Finance Secretary

Finance Secretary T V Somanathan to head panel on pension schemes: FM

"The approach will be designed for adoption by both the central government and state governments," the finance minister said

Govt will set up a committee to review pension scheme: FM tells Parliament

Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme

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

Belt-tightening measures key to surviving pink slip, say experts

Cautious spending, reduced debt burden, and opting for gig work can help

India has nano demographic window to become developed country: Finance secy

India has a nano demographic window to achieve developed country status, and if it misses, it may not reach there, Union Finance Secretary T V Somanathan said on Saturday. The country has to grow at a rate of 8-8.5 per cent to reach developed country status, he said at an event here. "In the first decade of this century, China grew at approximately 9.5 per cent per annum and similar growth rates were witnessed in countries like South Korea and Taiwan" Somanathan said. The finance secretary made the comments while delivering the G Ramachandran Endowment Lecture on 'Development in Changing Times, the role of government efficiency' at the Madras School of Economics here. "The other thing which we often hear and it is an important point that a lot of people make is that we have nano demographic window in which to achieve developed country status, and if we don't catch this window or if we do not use this window, we may never get there," he said. "There are two widely held views abo

Finance secy appeals states to optimise Aadhaar use within legal framework

Finance Secretary T V Somanathan on Wednesday appealed states and Union Territories to optimise use of Aadhaar within the existing legal framework for improving delivery of services to people. While speaking at a workshop organised by Unique Identification Authority of India (UIDAI), Somanathan said Indians must be proud of the fact that Aadhaar was created by India, not copied from the western world. He said that everybody shares a social security number in the United States and it is not a state secret there. "We already have a supreme court judgment on this subject and there is a law. So, within the contours of that law and sticking within the parameters of the law, we should unabashedly do everything that will help us to maximize the potential of Aadhaar without having any sort of apprehension that something is wrong," Somanathan said. He appealed the government departments to maximize the potential of the scientific and administrative achievement -- Aadhaar. Government think-

Revenue spend may be cut to limit slippage: Finance secretary TV Somanathan

To compensate for impact of over Rs 1.5 trn on account of measures announced to rein in inflation, including cut in fuel prices and Customs duty exemption: Somanathan

Will act against officers furnishing false info on schemes: Finance Secy

Letter sent to all Chief Secys of states and UTs said stated that if falsification of information is found, names of All India Service Officers will be passed on to DoPT by Finance Ministry

Former finance secretary Debasish Panda takes charge as Irdai chief

The appointment of the Irdai chairman comes nearly nine months after the vacancy was created following Subhash Chandra Khuntia completing his term in May last year

Health care Budget: Finance secy says it is responsibility of states

According to the budget proposals for FY23, the government is planning to spend about Rs 83,000 crore on healthcare, the same as it did in FY22

Cryptocurrency will never be a legal tender: Finance secy Somanathan

Cryptocurrency will never be a legal tender, Finance Secretary T V Somanathan said on Thursday clearing the air on the legality of private digital currencies in the market.

More can be allocated for Covid vaccination as policy evolves: Fin Secy

The government has earmarked Rs 5,000 crore in the next fiscal just for Covid vaccination of 15-17-year-age group and precautionary dose for senior citizens, Finance Secretary T V Somanathan said

Budget opted for lasting benefits, not temporary relief: TV Somanathan

I still hold the view that except for the poor, what is restraining consumption is activity restriction, which is not financial in its origin, says finance secretary

Bitcoin, Ethereum or NFT will never become legal tender: Finance Secretary

People investing in private crypto should understand that it is not having the authorisation of the government, says Finance Secretary T V Somanathan

Cryptocurrency to be taxed like gambling win, says top FinMin official

'We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions,' says Finance Secretary

Former finance secy Subhash Garg turns author; book to hit stands in Feb

Former finance secretary Subhash Chandra Garg will soon make his debut as an author with upcoming book, "The $10 Trillion Dream"

Central Vista: Govt constitutes panel for timely completion of projects

The central government has formed a five-member committee, headed by former finance secretary Ratan P Watal, to ensure timely completion of various projects being executed under the Central Vista redevelopment plan. In an office memorandum issued on Thursday, the Union Housing and Urban Affairs Ministry said the 'Central Vista Oversight Committee' will ensure multi-agency and stakeholder coordination for seamless integration of different project works. According to the document, Deputy CAG P K Tiwari, former director of L&T Shailendar Roy, IIT Delhi professor Mausam and ministry's joint secretary have been included in the committee. The redevelopment of the Central Vista, the nation's power corridor, envisages a new parliament building, a common central secretariat, revamping of the 3-km-long Rajpath from the Rashtrapati Bhavan to India Gate, new office and residence of the prime minister, and a new vice-president enclave. The ministry said that the five-member committee will meet

Need food, farm subsidy reforms to improve fiscal position: Finance Secy

Finance Secretary T V Somanathan on Tuesday underlined the need for improving the fiscal position of the government through reforms in farm, food and fertilizer subsidies

T V Somanathan named finance secy in place of Ajay Bhushan Pandey

Pandey superannuated in February this year

Constructive dialogue: Cairn CEO after meeting finance secy, tax officials

India is preparing to file an appeal against the award at The Hague