Page 10 - Finance Ministry

PNB gets Centre's approval to divest its entire stake in UTI AMC

The bank holds 15.22 per cent stake in UTI AMC worth around Rs 1300 crore at current valuation

India to grow at moderately brisk rate, inflation to ease: FinMin

India is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite global monetary tightening, a finance ministry report said on Thursday. It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects. The 'Monthly Economic Review for October 2022' also cautioned that the US monetary tightening is a "future risk" which could lead to dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world. It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession. The spillovers of the global slowdown may dampen India's exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle along with .

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

FM Nirmala Sitharaman holds a pre-budget meeting with stakeholders

Representatives from the commodity market have demanded cost rationalisation and reduction of commodity transaction tax to Rs 500 per crore from Rs 1000 per crore: Official

PMGKAY likely to end in December on fiscal, foodgrain constraints

"The food subsidy burden is already crossing Rs 3 trillion and we are hopeful that it will be brought down below that mark," said a senior government official

28% GST on online gaming likely; Council to take a final call on valuation

The state finance ministers' panel is likely to recommend a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance, and may leave the final decision on the vexed issue of valuation to the GST Council, sources said. The Group of Ministers, chaired by Meghalaya Chief Minister Conrad Sangma, had a virtual meeting on Tuesday to finalise their long pending report on taxation of online gaming, casinos and horse racing. According to the sources, a majority of the state ministers in the GoM were of the view that the Goods and Services Tax (GST) on online gaming should be raised to 28 per cent. However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the GoM has decided to refer all suggestions to the GST Council for a final decision. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming

Union Bank likely to sell tier-2 bonds worth Rs 2,000 crore next week

Tier-2 bond sale plan comes amid sharp decline in bond yields

IBBI expected to introduce two key changes to the Insolvency Law: Report

The decision was made during meetings between IBBI officials, lawyers, consultants and some officials from the finance ministry

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

NPCI holds talks with RBI on proposed December 31 volume cap deadline

National Payments Corporation of India (NPCI), which runs the UPI digital pipeline, is in talks with the Reserve Bank on implementation of its proposed December 31 deadline for limiting the volume cap of players to 30 per cent. At present, there is no volume cap. So, two players -- Google Pay and PhonePe -- account for a market share of about 80 per cent. NPCI in November 2022 had proposed a 30 per cent volume cap for third-party app providers (TPAP) in a bid to avoid concentration risk. In this regard, sources said, a meeting was convened to comprehensively look at all aspects. Besides NPCI officials, senior officials of the finance ministry and RBI also participated in this. At the moment, NPCI is evaluating all the possibilities and no final decision has been taken to extend the December 31 deadline, the sources said. NPCI has also received representations from industry stakeholders to extend the deadline and they are being examined, they added. According to the sources, NPCI

Cut I-T, review capital gains tax in Budget 2023-24: CII to govt

FM Nirmala Sitharaman's pre-Budget consultations from today

LIVE news: Finance Minister to begin pre-budget consultations from Monday

From Amit Shah's scheduled rally in Gujarat to BJP's roadshows across Delhi ahead of MCD polls, catch all the live updates from across the globe here

FM urges independence of CAs to preserve integrity of financial statements

Says statutory filings and audit reports by CAs are public documents that multiple stakeholders rely on; urges adherence to fair and transparent practices

First G20 meeting under India's presidency in Dec; FM talks in Feb

The Finance Track of the powerful G-20 grouping is older than the Sherpa Track, since G-20 was formed with the intention of governance of the global economy

SBI nominates Ministry of Finance secretary Vivek Joshi on its board

State Bank of India (SBI) on Tuesday said the government has nominated Vivek Joshi to its board following the cessation of the previous director. The Department of Financial Services, Ministry of Finance, in a letter dated November 15, 2022, has nominated Vivek Joshi (secretary, Ministry of Finance) as a director on the central board of directors of State Bank of India, the bank said in a regulatory filing. Following the cessation of Sanjay Malhotra as the government nominee director, the nomination of Joshi comes into immediate effect, until further orders.

Nine Russian banks open special vostro accounts for trade in rupee

Next round of India-UK FTA talks expected in Dec: Commerce secy

Finance ministry likely to give additional Rs 25,000 crore for MGNREGS

But asks rural development ministry to identify and remove inefficiencies

Budget 2023-24: FY24 direct tax target likely to see 14-17% increase

Centre's FY23 mop-up may top BE by Rs 1-1.5 trn

Budget 2023-24: Sitharaman's meetings with stakeholders to begin on Nov 21

Seven meetings will take place between November 21 and 24, while the pre-budget interaction with state Finance Ministers is expected to take place in December in Madurai