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Finance Ministry

FY24 to end with strong growth performance, macroeconomic stability, reports Finance Ministry

FY24 to end with strong growth performance, macroeconomic stability, reports Finance Ministry

Tue, Nov 21, 2023

Financial flows in the external sector need constant monitoring as they impact the value of rupee and the balance of payments, the report said, adding that a fuller transmission of the monetary policy may also temper domestic demand.

India 360: Government's coffers are filling during the festive season, GST collection increased

India 360: Government's coffers are filling during the festive season, GST collection increased

Thu, Nov 02, 2023

Cover Story: There is bumper demand all around during the festive season, and the government's coffers are getting filled as GST collection is increasing significantly.

India's fiscal deficit at Rs 7.02 lakh crore for April-September this year

India's fiscal deficit at Rs 7.02 lakh crore for April-September this year

Tue, Oct 31, 2023

India's fiscal deficit for the first six months (April-September) of the current financial year was Rs 7.02 lakh crore which works out to 39.3 per cent of the estimate for the whole year, according to government data.

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India Inc may get relief in GST transition credit in Budget 2018

India Inc may get relief in GST transition credit in Budget 2018

Tue, Jan 09, 2018

Goods and Service Tax (GST) has been effective in India since July 2017, and many taxpayers, exporters, industries and markets have claimed that they faced difficulties in adapting the regime.

RBI to resolve bad loans of nearly 1,500 accounts with PSBs

RBI to resolve bad loans of nearly 1,500 accounts with PSBs

Mon, Jan 08, 2018

As of September 2017, PSBs' gross non-performing assets (GNPA) stood at Rs 7.34 lakh crore.

Standard procedure for GST profiteering complaints soon

Standard procedure for GST profiteering complaints soon

Sun, Jan 07, 2018

If the complaints have merit, the respective committees would refer the cases for further investigation to the DGS

Not only Rs 10, RBI may also revamp Rs 50 note

Not only Rs 10, RBI may also revamp Rs 50 note

Fri, Jan 05, 2018

At present, India had small denomination notes of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, old Rs 50, Rs 100, Rs 200 and high denomination notes of Rs 500 and Rs 2000.

Govt's recapitalisation package will narrow PSBs credit, NPA weakness

Govt's recapitalisation package will narrow PSBs credit, NPA weakness

Thu, Jan 04, 2018

Moody's expects the government will allocate the Rs 1.5 lakh crore in capital across the country's 21 public sector banks so that they will all have common equity tier 1 (CET1) ratios.

Govt notifies 7.75% bond scheme for retail investors

Govt notifies 7.75% bond scheme for retail investors

Thu, Jan 04, 2018

These bonds with seven-year maturity would open for subscription from January 10, a Finance Ministry statement said today.

Govt to infuse Rs 7,577 crore in 6 weak public sector banks

Govt to infuse Rs 7,577 crore in 6 weak public sector banks

Wed, Jan 03, 2018

The funding comes under Indradhanush plan which promised Rs 70,000 crore over period of four years ending March 2019

Electoral bonds to help government check black money in political funding

Electoral bonds to help government check black money in political funding

Wed, Jan 03, 2018

This move is aimed to make the political funding more transparent as presently all the funding are in the name of anonymous cash donations.

FinMin announces auction for sale of government stocks

FinMin announces auction for sale of government stocks

Tue, Jan 02, 2018

The statement said that both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 05, 2018.

SBI collects Rs 1,771 crore as charges from below minimum balance accounts

SBI collects Rs 1,771 crore as charges from below minimum balance accounts

Tue, Jan 02, 2018

State Bank of India (SBI) collected Rs 1,771 crore during April-November 2017 as charges from customers who did not maintain their minimum monthly average balance (MAB) in their accounts, according to Finance Ministry data.

Govt to introduce reverse charge mechanism to check GST evasion

Govt to introduce reverse charge mechanism to check GST evasion

Mon, Jan 01, 2018

The controversial GST feature will reportedly help the government estimate turnover of small firms, and also prevent the firms from hiding their actual turnover and profits.

Govt cautions people against risk of investing in virtual currencies

Govt cautions people against risk of investing in virtual currencies

Fri, Dec 29, 2017

"There is a real and heightened risk of investment bubble of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money," said the statement.

Post-demonetisation number of taxpayers increased: FinMin

Post-demonetisation number of taxpayers increased: FinMin

Fri, Dec 22, 2017

During the period from April 2017 to October 2017, ITD conducted search operation on around 275 groups, in which undisclosed income of over Rs 7,800 crore was admitted.

Govt measures to curb parallel economy, unaccounted transactions

Govt measures to curb parallel economy, unaccounted transactions

Tue, Dec 19, 2017

A Task Force (TF) on Shell Companies had been constituted under the joint chairmanship of Revenue Secretary and Secretary (Ministry of Corporate Affairs) in February, 2017. The task force has met 6 times so far.

FinMin shows strong macro-economic fundamentals, reforms for sustained growth in 2017

FinMin shows strong macro-economic fundamentals, reforms for sustained growth in 2017

Mon, Dec 18, 2017

Union Finance Ministry on Monday released its year end review showing strong macro-economic fundamentals and reforms for sustained growth for the year 2017-18.

FinMin may form panel to keep a tab on Bitcoin transactions

FinMin may form panel to keep a tab on Bitcoin transactions

Fri, Dec 15, 2017

The move comes after the Income Tax department team carried out a survey at major Bitcoin exchanges across the country on suspicion of alleged tax evasion.

FinMin extends Aadhaar, PAN submission date till March 2018

FinMin extends Aadhaar, PAN submission date till March 2018

Wed, Dec 13, 2017

"After considering various representations received and inputs received from banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity," said the statement.

Taxpayers asked to file Form TRAN-1 by Dec 27 to avail input tax credit

Taxpayers asked to file Form TRAN-1 by Dec 27 to avail input tax credit

Wed, Dec 13, 2017

The Finance Ministry statement said, "In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017."

Govt will fully protect public deposits: Arun Jaitley

Govt will fully protect public deposits: Arun Jaitley

Tue, Dec 12, 2017

Seeking to allay concerns of depositors over provisions of a draft law, Finance Minister Arun Jaitley today said the government will fully protect public deposits in financial institutions even as he hinted at openness to changes in the proposed FRDI Bill.

Sebi picks 12 companies for forensic audit, other suspected firms get clean chit

Sebi picks 12 companies for forensic audit, other suspected firms get clean chit

Fri, Dec 08, 2017

As many as 12 companies got relief from the Securities Appellate Tribunal (SAT), which then sought details about 36 firms to verify credentials and fundamentals.

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