Page 91 - Nirmala Sitharaman

Centre may announce Aadhaar-based KYC norms for small savings schemes

The simplified KYC, along with small savings rates for the April-June 2023 quarter, may be announced on March 31, the official said

PSU banks recover 14% of written-off loans in last 5 years: FM Sitharaman

Public sector banks could recover only 14 per cent of the written-off loans worth Rs 7.34 lakh crore in the last five years ending March 2022, Parliament was informed on Tuesday. Of Rs 7.34 lakh crore written-off loans, state-owned lenders recovered Rs 1.03 lakh crore, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. So after recovery, net written-off stood at Rs 6.31 lakh crore in the last five years. Replying to another question, the Finance Minister said non-performing assets (NPAs), including, those in respect of which full provisioning has been made on completion of four years, are removed from the balance-sheet of the bank concerned by way of write-off as per RBI guidelines and policy approved by bank boards. Banks evaluate/consider the impact of write-offs as part of their regular exercise to clean up their balance sheets, avail tax benefits and optimise capital, in accordance with RBI guidelines and policy approved by their boards, she said.

FM Sitharaman to seek LS nod for passing Competition Amendment Bill

Finance Minister Nirmala Sitharaman will move the Competition (Amendment) Bill, 2022 in the Lok Sabha for consideration and passing.

FM moves amendment to Finance Bill in Parliament to correct STT rate

Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures. The amended Finance Bill 2023 by correcting STT rate has been returned to Lok Sabha, sources said. The amended Bill is likely to be taken up by Lok Sabha either today or tomorrow and thereafter the Budgetary exercise would be complete. The Lok Sabha is adjourned till 4 pm. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. After the Lok Sabha cleared the Finance Bill, which has 64 official amendments, the finance ministry issued a statement saying that there was a typographical error in the amendments with respect to the change in STT on options trading. The error, the finance ministry

Total amount of cess and surcharge grew by 63.74% from 2017-18 to 2022-23

Collections under GST Compensation Cess grew by 107.6 per cent from 2017-18 to 2022-23 (RE), Finance Minister Nirmala Sitharaman told the Lok Sabha in a written reply

Indian govt has 54 Chinese investment proposals pending: Finance Minister

The Indian government has received about 54 foreign direct investment proposals from China since last year that are pending for approval, said Finance Minister Nirmala Sitharaman

Finance minister asks public banks to take stress tests; what are these?

Bank stress tests were introduced after the 2008 financial crisis, and they revealed the vulnerability of banks to market crashes and economic downturns

Govt tells PSBs to monitor, make provision for companies' pledged shares

Directs banks to double down on comprehensive stress testing of portfolios at micro-cluster level

FM tells PSBs to diversify deposit, asset base amid global financial stress

Use the crisis to frame detailed crisis management strategies, FM to bankers

FM Sitharaman reviews PSBs' performance amid banking crisis in US, Europe

After detailed deliberations, the Finance Minister advised PSBs to remain vigilant about the interest rate risks and regularly undertake stress tests

Finance Bill: Withholding tax on royalty and technical fee doubled to 20%

The decision is part of the 64 amendments introduced through the Finance Bill 2023

LIVE: Fighting for voice of India, says Rahul Gandhi after losing MP status

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Finance Secretary T V Somanathan to head panel on pension schemes: FM

"The approach will be designed for adoption by both the central government and state governments," the finance minister said

Taxpayers with income over Rs 7 lakh to get relief under new tax regime

In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill. The Finance Bill 2023, passed by the Lok Sabha on Friday, has proposed a marginal relief to taxpayers under new tax regime. Explaining the provision, the finance ministry said under the new tax regime with effect from April 1, if a taxpayer has annual income of Rs 7 lakh s/he pays no tax. But if s/he has income of Rs 7,00,100 s/he pays tax of 25,010. Thus an additional income of Rs 100 leads to a tax of Rs 25,010. Hence, marginal relief is proposed to that so that the tax what one pays should not be more than the income that exceeds Rs 7 lakh (Rs 100 in this case), the ministry said. Nangia Andersen LLP Partner Sandeep Jhunjhunwala said the amendment to Finance Bill seeks to provide a marginal relief to individual taxpayers having borderline income by proposing a

Finance Bill: Centre hikes STT on futures and options trading by up to 25%

STT was introduced in 2004 and is levied on transactions involving different types of securities through the stock exchange route

STT hike to GST appellate tribunal: Key takeaways from Finance Bill 2023

Finance Bill 2023: Debt funds with less than or equal to 35 per cent invested in equity shares will be taxed at the investors' income tax slab and treated as short-term capital gains

Lok Sabha passes Finance Bill with 64 official amendments with discussion

Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees. She also said the Reserve Bank of India will look into the payments made through credit cards for foreign tours which escape tax at source. Sitharman introduced 64 official amendments to the Finance Bill which was tabled in Parliament on February 1 along with the Budget ...

Govt will set up a committee to review pension scheme: FM tells Parliament

Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme

Budget session: Nirmala Sitharman to move Finance Bill 2023 today

Union Finance Minister Nirmala Sitharaman on Friday, will move the Finance Bill 2023, to give effect to the financial proposals of the central government

Ajay Banga tests positive for Covid-19 during routine testing in Delhi

World Bank presidential nominee Ajay Banga has tested positive for COVID-19 during routine testing in New Delhi where he was travelling on the last leg of his world tour, and is currently quarantining in isolation, the Department of Treasury said Thursday. India is witnessing a spike in influenza and coronavirus cases in the past two weeks. The country has recorded 1,134 new coronavirus cases, while the active cases increased to 7,026, according to Union Health Ministry data updated on Wednesday. Banga's New Delhi visit (March 23 and March 24) is the final stop on his three-week global tour that began in Africa before progressing to Europe, Latin America and Asia. During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic. In adherence with local guidelines, he is quarantining in isolation, the Department of Treasury said Thursday afternoon. While in India, 63-year-old Banga was scheduled to meet Prime Minister Narendra Modi as well as the Minister of