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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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ICICI Bank, SBI, StanChart top bank frauds list: RBI

ICICI Bank, SBI, StanChart top bank frauds list: RBI

Sun, Mar 12, 2017

The data provided by RBI to the Finance Ministry also revealed the involvement of bank staffs in fraud cases.

India gold recycling plan fails to tempt households

India gold recycling plan fails to tempt households

Sun, Mar 12, 2017

The plan was for holders of idle gold to lodge it with banks in return for interest and cash at redemption.

India's current account deficit to rise 50% in FY18, pegged at $30 billion

India's current account deficit to rise 50% in FY18, pegged at $30 billion

Thu, Mar 09, 2017

Higher oil and gold imports coupled with subdued remittances and exports is likely to strain India's current account and the deficit is projected to reach $30 billion (nearly Rs 2 lakh crore) in financial year 2018, ICRA said.

Amount transferred from PF to NPS not taxable: FinMin

Amount transferred from PF to NPS not taxable: FinMin

Wed, Mar 08, 2017

The amount transferred from a recognised Provident Fund or superannuation fund to NPS would not be treated as income of the current year and, as such, would not be taxable.

Income Tax department to go easy on up to Rs 5 lakh deposits by 70-plus people

Income Tax department to go easy on up to Rs 5 lakh deposits by 70-plus people

Wed, Feb 22, 2017

"There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetised currency in bank accounts between November 8 and December 30, 2016. Very clear thresholds have been set for tax department to take up deposits for verification. I repeat, it is for verification and not scrutiny or assessment," a senior Finance Ministry official said.

Income Tax Department in process of developing app to pay income taxes, apply for PAN cards

Income Tax Department in process of developing app to pay income taxes, apply for PAN cards

Wed, Feb 15, 2017

The Income Tax Department of India will soon launch an app which will help people to pay their taxes, apply for PAN cards or track tax returns.

Indirect tax collection grows 17% in January 2017, Hasmukh Adhia says

Indirect tax collection grows 17% in January 2017, Hasmukh Adhia says

Fri, Feb 10, 2017

India's revenue secretary Hasmukh Adhhia in New Delhi on Friday said that tax collections (direct and indirect) continue to show consistent trend of healthy growth.

Debit card charges may decline further: Jaitley

Debit card charges may decline further: Jaitley

Wed, Feb 08, 2017

"The RBI is deciding on this... it is work in progress. I am sure as volumes (of digital transactions) are increasing, the charges will come down," the Finance Minister Arun Jaitley told the Rajya Sabha during the Question Hour.

Central Board of Direct Taxes signs four unilateral Advance Pricing Agreements

Central Board of Direct Taxes signs four unilateral Advance Pricing Agreements

Tue, Feb 07, 2017

The Central Board of Direct Taxes announced on Tuesday of signing four unilateral Advance Pricing Agreements (APAs) pertaining to the manufacturing, financial and information technology sectors.

Finance Ministry appoints Sanjeev Sanyal as Principal Economic Adviser

Finance Ministry appoints Sanjeev Sanyal as Principal Economic Adviser

Fri, Feb 03, 2017

In 2007, Sanyal was awarded the Eisenhower Fellowship for his work on urban issues and was also honoured by the Singapore government at the World Cities Summit 2014.

Steel Ministry to continue with import duty reduction demand

Steel Ministry to continue with import duty reduction demand

Fri, Feb 03, 2017

India's steel ministry in its recommendations for Union Budget 2017-18 to the Finance Ministry has asked for reduction in the import duty on the coking coal.

Government plans strategic sale of 3 public sector units, merger of 4

Government plans strategic sale of 3 public sector units, merger of 4

Fri, Feb 03, 2017

The Government of India is planning to exit its holding in three public sector units- Bharat Pumps & Compressors (BPCL), Bridge & Roof Co and Hindustan Fluorocarbons -- by selling its stake to strategic buyers.

Budget allots Rs 1.84 lakh crore to women, child welfare in FY18

Budget allots Rs 1.84 lakh crore to women, child welfare in FY18

Wed, Feb 01, 2017

For the welfare of women and children under various schemes across all Ministries, Finance Minister, Arun Jaitley, in his budget speech on Wednesday said that the allocation has been increased to Rs 1,84,632 crores in 2017-18.

What to expect in today's Budget; a final roundup

What to expect in today's Budget; a final roundup

Wed, Feb 01, 2017

The Union Budget which will be declared on February 1, a month prior to its usual timeline will present consolidated funds for the centre as well as Indian railways.

Sebi, stock exchanges beef up systems for Budget day trading

Sebi, stock exchanges beef up systems for Budget day trading

Mon, Jan 30, 2017

Markets regulator Sebi and stock exchanges have beefed up surveillance and risk management systems to handle eventualities that may arise from excessive volatility in the wake of Budget announcements.

Women officers account for 41% in preparation of Budget 2017

Women officers account for 41% in preparation of Budget 2017

Mon, Jan 30, 2017

In preparation of India's Union Budget 2017-18, women officers have accounted for 41% of senior level personnel involved in the process in 2017.

Budget 2017 documents to provide 'composite' outflow on schemes

Budget 2017 documents to provide 'composite' outflow on schemes

Mon, Jan 30, 2017

The Budget documents will have a different look this time with the Finance Ministry deciding to introduce the concept of 'composite outflow' of funds on government schemes by doing away with 'plan and non-plan' distinction.

Jan Dhan deposits rose Rs 29,000 crore in month post-note ban

Jan Dhan deposits rose Rs 29,000 crore in month post-note ban

Mon, Jan 30, 2017

Deposits in Jan Dhan accounts have grown by more than 50% since the demonetisation announcement.

Cannot disclose preparedness to handle demonetisation crisis: RBI

Cannot disclose preparedness to handle demonetisation crisis: RBI

Thu, Jan 26, 2017

The RBI has not been fothcoming with information about currency situation in the country and its preparedness in the wake of demonetisation citing one exemption or the other.

Budget 2017: To continue government's transformation drive, says Finance Ministry

Budget 2017: To continue government's transformation drive, says Finance Ministry

Wed, Jan 25, 2017

Finance Ministry on Wednesday said the drive to transform India will continue in Budget 2017-18 to be unveiled by Finance Minister Arun Jaitley on February 1.

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