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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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Aadhaar must to avail govt co-contribution under Atal Pension Yojna

Aadhaar must to avail govt co-contribution under Atal Pension Yojna

Mon, Jun 12, 2017

Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication, the ministry said in a statement.

Is all well between RBI and FinMin? YV Reddy answers

Is all well between RBI and FinMin? YV Reddy answers

Thu, Jun 08, 2017

Urjit Patel was asked if the finance ministry invite was an assault on the independence and autonomy of the RBI.

FDIs in India flat in 2016, but prospects bright: UNCTAD

FDIs in India flat in 2016, but prospects bright: UNCTAD

Thu, Jun 08, 2017

The World Investment Report released by the UN agency in Geneva on Wednesday said that FDI rose by a paltry one % in 2016 to $44.486 billion from the $44.064 billion in 2015.

Revenue department sets up twitter handle to answer GST queries

Revenue department sets up twitter handle to answer GST queries

Mon, May 29, 2017

With just over a month left for GST implementation, the revenue department today started a new twitter handle to answer industry queries related to the new indirect tax regime.

Finance Ministry initiates process for finding new State Bank of India's chief

Finance Ministry initiates process for finding new State Bank of India's chief

Sun, May 28, 2017

As SBI's chief Arundhati Bhattacharya's extended four-year term comes to an end on October 6 this year, the Finance Ministry has initiated the process for finding new chief for the bank.

Telcos need to rejig their costing, prices under GST: Government

Telcos need to rejig their costing, prices under GST: Government

Fri, May 26, 2017

Telecommunication services currently attract a service tax of 14 per cent, along with Swachh Bharat Cess (SBC) of 0.5 per cent and 0.5 per cent Krishi Kalyan Cess (KKC).

EPFO to take call on increasing ETF investment to 15%: Labour Minister

EPFO to take call on increasing ETF investment to 15%: Labour Minister

Mon, May 22, 2017

The Finance Ministry had earlier notified a new investment pattern for EPFO, allowing the body to invest a minimum of 5 per cent and up to 15 per cent of its funds in equity or equity-related schemes.

Jammu & Kashmit GST Council meet begins today

Jammu & Kashmit GST Council meet begins today

Thu, May 18, 2017

The GST Council headed by Jaitley is meeting here to take a final call on the new taxation regime and finalise the rates of different commodities and services.

7th Pay Commission: Central Govt employees may get maximum monthly HRA hike up to Rs 48,000 from June

7th Pay Commission: Central Govt employees may get maximum monthly HRA hike up to Rs 48,000 from June

Sat, May 13, 2017

The Central government employees are likely to get maximum monthly hike in house rent allowance (HRA) by up to Rs 48,000 from June this year as per the 7th Pay Commission recommendations.

Urjit Patel meets Finance Ministry officials to discuss NPA resolution issues

Urjit Patel meets Finance Ministry officials to discuss NPA resolution issues

Fri, May 12, 2017

Besides RBI governor, Financial Services Secretary, other senior officials of finance ministry and RBI were present in the meeting.

7th Pay Commission: Here are 9 key things for pensioners

7th Pay Commission: Here are 9 key things for pensioners

Thu, May 04, 2017

It said, "With the increase approved by the Cabinet, the annual pension bill alone of the Central Government is likely to be Rs1,76,071 crore."

7th Pay Commission: Will allowance committee submit report on Thursday?

7th Pay Commission: Will allowance committee submit report on Thursday?

Mon, Apr 24, 2017

The committee was expected to submit the report by April 18 after the "crucial" meeting held on April 6, which did not happened.

At 8.65%, investing in EPF a better option than fixed deposits

At 8.65%, investing in EPF a better option than fixed deposits

Wed, Apr 19, 2017

EPF and tax-saving fixed deposits both earn a tax break of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

EPFO to provide 8.65% interest on EPF for FY17: Bandaru Dattatreya

EPFO to provide 8.65% interest on EPF for FY17: Bandaru Dattatreya

Thu, Apr 13, 2017

Labour Minister Bandaru Dattatreya said on Thursday that EPFO has decided to provide 8.65% interest rate on provident fund (PF) deposits for the financial year 2016-17 (FY17).

Govt lowers interest rates on small saving schemes like PPF, Kisan Vikas Patra, others by 0.1%

Govt lowers interest rates on small saving schemes like PPF, Kisan Vikas Patra, others by 0.1%

Fri, Mar 31, 2017

The government has lowered interest rates on small saving schemes like Public Provident Fund (PPF), Kisan Vikas Patra and Sukanya Samriddhi Scheme by 0.1% for the April-June quarter of the fiscal year 2017-18 (FY18).

Boosting private sector investment in India challenging: Arvind Subramanian

Boosting private sector investment in India challenging: Arvind Subramanian

Wed, Mar 29, 2017

Boosting private sector investment remains a challenge for the Indian economy, Arvind Subramanian, chief economic adviser to the finance ministry told the annual Credit Suisse Asian Investment Conference in Hong Kong on Wednesday.

JSW Steel keen to snap up troubled steel cos for expansion

JSW Steel keen to snap up troubled steel cos for expansion

Sun, Mar 26, 2017

JSW Steel is keen to capitalise on the stress in the sector by acquiring distressed alloy companies so that it can expand its capacity faster, a top official has said.

CBEC to be renamed as Central Board of Indirect Taxes and Customs ahead of GST

CBEC to be renamed as Central Board of Indirect Taxes and Customs ahead of GST

Sat, Mar 25, 2017

Reorganisation of the field formations of CBEC for the implementation of GST has been approved by Finance Minister Arun Jaitley.

Competition Commission imposes Rs 591 crore penalty on Coal India

Competition Commission imposes Rs 591 crore penalty on Coal India

Sat, Mar 25, 2017

"CCI has imposed a penalty of Rs 591.01 crore upon CIL for the abusive conduct," it said.

Govt removes 1% TCS on cash purchase above Rs 2 lakh

Govt removes 1% TCS on cash purchase above Rs 2 lakh

Thu, Mar 23, 2017

The government has done away with the 1 % tax on cash payments of over Rs 2 lakh for purchase of any goods or service after it banned cash dealings above that limit from April 1.

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