader P Chidambaram on Monday took on Finance Minister Nirmala Sitharaman over her listing the Centre's achievements, saying that if the Modi government stands tall in some areas, it is because it is standing on the shoulders of its predecessor UPA. Chidambaram countered Sitharaman's comments made in an article about the achievements of the Modi government in the last nine years. "The Hon'ble Finance Minister has penned an article on the achievements of the Modi Government. Many examples she has cited are true as would be true of EVERY government that has ruled for 5 or 10 years," the former finance minister said on Twitter. The finance minister has cited five examples of the Opposition taking the government to court and losing the case, Chidambaram noted. "She is wrong at least in three: The SC had declared triple talaq illegal even before Parliament passed a law. The Article 370 case has not yet been heard by the Court. Numerous cases under the GST laws are ...