Page 41 - Finance Ministry

Govt eases listing norms for companies having over Rs 1 trn m-cap

Companies that have a market capitalisation of more than Rs 1 lakh crore at the time of listing can now sell just five per cent of their shares, with the latest amendment in rules, a move that will be beneficial for the government during the proposed initial public offer of LIC. Such entities will be required to increase its public shareholding to 10 per cent in two years and raise the same to at least 25 per cent within five years. The Department of Economic Affairs under the finance ministry has amended the Securities Contracts (Regulation) Rules. Yash Ashar, Partner & Head - Capital Markets at law firm Cyril Amarchand Mangaldas, said there were some concerns that diluting 10 per cent in very large IPOs (Initial Public Offers) in the future maybe very challenging. "With this amendment, companies which at listing will have a market cap greater than one lakh crore rupees will be able to restrict their offer size to 5 per cent (as compared to 10 per cent) and this will ensure more .

FinMin, Infosys to meet on Tuesday, discuss glitches in new I-T portal

Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed

Statsguru: 6 charts explain why inflation risk is growing for the economy

Bloomberg's commodity index is also trending 46 per cent higher

Indians' funds in Swiss banks: Govt seeks details from Swiss authorities

The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts

Rupee downward slide expected after hawkish Fed stand, say experts

The rupee has been under depreciation pressure in the recent past

Reserve Bank of India focuses on the 10-year bonds in G-SAP again

The RBI mopped up a record Rs 26,779 cr of the 10-year bond in pre-announced secondary market operation

I-T portal glitches: FinMin invites stakeholders' representations

The deadline for submission of the representations is June 18

Finance ministry to meet Infosys team to discuss IT e-filing glitches

Finance ministry officials will meet representatives of Infosys on June 22 to discuss issues and glitches in the new income tax e-filing portal

FinMin notifies concessional GST rate on Covid-related items, services

The rate on Remdesivir and Anticoagulants like Heparin is lowered from 12 per cent to 5 per cent.

Finmin asks ministries to work out govt guarantee plan for FY'22

The finance ministry has asked all ministries and departments to assess the government guarantee requirement for the current fiscal and submit a prioritised list.

Govt asks ministries, departments to cut 'controllable' expenditure by 20%

The move comes amid concerns that the fiscal deficit may exceed the FY22 target of 6.8% of GDP

Faster Covid vaccination critical for economic recovery, says FinMin

Expects manufacturing, construction sectors to be in stress in ongoing qtr

Quicker vaccination coverage critical for regaining growth momentum: FinMin

Quickening the pace and coverage of vaccination of people is critical for regaining growth momentum as economic activities are inextricably linked to the path of pandemic, the finance ministry said

Faster vaccination, frontloading of fiscal steps key to recovery: FinMiN

Economic activities have slowed down amid the second wave of Covid-19 and lockdowns across states

Covid-19 vaccine spend may go up by 40%: Finance ministry estimates

Sources in the ministry said Finance Secretary T V Somanathan had a discussion with Health Secretary Rajesh Bhushan on the initial assessment of budgetary allocation of Rs 35,000 crore for vaccines

Free Covid-19 vaccines, food to cost an additional Rs 80,000 cr: Report

The government may not have to tap the bond market for the funds to finance free inoculation.

Rs 35,000-crore fund enough to vaccinate 1 billion: Govt estimates

Sources in the know say that the govt has so far spent about 5,000 crore on vaccines in the current financial year (since April).

FM Nirmala Sitharaman says macroeconomic fundamentals are sound

The finance ministry's assessment of the impact of the second wave on the economy will take a bit longer considering the timings and uncertainties, she said

Financial inclusion a top priority for govt, says Union Minister Thakur

Union Minister Anurag Singh Thakur on Thursday said financial inclusion is a top priority for the government and that promoting financial education would help in realising the collective potential. He was speaking at a virtual event to launch six modules of short films of Investor Education & Protection Fund Authority (IEPFA) titled 'Hisaab Ki Kitaab', according to an official release. Thakur is the Minister of State for Finance and Corporate Affairs. IEPFA comes under the corporate affairs ministry. The mandate of IEPFA is to build investor awareness among various stakeholders in the rural and urban areas. Due to the digital global community, the urban-rural divide in India is blurring. Yet the behaviour change in the rural populace with respect to investment and long term financial planning needs to be triggered, the minister said. Noting that financial inclusion is one of the top-most policy priorities for the government, Thakur said promoting and deepening financial education

MPC meet: RBI will reiterate the need for right policy mix, says expert

As India's early-stage recovery has been derailed by the second wave, the MPC will continue to focus on growth and maintain the status quo on policy rates and liquidity stance