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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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Budget 2018: Cryptocurrencies enthusiasts wait for clarity on legality and taxability

Budget 2018: Cryptocurrencies enthusiasts wait for clarity on legality and taxability

Mon, Jan 22, 2018

Not only Bitcoin, other cryptocurrencies like Ripple, Litecoin and Ethereum are gaining momentum among Indians.

Budget 2018: Cryptocurrencies' traders wait for clarity on legality and taxation

Budget 2018: Cryptocurrencies' traders wait for clarity on legality and taxation

Sat, Jan 20, 2018

Not only Bitcoin, other cryptocurrencies like Ripple, Litecoin and Ethereum are also gaining popularity among Indians

Govt lowers additional borrowings to Rs 20K cr in FY18

Govt lowers additional borrowings to Rs 20K cr in FY18

Wed, Jan 17, 2018

Last month, after consultation with the RBI the government had said it would make additional borrowing of Rs 50,000 crore this fiscal through dated securities.

FinMin to simplify GST profiteering complaint form

FinMin to simplify GST profiteering complaint form

Sun, Jan 14, 2018

The profiteering complaint form, though a single page document, has about 44 columns seeking a number of details

Sharp increase in prosecutions of tax evaders by I-T department: FinMin

Sharp increase in prosecutions of tax evaders by I-T department: FinMin

Fri, Jan 12, 2018

The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders, said a Finance Ministry statement today.

India Inc may get relief in GST transition credit in Budget 2018

India Inc may get relief in GST transition credit in Budget 2018

Tue, Jan 09, 2018

Goods and Service Tax (GST) has been effective in India since July 2017, and many taxpayers, exporters, industries and markets have claimed that they faced difficulties in adapting the regime.

RBI to resolve bad loans of nearly 1,500 accounts with PSBs

RBI to resolve bad loans of nearly 1,500 accounts with PSBs

Mon, Jan 08, 2018

As of September 2017, PSBs' gross non-performing assets (GNPA) stood at Rs 7.34 lakh crore.

Standard procedure for GST profiteering complaints soon

Standard procedure for GST profiteering complaints soon

Sun, Jan 07, 2018

If the complaints have merit, the respective committees would refer the cases for further investigation to the DGS

Not only Rs 10, RBI may also revamp Rs 50 note

Not only Rs 10, RBI may also revamp Rs 50 note

Fri, Jan 05, 2018

At present, India had small denomination notes of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, old Rs 50, Rs 100, Rs 200 and high denomination notes of Rs 500 and Rs 2000.

Govt's recapitalisation package will narrow PSBs credit, NPA weakness

Govt's recapitalisation package will narrow PSBs credit, NPA weakness

Thu, Jan 04, 2018

Moody's expects the government will allocate the Rs 1.5 lakh crore in capital across the country's 21 public sector banks so that they will all have common equity tier 1 (CET1) ratios.

Govt notifies 7.75% bond scheme for retail investors

Govt notifies 7.75% bond scheme for retail investors

Thu, Jan 04, 2018

These bonds with seven-year maturity would open for subscription from January 10, a Finance Ministry statement said today.

Govt to infuse Rs 7,577 crore in 6 weak public sector banks

Govt to infuse Rs 7,577 crore in 6 weak public sector banks

Wed, Jan 03, 2018

The funding comes under Indradhanush plan which promised Rs 70,000 crore over period of four years ending March 2019

Electoral bonds to help government check black money in political funding

Electoral bonds to help government check black money in political funding

Wed, Jan 03, 2018

This move is aimed to make the political funding more transparent as presently all the funding are in the name of anonymous cash donations.

FinMin announces auction for sale of government stocks

FinMin announces auction for sale of government stocks

Tue, Jan 02, 2018

The statement said that both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 05, 2018.

SBI collects Rs 1,771 crore as charges from below minimum balance accounts

SBI collects Rs 1,771 crore as charges from below minimum balance accounts

Tue, Jan 02, 2018

State Bank of India (SBI) collected Rs 1,771 crore during April-November 2017 as charges from customers who did not maintain their minimum monthly average balance (MAB) in their accounts, according to Finance Ministry data.

Govt to introduce reverse charge mechanism to check GST evasion

Govt to introduce reverse charge mechanism to check GST evasion

Mon, Jan 01, 2018

The controversial GST feature will reportedly help the government estimate turnover of small firms, and also prevent the firms from hiding their actual turnover and profits.

Govt cautions people against risk of investing in virtual currencies

Govt cautions people against risk of investing in virtual currencies

Fri, Dec 29, 2017

"There is a real and heightened risk of investment bubble of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money," said the statement.

Post-demonetisation number of taxpayers increased: FinMin

Post-demonetisation number of taxpayers increased: FinMin

Fri, Dec 22, 2017

During the period from April 2017 to October 2017, ITD conducted search operation on around 275 groups, in which undisclosed income of over Rs 7,800 crore was admitted.

Govt measures to curb parallel economy, unaccounted transactions

Govt measures to curb parallel economy, unaccounted transactions

Tue, Dec 19, 2017

A Task Force (TF) on Shell Companies had been constituted under the joint chairmanship of Revenue Secretary and Secretary (Ministry of Corporate Affairs) in February, 2017. The task force has met 6 times so far.

FinMin shows strong macro-economic fundamentals, reforms for sustained growth in 2017

FinMin shows strong macro-economic fundamentals, reforms for sustained growth in 2017

Mon, Dec 18, 2017

Union Finance Ministry on Monday released its year end review showing strong macro-economic fundamentals and reforms for sustained growth for the year 2017-18.

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