Page 8 - Finance Ministry

Bulk of illicit drugs being smuggled into India through sea route: FM

Finance Minister Nirmala Sitharaman on Tuesday said a significant portion of drugs like heroin, cocaine, and hashish are being smuggled into the country through sea route. In a written reply to a question in the Rajya Sabha, the minister said as per inputs received from Narcotics Control Bureau (NCB), the main drugs smuggled through the sea route are heroin, cocaine, hashish and Amphetamine type Stimulants (ATS). "The percentage of these drugs smuggled through sea route vis a vis total seizures is significant, though their percentage varies from year to year," Sitharaman said. In the current year till November 30, of the 3,017kg heroin seized, 55 per cent or 1,664 kg was through sea route. Of the 122 kg cocaine seized, 84 per cent or 103kg was through sea route. In the case of hashis and ATS seized till November this year, 23 per cent and 30 per cent were being smuggled through the sea route. Sitharaman said various central law enforcement agencies and state police departments mon

Govt likely to issue green bonds in Jan-March quarter: MoS Finance

Sovereign Green Bonds are likely to be issued during the January-March period of the current fiscal, Minister of State for Finance Pankaj Chaudhary said on Tuesday. The objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government's overall market borrowings in 2022-23, he said in a written reply in the Rajya Sabha. "The framework for these bonds has been brought out. The bonds are likely to be issued from January to March 2023. The proceeds will be deployed in public sector projects which help in reducing carbon intensity of the economy," he said. Replying to another question, he said the value of the Indian rupee is market-determined. As global spillovers from geo-political tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent in the financial year (till November 30), he said. While the rupee has witnessed a depreciation of

GST Council meeting: Panel for raising threshold for offences to Rs 2 cr

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

All ministries, departments to scrap 15-year-old vehicles: FinMin

The finance ministry has directed all ministries and departments to scrap all 15-year-old vehicles that have become unserviceable. The Department of Expenditure, under the finance ministry, in an office memorandum said the existing provisions of condemnation of vehicles have been reconsidered in consultation with Niti Aayog and the road transport ministry considering the broad objectives of the government to reduce pollution and improve passenger safety and fuel efficiency. "It has been decided that henceforth all the condemned vehicles (including prematurely condemned vehicles) belonging to ministries/departments of government of India, shall only be scrapped," it said in an office memorandum. Scrapping of such vehicles shall only be at registered vehicle scrapping facilities, it said, adding that vehicles which have been condemned or reached 15 years of age, will not be auctioned. The detailed procedure for scrapping of all such vehicles shall be separately notified by the road .

Govt not to make RBI report on MPC's first-ever inflation failure public

MPC is said to have failed to achieve inflation target if average CPI inflation falls outside 2-6% range for three straight quarters. This was the case in the three quarters from Jan to Sept of 2022

India gold seizures hit three-year high after import duty increase

This was the largest amount since 2019, when 3,673 kilograms of gold was seized

FinMin, commerce ministry seized of issue of duty structure: Suman Bery

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner. Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1. Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing "some internal work" on the issue of inverted duty structures. Also, both the finance ministry and the commerce ministry are seized of the issue, he added. "But you know, since we are approaching budget time, I don't want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back," the Niti Aayog Vice Chairperson said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that .

Govt seeks approval for Rs 4.36 trillion additional spending in FY23

Fertiliser, food subsidies, payments to OMCs for LPG dominated supplementary demand

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

GST Council meeting: Trace and curb of gutkha firms' tax evasion on agenda

GoM submits recommendations on taxing pan masala, gutka on manufacturing capacity

FinMin allows PSUs to invest in debt schemes of all mutual funds

The communication by DIPAM said that only Maharatna, Navratna and Miniratna CPSEs are permitted to invest in debt-based schemes of mutual funds

Greening of the GST

The environmental dimension of taxes must rank high in any rate rationalisation exercise

Centre still hopeful on 6.4% fiscal deficit on back of tax revenue gains

The net tax revenue budget estimate for FY23 was Rs 19.35 trillion; a boost of Rs 4.5 trillion would take the revised estimates to Rs 23.85 trillion

FinMin rejects provision for tax benefits to SEZs under DESH Bill

Says proposed incentives would "create havoc" for units outside the zones

Taxing proposition

Capital gains tax needs committee-level deliberations

Draft DESH Bill seeks to bail out SEZ units

There is nothing in the said Bill to suggest that it will contribute to enhancement of export competitiveness

Railway ministry might miss FY23 asset monetisation target by 85%

U-turn on station development major cause behind botched FY23 monetisation

Nirmala Sitharaman to address revenue intelligence officers on Monday

Finance Minister Nirmala Sitharaman will on Monday address Revenue Intelligence officers at the DRI foundation day event in the national capital. The Directorate of Revenue Intelligence (DRI) is celebrating its 65th Founding Day on December 5-6 this year, a finance ministry statement said on Sunday. A meeting of the 'Regional Customs Enforcement Meeting (RCEM)' for effectively engaging with partner Customs organisations and international agencies like World Customs Organisation (WCO), Interpol for enforcement related issues would also be organised during the event. This year, 22 Customs administrations covering the Asia-Pacific region along with WCO, Interpol, UN Office on Drugs and Crime (UNODC) and Regional Intelligence Liaison Office Asia Pacific (RILO AP) have been invited to the event. Sitharaman will inaugurate the 2-day event along with Union Minister of State for Finance Pankaj Chaudhary, the statement said. The 'Smuggling in India Report 2021-22' would be released by ...

Oil ministry to seek compensation for petrol, diesel losses from FinMin

The oil ministry will seek compensation from the finance ministry for the losses state-owned fuel retailers incurred on holding petrol and diesel prices in the last eight months despite a spike in cost of raw material, a top official said on Friday. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) posted a combined net loss of Rs 21,201.18 crore in April-September. This loss would have been higher but for them accounting for Rs 22,000 crore yet-to-received LPG subsidy for past years. "The first half losses are publicly available. Add to that the LPG subsidy and you would arrive at approximate loss they have incurred," the official said. Since holding of the prices benefited the economy in terms of not add to the already high inflation rate, there is a case for the oil marketing companies (OMCs) to be compensated, he said. "Petrol and diesel prices are deregulated (not controlled or dictated by the government). OMC

Govt likely to roll back states' ability to borrow more, says report

New Delhi has already stopped compensating states for the switch to the Goods and Services Tax regime from this year