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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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Upcoming AMFI List: Potential Large Cap Winners from the Mid Cap Segment

Upcoming AMFI List: Potential Large Cap Winners from the Mid Cap Segment

Tue, Dec 12, 2023

Upcoming AMFI List: New list of #AMFI is coming, many shares will be formed from MidCap, many shares will be formed from SmallCap, which stocks will be #Downgrade?

Finance Ministry to empanel merchant bankers, law firms for disinvestment via OFS, dribbling

Finance Ministry to empanel merchant bankers, law firms for disinvestment via OFS, dribbling

Sun, Dec 10, 2023

To be eligible for empanelment in the A++ category, which is an OFS transaction size of more than Rs 2,000 crore, interested merchant bankers would be required to have completed at least one equity market transaction of the size of Rs 2,000 crore.

FY24 to end with strong growth performance, macroeconomic stability, reports Finance Ministry

FY24 to end with strong growth performance, macroeconomic stability, reports Finance Ministry

Tue, Nov 21, 2023

Financial flows in the external sector need constant monitoring as they impact the value of rupee and the balance of payments, the report said, adding that a fuller transmission of the monetary policy may also temper domestic demand.

India 360: Government's coffers are filling during the festive season, GST collection increased

India 360: Government's coffers are filling during the festive season, GST collection increased

Thu, Nov 02, 2023

Cover Story: There is bumper demand all around during the festive season, and the government's coffers are getting filled as GST collection is increasing significantly.

India's fiscal deficit at Rs 7.02 lakh crore for April-September this year

India's fiscal deficit at Rs 7.02 lakh crore for April-September this year

Tue, Oct 31, 2023

India's fiscal deficit for the first six months (April-September) of the current financial year was Rs 7.02 lakh crore which works out to 39.3 per cent of the estimate for the whole year, according to government data.

Finance Ministry to kick-start pre-budget meetings from October 10

Finance Ministry to kick-start pre-budget meetings from October 10

Wed, Sep 20, 2023

The notice dated September 20, 2023, circulated to all ministries and departments has a schedule of meetings with them. The schedule for pre-budget meetings has been prepared taking into account various exigencies and is being circulated well in advance, it said.

Govt likely to stick to market borrowing plan for raising Rs 6.55 lakh crore

Govt likely to stick to market borrowing plan for raising Rs 6.55 lakh crore

Wed, Sep 20, 2023

The government is likely to stick to its borrowing plan for raising Rs 6.55 lakh through the sale of bonds in the market during the second half of the current financial year (October to March, 2024).

Finance Ministry initiates Budgetary exercise for 2024-25; seeks inputs from various ministries

Finance Ministry initiates Budgetary exercise for 2024-25; seeks inputs from various ministries

Mon, Sep 04, 2023

It will be an interim Budget as the elections for the Lok Sabha are due early next year. The full Budget for FY25 will be presented after the formation of the new government after the general elections.

Govt will adhere to fiscal deficit target of 5.9% for FY24, says Finance Secretary T V Somanathan

Govt will adhere to fiscal deficit target of 5.9% for FY24, says Finance Secretary T V Somanathan

Fri, Aug 18, 2023

The government will stick to the fiscal deficit target of 5.9 per cent of the GDP as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds, Finance Secretary T V Somanathan said on Friday.

Automated IGST refunds on pan masala, tobacco, similar items to be restricted from October 1

Automated IGST refunds on pan masala, tobacco, similar items to be restricted from October 1

Tue, Aug 01, 2023

The items on which automated IGST refund restriction has been imposed include pan masala, unmanufactured tobacco, hookah, gutkha, smoking mixtures for pipes and cigarettes and other items, including mentha oil.

Over 8.75 lakh HUFs claimed Rs 3,803 crore tax deductions in 2022-23: Finance Ministry

Over 8.75 lakh HUFs claimed Rs 3,803 crore tax deductions in 2022-23: Finance Ministry

Tue, Jul 25, 2023

Minister of State for Finance Pankaj Chaudhary in a reply to the Rajya Sabha provided details of the number of Hindu Undivided Families (HUF) availing tax benefits (in the form of deduction under Chapter VIA of the Income-tax Act) during the last five years.

Income Tax Dept sent 1 lakh notices for underreporting, non-filing of returns, says Finance Minister Nirmala Sitharaman

Income Tax Dept sent 1 lakh notices for underreporting, non-filing of returns, says Finance Minister Nirmala Sitharaman

Tue, Jul 25, 2023

Union Finance Minister Nirmala Sitharaman has said that the Income Tax Department has sent about one lakh notices to individuals for non-filing of returns or understating incomes in the past years.

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities

Tue, Jul 18, 2023

G20 India: Finance Minister Nirmala Sitharaman on Tuesday met her Chinese counterpart Liu Kun and discussed various deliverables under G20 India Presidency, including strengthening Multilateral Development Banks and global debt vulnerabilities.

Increased TCS rates to apply from Oct 1; no TCS on foreign remittances of up to Rs 7 lakh in a financial year: Finance Ministry

Increased TCS rates to apply from Oct 1; no TCS on foreign remittances of up to Rs 7 lakh in a financial year: Finance Ministry

Wed, Jun 28, 2023

The Ministry informed that transactions through international credit cards, while being overseas, would not be counted as LRS and hence would not be subject to TCS.

Rs 1.4 lakh crore incentive available for States for power sector reforms in 2023-24: Finance Ministry

Rs 1.4 lakh crore incentive available for States for power sector reforms in 2023-24: Finance Ministry

Wed, Jun 28, 2023

An amount worth Rs 1,43,332 crore will be available as an incentive to states for undertaking power sector reforms in 2023-24, the Union Ministry of Finance said Wednesday.

Market At Life High, Strong Boost To India's Growth Story?

Market At Life High, Strong Boost To India's Growth Story?

Wed, Jun 28, 2023

Why is this Life High of the market special? How did Life High increase confidence in India's growth story? On what basis did Nifty make Life High? How much power in domestic companies?

Finance ministry extends deadline for MSMEs to submit refund claims of forfeited bid security

Finance ministry extends deadline for MSMEs to submit refund claims of forfeited bid security

Mon, Jun 05, 2023

The scheme commenced from April 17 and the Department of Expenditure under the finance ministry had fixed the last date for claim submission as June 30. The Expenditure department has extended the deadline for submission of bids till July 31.

Finance Ministry meets IMF MD Georgieva on sidelines of G7 meeting

Finance Ministry meets IMF MD Georgieva on sidelines of G7 meeting

Fri, May 12, 2023

Fernando appreciated India's organization of the G20 presidency and its piloting of significant global economic issues, the finance ministry said in a tweet.

India 360: CA, CS And CWAs Who Enter Into Financial Transactions On Behalf Of Client Brought Under PMLA

India 360: CA, CS And CWAs Who Enter Into Financial Transactions On Behalf Of Client Brought Under PMLA

Thu, May 04, 2023

Notifying changes to the Prevention of Money-laundering Act on Thursday, the Finance Ministry brought in practicing chartered accountants, company secretaries, and cost and works accountants carrying financial transactions on behalf of their clients into the ambit of the money laundering law.

Finance Ministry brings CA, CS, accountants carrying financial transactions of clients under Prevention of Money-laundering Act

Finance Ministry brings CA, CS, accountants carrying financial transactions of clients under Prevention of Money-laundering Act

Thu, May 04, 2023

The changes notified have been made in the sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the PMLA, which defines different categories of persons covered under the Prevention of Money-laundering Act.

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