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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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FinMin may form panel to keep a tab on Bitcoin transactions

FinMin may form panel to keep a tab on Bitcoin transactions

Fri, Dec 15, 2017

The move comes after the Income Tax department team carried out a survey at major Bitcoin exchanges across the country on suspicion of alleged tax evasion.

FinMin extends Aadhaar, PAN submission date till March 2018

FinMin extends Aadhaar, PAN submission date till March 2018

Wed, Dec 13, 2017

"After considering various representations received and inputs received from banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity," said the statement.

Taxpayers asked to file Form TRAN-1 by Dec 27 to avail input tax credit

Taxpayers asked to file Form TRAN-1 by Dec 27 to avail input tax credit

Wed, Dec 13, 2017

The Finance Ministry statement said, "In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017."

Govt will fully protect public deposits: Arun Jaitley

Govt will fully protect public deposits: Arun Jaitley

Tue, Dec 12, 2017

Seeking to allay concerns of depositors over provisions of a draft law, Finance Minister Arun Jaitley today said the government will fully protect public deposits in financial institutions even as he hinted at openness to changes in the proposed FRDI Bill.

Sebi picks 12 companies for forensic audit, other suspected firms get clean chit

Sebi picks 12 companies for forensic audit, other suspected firms get clean chit

Fri, Dec 08, 2017

As many as 12 companies got relief from the Securities Appellate Tribunal (SAT), which then sought details about 36 firms to verify credentials and fundamentals.

FRDI Bill will protect the rights of depositors, says FM Jaitley

FRDI Bill will protect the rights of depositors, says FM Jaitley

Thu, Dec 07, 2017

Apart from giving protection guarantee of Rs 1 lakh to depositors, the FRDI Bill will also look into the rights of uninsured depositors compared to the existing legal arrangements over the unsecured creditors and even government dues.

India says debt rollover risk in next five years low

India says debt rollover risk in next five years low

Tue, Dec 05, 2017

The government bought back 277.67 billion rupees of short-dated securities last week as a part of its debt management operation to reduce risks of bulk payouts next year.

Exporters file over 10,000 applications for GST refunds

Exporters file over 10,000 applications for GST refunds

Sun, Dec 03, 2017

The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST and have claimed refund based on shipping bill by filling up Table 6A.

FinMin giving final touches to recap bonds, FM nod likely soon

FinMin giving final touches to recap bonds, FM nod likely soon

Wed, Nov 29, 2017

The Department of Financial Services, in consultation with the Reserve Bank of India, has submitted proposals to the Department of Economic Affairs, which is working on the final structure, a government official said, adding that the final structure will be known in the next few days after approval from the finance minister.

India's inflation likely to rise, interest rates won't: Reuters poll

India's inflation likely to rise, interest rates won't: Reuters poll

Wed, Nov 29, 2017

The results, from a poll of economists taken over the past week, also found there is a bigger risk the next move is a cut, even though forecasts diverge in three directions starting from the second quarter of next year.

Infra status: Logistics players hail move, see 50 bps savings

Infra status: Logistics players hail move, see 50 bps savings

Mon, Nov 20, 2017

Leading logistics players have welcomed the government's decision to grant infrastructure status to the industry saying the move will help them raise funds at a lower cost which in turn will help reduce the overall transportation cost.

7th Pay Commission: NAC may not favour employees on minimum pay, fitment factor issue

7th Pay Commission: NAC may not favour employees on minimum pay, fitment factor issue

Mon, Nov 20, 2017

When 7th Pay Commission received in-principle approval from cabinet in June 2017, it was expected to benefit 34 lakh civilian employees and 14 lakh Defence Forces personnel.

Banks asked to prevent defaulters from buying stressed assets

Banks asked to prevent defaulters from buying stressed assets

Sun, Nov 19, 2017

As many as 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25% of total NPAs of banks are being under the Insolvency and Bankruptcy Code process.

7th Pay Commission: Govt to soon hear NAC's recommendation on minimum pay hike

7th Pay Commission: Govt to soon hear NAC's recommendation on minimum pay hike

Tue, Nov 07, 2017

Many media reports have stated that the proposal to implement recommendations of 7th Pay Commission has been approved by the Ministry.

Ease of Doing Business: 8 key areas that helped India jump 30 places

Ease of Doing Business: 8 key areas that helped India jump 30 places

Wed, Nov 01, 2017

The World Bank on Tuesday said that India's ranking on the Ease of Doing Business rose 30 spots to stand at 100th position for the first time ever.

Government is planning to ease procedure of availing loans for MSMEs: Sources

Government is planning to ease procedure of availing loans for MSMEs: Sources

Sat, Oct 28, 2017

Post recapitalisation of the PSU banks, the union government is planning to ease the procedure of availing loans for Ministry of Micro, Small and Medium Enterprises (MSMEs), a source aware of the development has told this to Zee Business.

First Installment for recapitalisation of PSU banks will be released in December, sources say

First Installment for recapitalisation of PSU banks will be released in December, sources say

Thu, Oct 26, 2017

The Union Government will start infusing capital into public sector banks (PSBs) from December 2017, a source aware of the development has informed Zee Business. The recapitalisation bond will be cash neutral, the source further said.

RBI chooses inflation over growth, keeps repo rate unchanged

RBI chooses inflation over growth, keeps repo rate unchanged

Wed, Oct 04, 2017

RBI has decided to keep key rates unchanged during its bi-monthly monetary policy meeting in Mumbai on October 4, 2017. RBI also revised GVA growth downwards to 6.7% from its earlier projection of 7.3%.

Finance Ministry allows exporters to show Letter of Undertaking in place of bond for GST

Finance Ministry allows exporters to show Letter of Undertaking in place of bond for GST

Sat, Sep 30, 2017

The Finance Ministry today announced that it will allow exporters to show Letter of Undertaking instead of a bond when exporting of goods or services or both.

Scope for a rate cut by RBI in next policy review, says Finance Ministry

Scope for a rate cut by RBI in next policy review, says Finance Ministry

Sat, Sep 23, 2017

The statement comes ahead of the Reserve Bank's bi-monthly monetary policy decision to be announced on October 4.

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