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Finance Ministry News
Google to launch TEZ mobile payment service in India on Monday
Sat, Sep 16, 2017
According to an official communication Finance Minister Arund Jaitley said that Google's payment service Tez will launch on Monday.
Two lakh companies struck off, bank accounts inoperable: Govt
Tue, Sep 05, 2017
The government said that since such ‘Struck off`’ companies have ceased to exist, action has been initiated to restrict the operation of bank accounts of such companies.
Cabinet gives approval to increase GST cess on luxury cars
Wed, Aug 30, 2017
The Cabinet has approved the Finance Ministry's proposal to increase the GST cess on luxury cars by another 10%.
Here's why Mahindra will be impacted the most with hike in GST cess
Fri, Aug 25, 2017
Mahindra's higher exposure to the SUV segment makes it especially vunerable to the impact of the hike in the GST cess expected soon.
Public sector banks shares rise as Govt gives in-principle approval for mergers
Wed, Aug 23, 2017
Shares of public sector banks (PSBs) rose in trade on Wednesday afternoon as the government gave an in-principle approval for mergers between various PSBs.
Luxury car makers voice disappointment over GST Council's increase in cess
Mon, Aug 07, 2017
The GST Council's decision to increase the cess on luxury vehicles by an additional 10% is expected to see an increase in the prices of luxury cars.
SUVs, luxury cars to get expensive as GST Council recommends hike in cess to 25%
Mon, Aug 07, 2017
The GST Council has taken the decision to increase the rate in the cess charged on larger cars to 25% from the earlier GST cess of 15%.
Govt to sell up to 25% stake in 4 defence PSUs via IPO
Fri, Aug 04, 2017
The government is planning to list four of its defence PSUs by selling up to 25 per cent stake in each of them through an initial public offering (IPO).
Fake currency reports double; leads to seizure of Rs 562 crore in 2015-16
Sun, Jul 30, 2017
The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the Finance Ministry, said the financial year 2015-16 saw a "record increase" in the detection of such instances.
Government seeks parliament approval for $1.7 billion extra spending
Wed, Jul 26, 2017
The Indian government on Wednesday sought parliament`s approval to spend an extra 106.5 billion rupees ($1.65 billion) in new spending in the fiscal year to March 2018, on top of an earlier approved spending of $333.3 billion in the annual budget.
Undisclosed income of Rs 71,941 crore found in 3 yrs: Govt to SC
Sun, Jul 23, 2017
Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court.
Mudra loans disbursement cross Rs 1.8 lakh crore
Wed, Jul 19, 2017
The ministry said, "Loans under Pradhan Mantri Mudra Yojana (PMMY) Scheme have been extended by banks, Non Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs) to small/micro business enterprises since April 08th 2015 with the objective of ‘Funding the unfunded’ through institutional finance by providing loans upto 10 lakh for manufacturing, processing, trading, services and activities allied to agriculture."
7th Pay Commission: Are revised allowances coming from July itself?
Sat, Jul 08, 2017
Now that finance ministry has asked central ministries to ensure recommendations made under 7th Pay Commission to be paid from current months salary.
Have zero tolerance on NPAs; fight cases: Finmin to banks
Sat, Jul 08, 2017
The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as well.
Rs 200 notes to be a reality soon; RBI places printing order
Tue, Jul 04, 2017
After introducing new notes of Rs 2000 and Rs 500, the RBI is all set to introduce new Rs 200 notes in the country.
'War room' set up to deal with GST crises
Tue, Jun 27, 2017
Central Board of Excise and Customs (CBEC) chief Vanaja N Sarna told PTI today that the unit will act as a quick resource centre for central and state government officials to address their queries on the historic tax reform scheduled to be implemented from July 1.
Department of Telecom asks Centre to cut its revenue target from the sector
Mon, Jun 19, 2017
Department of Telecom has asked for a revise in non-tax revenue targets for the current fiscal.
Finance Ministry asks PSBs to explore acquisition of smaller banks
Sun, Jun 18, 2017
The finance ministry has asked four large PSU lenders to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources said.
Aadhaar must to avail govt co-contribution under Atal Pension Yojna
Mon, Jun 12, 2017
Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication, the ministry said in a statement.
Is all well between RBI and FinMin? YV Reddy answers
Thu, Jun 08, 2017
Urjit Patel was asked if the finance ministry invite was an assault on the independence and autonomy of the RBI.