By Anjana Das New Delhi: The Finance Ministry has asked the six remaining public sector banks, currently under Prompt Corrective Action (PCA), to improve on seven parameters to get the government’s support for coming out of the PCA framework. “We have told these banks to improve upon net interest margins[Read More…]
Tag: Finance Ministry
ITRs filled till Aug 31 records 71% rise compared to 2017
Filling of Income Tax Returns recorded a notable rise of nearly 71 per cent upto Augsut 31 as compared to the corresponding period of last year. The Central Board of Direct Taxes revealed that the total number of ITRs filed online up to August 31, 2018, was 5.42 crore as[Read More…]
Government seeks comments on allowing single mother’s name on PAN card
The government on Friday proposed amendments in the Income tax Rules to allow having one’s mother’s name on the PAN Card in cases where she is the single parent. At present, furnishing of father’s name is mandatory for the allotment of permanent account number (PAN). “It is proposed to amend the Income Tax Rules[Read More…]
Despite falling rupee, India in exceptional period of stability: Finance Ministry official
As the Indian rupee plunged to a fresh record low of 70.60 to a US dollar on Wednesday, a top government official said there is no need to be alarmed as despite the short-term volatility, the country is going through “an exceptional period of stability”. The official said if one takes the long-term view, the rupee is not depreciating[Read More…]
Finance Ministry should bear pension liability of Indian Railways: Railway Convention Committee
Taking note of the increasing amount of pension and losses in the passenger buisness, a parliamentary committee has suggested rationalisation of train fares while advocating that the Finance Ministry should partly bear the pension liability of the Indian Railways. The cash-strapped Railways — one of the largest public-sector employers —[Read More…]
Civil Aviation Ministry to urge Finance Ministry to bring ATF under GST
New Delhi: To contain the rise in jet fuel prices and its cascading impact on air ticket prices, Civil Aviation Ministry will urge the Finance Ministry to bring the particular fuel type under the ambit of GST. Civil Aviation Secretary Rajiv Nayan Choubey on Tuesday said, a proposal will be[Read More…]
All existing protections retained while consolidating PPF Act: Finance Ministry
New Delhi: The central government on Wednesday said that “all existing protections” have been retained while consolidating the Public Provident Fund (PPF) Act under the proposed Government Savings Promotion Act. The development comes a day after the central government proposed to merger separate acts on small savings, PPF and government savings[Read More…]
GST, World Bank rank, Moody’s upgrade major events of 2017: Finance Ministry
New Delhi: Implementing the GST, the improvement in India’s World Bank ease of doing business rankings, the sovereign rating upgrade by US agency Moody’s and bank recapitalisation all contributed to make 2017 a historic year, the Finance Ministry said on Monday. Besides, the cleansing of the financial system instrumentalised by demonetisation[Read More…]
I-T return: Income-tax office to remain open until midnight
To facilitate senior citizens and those with income below Rs. 5 lakh to file tax returns for 2016-17, the Income-tax office department declared to remain open until midnight on Saturday. Notably, the last date of filing Income Tax Returns (ITRs) was extended from July 31 to August 5 in view of difficulties faced[Read More…]
No more printing of Rs 2000 notes by Reserve Bank of India
It is reported that The Reserve Bank of India stopped printing Rs 2000 notes in March this year. The federal bank is also not likely to print any more Rs 2,000 notes in the current financial year. The RBI, meanwhile, has shifted its focus on printing the newly approved denomination of[Read More…]
Govt dismisses reports that education will become expensive under GST
The government has dismissed the speculation that the education will become expensive under Goods and Services Tax (GST) on Friday. It has said that services provided by an educational institution to students, faculty and staff were exempted. “Such reports that education will become expensive under GST are completely unsubstantiated. In[Read More…]
Finance Ministry slams fake reports stating churches, mosques are exempt from GST
As GST rolled out this month, rumours were doing rounds on social media stating that the churches and mosques have been exempted from GST. The Finance Ministry made it clear that they are encouraging no religious distinction under the Goods and Service Tax. The rumours which could strike a religious[Read More…]
22 states abolish check posts after GST rollout
Just three days after the GST rollout, as many as 22 states have removed check posts. With the implementation of Goods and Services Tax GST, states such as Delhi, West Bengal and Maharashtra have abolished check-posts; while states, including Assam, Punjab, Himachal Pradesh, and some north-eastern states, are also in[Read More…]
Aadhaar made mandatory by Finance Ministry to avail Atal Pension Yojana
The subscribers of the Atal Pension Yojana (APY) will now have to link their Aadhaar to their accounts for availing up to Rs 1,000 government’s co-contribution, the Finance Ministry said on Monday. In a statement, it said that any individual who is eligible to receive benefits under the APY will[Read More…]
83 services exempted from GST
The Goods and Services (GST) Council agreed on the fitment of almost every commodity in the various tax slabs under the new tax regime, which will be rolled out on July 1. Milk, cereals (unpackaged and unbranded), and jaggery will be exempt from GST, while sugar, tea, coffee (except instant),[Read More…]
Finance Ministry ratifies 8.65% on EPF
No plans to introduce ₹1,000 notes, says govt
Erstwhile policy allowed FIPB to clear Aircel-Maxis case
On February 10, the Supreme Court asked BJP leader Subramanian Swamy to put forward “concrete” evidence to prove that former Finance Minister P Chidambaram had directly given FIPB clearance to the Aircel-Maxis deal in 2006, bypassing the Cabinet Committee for Economic Affairs (CCEA). Foreign ministry officials however say that it[Read More…]
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Finance Ministry says no fake currency was seized from Nov 8 to Dec 30
The primary motif of demonetisation according to PM Modi was the elimination of fake notes and black money which eventually result in financing terrorist actvities. After weeks of banning notes, the Finance Ministry has come up with a verdict supporting the decision of scapping notes. According to the Finance Ministry,[Read More…]
Government respects RBI’s independence and autonomy: Finance Ministry
The Finance Ministry on Saturday said that it fully respects the autonomy of the Reserve Bank of India. “It is categorically stated that the government fully respects the independence and autonomy of the Reserve Bank of India (RBI),” Finance Ministry said in a statement. “Consultations between the government and the[Read More…]
Party accounts can be scrutinised by tax department: Finance Ministry
The Finance Ministry on Saturday clarified that there are provisions in the Income Tax Act to scrutinise the accounts of political parties. Referring to news reports that income tax returns of political parties registered with Election Commission cannot be scrutinised with regard to deposit of demonetised currency notes, the ministry,[Read More…]
Finance Ministry confident that situation will normalise in 2-3 weeks
The Finance Ministry sounded confident on Thursday over the supply of new currency notes, claiming that the situation will considerably improve in the next 2-3 weeks. It also asked the RBI and banks to ‘countercheck’ the data regarding deposit of now-defunct currency notes to ensure there is no double counting.[Read More…]
GDP growth rises to 7.3% in July-September from 7.1% in June quarter
India’s economic growth picked up steam in the July-September quarter on strong consumption demand, but Prime Minister Narendra Modi’s surprise currency crackdown earlier this month will likely dent growth in coming quarters. Gross domestic product or GDP growth rose to 7.3 per cent in September quarter, accelerating from 7.1 per[Read More…]
No move to seal bank lockers, confiscate jewellery: Finance Ministry
The Finance Ministry on Friday said there was no move to seal bank lockers nor was it true that the ink of the new ₹2,000 notes has been bleeding in some cases. “Myth: Next move is to seal bank lockers and confiscate gold, diamonds and jewellery. Reality: This is baseless.[Read More…]