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Finance Ministry

GNPA of PSBs declines to 3.12% in September from peak of 14.58% in March 2018: Finance Ministry

GNPA of PSBs declines to 3.12% in September from peak of 14.58% in March 2018: Finance Ministry

Thu, Dec 12, 2024

Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday.

Insurance Amendment Bill proposing 100% FDI unlikely in winter session

Insurance Amendment Bill proposing 100% FDI unlikely in winter session

Sun, Dec 08, 2024

Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, may not be introduced in Parliament in the ongoing session, sources said. Some finetuning may be required in the draft Bill after receiving comments from stakeholders, sources said.

Finance Ministry proposes to raise FDI in insurance to 100%

Finance Ministry proposes to raise FDI in insurance to 100%

Thu, Nov 28, 2024

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence.

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Finance Ministry to review efficacy of windfall tax on crude oil and fuel exports

Finance Ministry to review efficacy of windfall tax on crude oil and fuel exports

Thu, Nov 28, 2024

The Finance Ministry would review the efficacy of windfall tax on the export of petrol, diesel and Aviation Turbine Fuel (ATF) as global crude oil prices have stabilised, sources said. Phenomenal profits made by some oil refiners on exporting fuel at the expense of domestic supplies had prompted the government to introduce an export tax on petrol, diesel and ATF in July 2022.

Inflation to ease, economic growth to accelerate in coming months: Finance Ministry

Inflation to ease, economic growth to accelerate in coming months: Finance Ministry

Mon, Nov 25, 2024

India's food inflation is likely to ease while the growth outlook for the economy is "cautiously optimistic" for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices and adequate supply of inputs, according to the Finance Ministry's monthly economic review released on Monday.

Government invites applications for RBI Deputy Governor

Government invites applications for RBI Deputy Governor

Mon, Nov 04, 2024

The Finance Ministry has invited applications for the post of RBI Deputy Governor in the place of Michael Debabrata Patra, whose extended term is coming to an end on January 14, 2025.

South Korea sees economic recovery for sixth month

South Korea sees economic recovery for sixth month

Fri, Oct 18, 2024

South Korea's finance ministry saw a continued economic recovery for the sixth straight month on Friday thanks to robust export and manufacturing production.

Compounding rules altered for offences under Foreign Exchange Management law

Compounding rules altered for offences under Foreign Exchange Management law

Fri, Sep 13, 2024

As per the Foreign Exchange (Compounding Proceedings) Rules, 2024, the fees for filing compounding application has been doubled to Rs 10,000 plus GST, from Rs 5,000 earlier.

Finance Ministry to introduce stricter monitoring of international & online credit cards transactions: Sources

Finance Ministry to introduce stricter monitoring of international & online credit cards transactions: Sources

Tue, Sep 10, 2024

Among the key changes being planned, credit card companies will be required to make additional disclosures covering details like banking channels and payment gateways, sources told Zee Business.

Finmin relaxes norms for expenditure exceeding Rs 500 crore to give boost capex

Finmin relaxes norms for expenditure exceeding Rs 500 crore to give boost capex

Thu, Sep 05, 2024

Finance Minister Nirmala Sitharaman in the Budget proposed to raise the capital expenditure target by 11.1 per cent to record Rs 11.11 lakh crore for 2024-25.

Government may introduce insurance laws amendment bill in Budget session

Government may introduce insurance laws amendment bill in Budget session

Sun, Jul 14, 2024

The move will enable the entry of differentiated insurance companies like in the banking sector. The banking sector is currently categorised as universal bank, small finance bank, and payments bank.

Finance ministry notifies GSTR-1A to amend outward supply form

Finance ministry notifies GSTR-1A to amend outward supply form

Thu, Jul 11, 2024

Last month, the GST Council had recommended providing a new optional facility by way of form GSTR-1A to facilitate the taxpayers to amend the details in form GSTR-1 for a tax period and/ or to declare additional details.

Government's gross liabilities rise by 3.4% to Rs 171.78 lakh crore at March-end: Finance Ministry

Government's gross liabilities rise by 3.4% to Rs 171.78 lakh crore at March-end: Finance Ministry

Fri, Jun 28, 2024

This represented a quarter-on-quarter increase of 3.4 per cent in the fourth quarter of 2023-24, said the public debt management quarterly report (January-March, 2024).

FM Nirmala Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears

FM Nirmala Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears

Sat, Jun 22, 2024

At the pre-budget meeting with state finance ministers, Sitharaman also nudged states to take advantage of the scheme under which the Centre gives 50-year interest free loan to states for undertaking specified reforms.

Finance Ministry refutes social media news on change in income tax regime

Finance Ministry refutes social media news on change in income tax regime

Mon, Apr 01, 2024

The Finance Ministry has clarified that there is no new change in the income tax regime that is coming in from April 1, 2024, as is being reported by some social media platforms.

Exclusive: Finance Ministry asks ONGC, OIL to fund India’s hydrocarbon hunt; promises to reimburse losses

Exclusive: Finance Ministry asks ONGC, OIL to fund India’s hydrocarbon hunt; promises to reimburse losses

Sat, Feb 24, 2024

The Petroleum Ministry had sought budgetary support to drill four stratigraphic wells in Category II and Category III basins in India’s offshore region to obtain critical data for a robust modelling of petroleum reserves.

Outlook for Indian economy appears bright, but need to keep a watch on global headwinds: FinMin report

Outlook for Indian economy appears bright, but need to keep a watch on global headwinds: FinMin report

Tue, Feb 20, 2024

During the current financial year, the Indian economy is estimated to grow at 7.3 per cent. This would be the third year in the row when the GDP would grow in excess of 7 per cent.

Finance Ministry holds high-level meeting to expedite recovery of debt

Finance Ministry holds high-level meeting to expedite recovery of debt

Sat, Feb 17, 2024

The meeting was attended by Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs).

Sovereign Gold Bonds to be issued from February 12-16

Sovereign Gold Bonds to be issued from February 12-16

Sat, Feb 10, 2024

Finance Ministry said that the Sovereign Gold Bonds 2023-24 (Series IV) will be opened for subscription during February 12-16, with settlement date as February 21.

Finance Ministry releases Rs 66,745 crore loan to 28 states for capital investment in April-January

Finance Ministry releases Rs 66,745 crore loan to 28 states for capital investment in April-January

Mon, Feb 05, 2024

Under the scheme, special assistance is being provided to the state governments in the form of a 50-year interest-free loan up to an overall sum of Rs 1.3 lakh crore during the financial year 2023-24.

Finance Ministry bullish on 7% plus growth but flags geopolitical risk

Finance Ministry bullish on 7% plus growth but flags geopolitical risk

Tue, Jan 30, 2024

The Finance Ministry report is bullish on the country's economic growth trajectory, with the GDP expected to more than double from $3.5 trillion in 2022 to $7.3 trillion by 2030.

Finance Ministry invites suggestions from public on draft Indian Stamp Bill

Finance Ministry invites suggestions from public on draft Indian Stamp Bill

Wed, Jan 17, 2024

The Finance Ministry stated that once enacted, the Bill will replace the Indian Stamp Act of 1899. It said, "The Department of Revenue, Ministry of Finance, Government of India, has prepared a draft 'Indian Stamp Bill, 2023' to align it with modern stamp duty regime."

Finance Ministry sees GDP growth comfortably surpassing 6.5% in 2023-24

Finance Ministry sees GDP growth comfortably surpassing 6.5% in 2023-24

Sat, Dec 30, 2023

The government expects the Indian economy's GDP growth rate in 2023-24 to "comfortably" exceed its forecast of 6.5 percent despite the risks to growth and stability outlook that mainly emanate from outside the country, according to the Finance Ministry's half-yearly economic review report.

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