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Latest Articles in finance ministry

FinTech Bank, Not Yet!

A look at the lending sector landscape of banks and non-banks, including digital entities, and the pressures that the stakeholders operate in. The market and investors alike would keenly watch the regulator’s mind in allowing FinTechs to become banks or own stakes in banks. To allow for better regulated sector, are we ready for SRO concept for the lending sector ?

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Dearness Allowance Hike To 31% Effective From July 1: FinMin

The decision will benefit about 47.14 lakh central government employees and 68.62 lakh pensioners.

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FM Nirmala Sitharaman Holds Meeting With UK Foreign Secy, Discussed Ways To Enhance Biz Ties

"Finance Minister Smt. @nsitharaman cited the close collaboration between the two countries, strengthened through Comprehensive Strategy Partnership adopted by the Prime Ministers of India and UK in May 2021,"

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FinMin To Seek Cabinet Nod For Setting Up Of Firm To Monetise Land Assets Of Privatisation-Bound CPSEs

There are some CPSEs for strategic disinvestment and "we feel certain portion of land is not really worth going with the company and those assets could be monetised"

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Over 2 Cr ITR Filed On Income Tax Department E-portal: FinMin

Meanwhile, all Income Tax Returns (ITR) have been made available for e-filing. More than 2 crore ITRs for AY 2021-22 have been filed on the portal, of which ITRs 1 and 4 constitute 86 per cent.

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Delhi GST Officers Busts Fictitious Exporter Network For Rs 134 Cr ITC Fraud

The Finance Ministry said that based on risk analysis, M/s Vibe Tradex, engaged in export of Pan Masala, chewing tobacco, FMCG goods etc, was identified for scrutiny.

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Economic Recovery Showing Positive Sign, Witnessing Growth In Sectors: FinMin

Apart from the external sector, the merchandise exports crossed the $30 billion mark for the sixth consecutive month in Fiscal Year (FY) 2021-22.

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FinMin Releases Revenue Deficit Grant Of Rs. 9,871 Cr To 17 States

With the release of this installment, a total amount of Rs. 69,097.00 crore has been released to eligible states as PDRD in the current Financial Year (FY), the ministry informed.

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Govt Collects Rs 1,17,010 Cr GST Revenue In September

The revenues in September 2021 are 23 per cent higher than the GST revenues in the same month last year.

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FinMin Officials Pitch For Better Sovereign Rating Outlook With Moody's

The Indian economy contracted 7.3 percent in 2020-21 fiscal. In the April-June quarter of current fiscal, the economy grew 20.1 percent.

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Centre Releases Quarterly Report On Public Debt Management

Meanwhile, the yields on government securities hardened in the secondary market because of the increase in the supply of G-secs during the quarter like in the corresponding quarter of FY21.

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FinMin Approves Capital Expenditure Projects of Rs. 2,903.80 Cr In 8 States

Scheme “Special Assistance to States for Capital Expenditure for 2021-22” gives timely stimulus to economic recovery.

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FinMin Notifies Procedure To Issue Duty Credit For Goods Exported Under RoDTEP

The duty credit will be issued in lieu of remission of any duty or tax or levy, chargeable on any material used in the manufacture or processing of goods meant for exports, and where such tax is not exempted, remitted or credited under any other scheme, it added.

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The Average Indian family’s income Gone Down; That is The Real economic Indicator: Praveen Chakravarty, Data Analytics Chairman, Congress

Praveen Chakravarty, chairman of Congress' data analytics department, speaks with BW Businessworld on the range of issues that impact Indian economy. He talks about the real yardstick of measuring economic well being which is more about the falling average income and so the distress among the average Indian. He speaks on the untimely monetization of the critical asset and talks about the lack of sound macroeconomic policy for the emerging India. On the welfare, he sights the MGNREGA--and without such scheme, country would have faced riot- like situation.

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Centre Relaxes Provisions Of TDS Under Income-tax Act

No deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank (hereinafter the ‘payer’) located in a specified area to a member of Scheduled Tribe, the official statement said.

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