Page 20 - Finance Ministry

Assessing & delivering bad news on economy no longer taboo in FinMin

Change in mindset has been brought on by Chief Economic Advisor V Anantha Nageswaran who has ensured that discussions on the economy are now much more data-driven and without bluster

47th GST Council meet: Here's what became expensive after Tuesday meeting

The GST Council today is expected to take up extending compensation to the state

GST Council: Stormy discussion around states' compensation likely today

States will demand an extension of the compensation period or a change in the GST revenue distribution formula

Top headlines: 28% tax on online gaming, Dish TV-YES Bank tussle, and more

Business Standard brings you the top headlines at this hour

Finance Ministry permits state-owned NBFCs to issue letter of comfort

Modifying its earlier order, the finance ministry has permitted state-owned NBFCs to issue 'Letter of Comfort (LOC)' to banks for for fund tie-up for infra projects. Earlier in March, the finance ministry had asked other ministries and departments not to issue 'Letter of Comfort' to any hired entity for undertaking projects on their behalf, as part of efforts to improve transparency in fiscal management. "In view of the foregoing and considering that the CPSE-NBFCs are important players in the infrastructure sector, it has been decided that CPSE NBFCs may issue LOCs," an office memorandum issued by the finance ministry dated June 10 said. The memorandum posted on the the finance ministry website on Monday laid down certain conditions which include that lender should be a NBFC (Non-Banking Finance Company) registered with RBI. NBFCs should be involved in infrastructure sector and LOCs should be provided by banks only for opening letter of credit for supply of goods and services by .

FinMin asks banks to explore fintech partnership, co-lending opportunities

The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business

Dept of Expenditure warns against extending the free food scheme: Report

In an internal note, the FinMin's Dept of Expenditure has warned that extension of the free food scheme beyond September or any more tax cuts will have consequences for the Centre's fiscal situation

States to push for continuing GST compensation beyond June: Report

The 47th GST Council meeting, chaired by Nirmala Sitharaman and comprising state Finance Ministers, in Chandigarh scheduled on June 28-29 is likely to see discussion veer around compensation mechanism

Transactions to paper trail: CBDT clears the air on TDS levy on cryptos

From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year

Where is India's economy headed after FinMin's twin deficit warning?

The FinMin on Monday struck a note of caution about the re-emergence of the twin deficit problem. Where is the Indian economy headed? Is there trouble ahead? Find out what an RBI paper warns about

Expedite NPA resolution, focus on credit growth: Finance ministry to PSBs

Banks have been asked to put up branches in unbanked villages

India facing twin deficit problem due to commodity prices, subsidy: FinMin

Ministry's report urges rationalising non-capex spend not only for protecting growth supportive capex but also to avoid fiscal slippages

FinMin asks PSBs to expedite NPA resolution; focus on credit growth

According to sources, banks were asked to sanction loans for productive sectors to accelerate the revival of the economy facing headwinds, including from the Russia-Ukraine war.

India faces near-term challenges; better placed to deal with them: FinMin

India's medium-term growth prospects remain bright as pent-up capacity expansion in the private sector is expected to drive capital formation, employment generation in rest of this decade, says report

Top headlines: Over 500 trains cancelled; FinMin flags slowing economy

Business Standard brings you the top headlines on Monday

India faces slowing growth but low risk of stagflation: Finance Ministry

Country faces near-term challenges in managing fiscal deficit, reining in inflation and containing CAD while maintaining a fair value of the rupee

Finance Ministry looks to bring major changes at Banks Board Bureau

The finance ministry, over the next couple of months, is planning to identify new members, restructure the bureau, and recommend new names to the appointments committee of the cabinet

GoM fails to reach consensus on GST rate rationalisation; seeks extension

The GoM will seek an extension to submit its final report, they said, adding issues of tax rates will also be raised in the upcoming Council meeting later this month

FM to meet heads of PSBs on June 20; may nudge them for loan growth

The Finance Minister would take a stock of credit growth, asset quality and business growth plan of banks

Finmin asks banks to explore employment opportunities for 'Agniveers'

The finance ministry on Thursday held a meeting with heads of public sector banks and financial institutions to explore employment opportunities for 'Agniveers' in their respective organisations