Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
Officials said the agency has sought property details on ten serving and retired officials of the ministry of defence and the IAF.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
In yet another secretary-level change, government appointed Hasmukh Adhia, a 1981 Gujarat cadre IAS officer, as the new Financial Services Secretary replacing G S Sandhu.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
So far, the drones that were considered important for the agriculture sector were nature-made winged-insects - a key component of the bee-based natural pollination cycle. The new-age drone is a whirring machine with rotors that can help farmers plan and grow and manage their crops. For the farm sector in India, which has had low levels of mechanisation, the impact of drones can be tremendous. The use of drones can help it leapfrog to modernisation in the same way that mobile phones helped India overcome its traditional lack of connectivity.
The finance minister said easy access and efficiency in providing banking services will help in revival of businesses which are restarting operations after the lockdown.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The finance minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective rollout of ECLGS and uninterrupted liquidity to Indian MSMEs in this difficult time.
Sixty-six such parties claimed IT exemption in FY20 without complying with statutory requirements under the Representation of the People Act and 2,174 have not submitted contribution reports, the EC said.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
Many years during which monsoons were poor saw high returns, while normal or excess rainfall has also coincided with poor calendar year gains.
Arun Jaitley has advised banks to take decisions without fear.
The government is working towards further review and simplification of the foreign direct investment (FDI) policy to facilitate the proposed initial public offering (IPO) of the Life Insurance Corporation (LIC), Department for Promotion of Industry and Internal Trade (DPIIT) secretary Anurag Jain said on Thursday. The final decision will be taken by the Cabinet. The industry department is working together with the finance ministry's department of financial services (DFS) and department of investment and public asset management (DIPAM) towards a successful listing of the life insurer on the domestic bourses, which is expected to be the largest in India.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
Recently, Slice, a payment app, acquired a 5 per cent stake in North East Small Finance (NESF) for $3.42 million - the first such deal by a fintech in a small finance bank. Slice (valued at $1.5 billion, and backed by Tiger Global, Blume Ventures and Axis Bank) will technically get a toehold in a scheduled commercial bank if NESF were to get a licence to morph into one down the line Such a transition is well within the banking regulator's declared framework. The transaction has to be seen in a larger context.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
The government has set a revenue target of Rs 45,471 crore from communication services in FY15.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
From installing water-saving aerators on taps to using cans for washing hands and dishes, Bengaluru is adopting diverse strategies to tide over the water crisis. While several citizens have taken to social media to urge Karnataka Chief Minister Siddaramaiah to make work from home mandatory for IT companies, it appears that hybrid mode will continue to be the norm for most - although with new water conservation measures in place. Co-working space provider Urban Vault has, for instance, installed smart water meters to detect leakage.
The best investment schemes fail if they don't offer incentives to intermediaries to push investors.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
The US has slapped additional tough sanctions on Russia's financial services and energy sectors for the failure of Moscow to taken enough steps to address the volatile political situation in Ukraine.
Services attract highest foreign direct investment, despite Make in India push.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
According to an official statement, Lodha is accused of using his position for financial gains by signing an agreement with the streaming platform for making a deal with the production house Friday Storytellers while he was in the position of an IPS officer.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
The Indian Council of Medical Research is conducting three different studies to ascertain the facts regarding rising cases of cardiac arrest after the pandemic, Mandaviya said in response to a question in the Lok Sabha.
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
Asserting that his government will implement the five poll 'guarantees' promised ahead of the assembly polls, Karnataka Chief Minister Siddaramaiah on Wednesday said officials have shared their inputs on financial implications, and the cabinet will meet on June 2 to decide on the implementation.
