Page 7 - Finance Ministry

Pent-up demand, infra spend drove growth amid global headwinds: FinMin

In its latest Monthly Economic Review, the Ministry said global economic developments remain complicated in November, and that fiscal and monetary policymakers need to remain vigilant

Law on crypto only after international collaboration, risk evaluation: Govt

Policy related to crypto is with the FM and any legislation on it would be effective only through international collaboration after proper risk evaluation, the Parliament was told

FinMin asks banks not to use unethical practices to sell insurance policies

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly convince that they are under pressure from top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. In this regard, it said, the department has already issued a circular wherein it has been

Govt keeping eye on inflation, WPI fallen to 21-month low: FM in Parliament

Finance Minister Nirmala Sitharaman on Wednesday said the government is keeping an eye on inflation which is purely "extraneous" nowadays because of fuel and fertiliser prices. Replying to the debat on the Supplementary Demands for Grants in the Rajya Sabha, the minister said wholesale inflation has fallen to a 21-month low. Later, the Rajya Sabha returned the Supplementary Demands for Grants to the Lok Sabha, thus completing the process of authorising the government to spend an additional Rs 3.25 lakh crore in FY2022-23. Retail inflation based on consumer price index which remained above the Reserve Bank's tolerance level of 6 per cent since January this year has declined to 5.88 per cent in November. The minister also said private investment capex is taking place in India because of favourable policies like PLI and cited few examples. Sitharaman also stressed that the supplementary demand for grants is essentially for food security, fertiliser requirements and providing support

India GDP grew by 9.7% in H1FY23, says Finance Ministry

The Ministry said it could not present the Medium Term Expenditure Framework in Parliament, as mandated by the Fiscal Responsibility and Budget Management Act

Indian govt raises over Rs 4 trillion via disinvestment since 2014

The government has raised over Rs 4.04 lakh crore through disinvestment and strategic sale of public sector enterprises since the Modi government came into power in 2014, the Finance Ministry said on Tuesday. Of this, the largest amount totalling over Rs 1.07 lakh crore through offer for sale in 59 cases. This was followed by a stake sale through Exchange Traded Fund (ETF) in 10 tranches, aggregating to Rs 98,949 crore. Strategic sales in 10 companies, including Air India, yielded Rs 69,412 crore to the exchequer in the last 8 years. Share buyback in 45 cases fetched Rs 45,104 crore. 17 CPSEs were listed since 2014-15, which yielded Rs 50,386 crore. Of this, the initial public offering (IPO) of LIC alone fetched the government Rs 20,516 crore. The additional market capitalisation of Rs 7.31 lakh crore was achieved through new listings, the ministry said. Besides, the government has sold its residual stake in Paradeep Phosphate Ltd, IPCL, and Tata Communication for Rs 472 crore, Rs

Top 50 wilful defaulters in India owe Rs 92,570 crore to banks: MoS Karad

Karad also said that in the last five years, the banks in India have written off loans worth Rs 10.1 trillion

Finance Ministry red-flags CSS fund mis-utilisation by Chhattisgarh govt

Says Rs 1,213 cr being spent in violation of rules and Rs 11 cr diverted to time deposits to earn interest income; calls for action against officers responsible

Finance ministry pulls up PSBs over mis-selling of insurance products

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

India committed to improve trade facilitation: Nirmala Sitharaman

The Centre is committed to improve trade facilitation for every stakeholder, including Customs Department personnel and those involved in the trading communities, said Union Finance Minister Nirmala Sitharaman here on Sunday. Beyond construction of a new building, these days emphasis is also given on how energy-efficient the buildings would be so that there is no pollution or disturbance to anyone, she said at an event here. "I am extremely happy to lay the foundation stone for new office complex 'Vaigai' which is aptly named and actually comes out of the commitment that the nation has made to improve trade facilitation", Sitharaman said at the foundation stone-laying ceremony of new office complex 'Vaigai' at Customs House here. "There was a time when we thought that we have to build office space based on officers, staff and requirements. These days, it is also looking at how green our buildings are going to be, and how energy-efficient these buildings will be," she said. "In tra

CBIC detects Rs 62K-crore GST evasion via fake invoices during past 3 years

1030 people have been arrested by tax authorities since 2020

Parliamentary committee recommends a GST Council-like body for RoDTEP

The Finance Ministry has allocated Rs 14,245 crore for the RoDTEP scheme in FY23, up from Rs 12,454 crore in FY22

Centre, state govts to focus on efforts to widen GST base: FM Sitharaman

According to finance minister Nirmala Sitharaman, monthly GST revenue collection has been above Rs 1.4 trillion in the recent past

GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

Budget this year to follow spirit of earlier ones, says FM Sitharaman

Finance Minister Nirmala Sithataman on Friday indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will "follow the spirit" of earlier Budgets. Sitharaman, scheduled to present her fifth straight Budget on February 1 for the fiscal starting April, had unveiled a massive public spending programme to support the economy, emerging out of the COVID-19 pandemic. In the Budget, the finance minister had raised capital expenditure by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to boost demand, while the capex last year stood at Rs 5.5 lakh crore. "It is very inspiring and motivating for me, especially at a time when we are readying the next budget for the country, a budget which will follow the spirit of the earlier Budgets. We are going to set the template, which was set to earlier but follow it and take it further for India's next 25 years...," she said at an event here. The GDP growth has slowed in recent

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

On track to meet FY23 fiscal deficit target, inflation within RBI band: FM

'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman

Inflation to decline more; govt on track to meet fiscal deficit target: FM

Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said. As per the law, Monetary Policy Committee headed by RBI Governor has been given task of maintaining inflation at 4 per cent with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent. "We will bring it down further for the sake of common people," she quipped saying the issue is being raised by Congress during whose regime inflation was in double digit. Prime Minister Narendra Modi and his group of ministers are constantly watching and making periodic

FinMin lifts ban on printing of calendars by ministries after 2 years gap

The Finance Ministry has lifted the ban on the printing of calendars by ministries and departments after a gap of two years. In the wake of Covid-19, the ministry in September 2020 imposed a ban on the printing of wall and desktop calendars, diaries, festival greetings card, coffee table book and similar materials. It had asked departments to go in for digital or online methods for such materials. In partial modification to its earlier directive, the Department of Expenditure in an office memorandum said it has been decided to now "allow the printing of calendar by ministries/departments/autonomous bodies and other organs of the government".

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law