Good monsoon is likely to create more jobs in the agriculture sector, which in turn could save the exchequer around Rs 10,000 crore
The finance ministry has turned down a proposal for shifting the exporters' tax refund plan to the commerce ministry, which has been lobbying hard to take charge of the duty entitlement pass book scheme.
As Pranab Mukherjee resigned to contest the Presidential poll, Prime Minister Manmohan Singh on Tuesday took charge of the finance ministry portfolio at a time when the country's economy is going through a bad phase.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
The government on Wednesday asked ministries and departments to clear dues of debt-laden Air India immediately and henceforth purchase tickets only in cash. The government earlier this month decided to sell Air India to Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, for Rs 18,000 crore. The Department of Expenditure, under the Finance Ministry, in a 2009 order, had said that in cases of air travel (both domestic and international), including LTC where the Government of India bears the cost of air passage, the officials may travel only by Air India.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
The finance ministry has rejected the formula and, instead, suggested an alternative that takes into account well-head prices of suppliers in Qatar, Oman, Abu Dhabi and Malaysia.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
'But when we actually express ourselves, sometimes our parents can surprise us, because they just love their children.' 'Sometimes it's just that simple. That is what I wanted to show in this film.'
In 2023, the number of kindergartens fell by 14,808 to 274,400, the annual report by the Chinese education ministry stated. It is the second consecutive annual decline in the latest indicator of China's falling birth rates.
The Fintech Association for Consumer Empowerment (FACE), the only self-regulatory organisation for financial technology/fintech (SRO-FT) companies, is aiming to secure membership from at least 75 per cent of players across all key fintech categories within the next three years, according to a senior executive. The total number of members in the organisation has increased to 110, up from around 60 when it received approval from the Reserve Bank of India (RBI) to operate as an SRO-FT in August.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
A stern articulator with outspoken views and a dignified personality, Sitharaman now bears the responsibility of steering the economy which has witnessed sluggish growth in recent quarters.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
Indian and global airlines such as SpiceJet, Emirates, Virgin Atlantic among others too are marketing Covid-19 insurance products to attract passengers.
The leader of Nepal's largest communist party was appointed as prime minister on Sunday by President Ram Chandra Paudel to lead the coalition government with the Nepali Congress (NC), the largest party in Parliament, apart from other smaller parties.
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National Co-convenor Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and TCA Anant among others.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
Finance firms in these SEZs likely to get tax breaks.
There was more to him than he let on, asserts Aditi Phadnis.
A freebie once granted can hardly be discontinued. All that can happen is to substitute it with a bigger freebie, notes A K Bhattacharya.
The Reserve Bank of India (RBI) added another 102 metric tonnes to the domestically held gold in the April-September period, as per a disclosure made on Tuesday. The overall quantity of the precious metal stored in local safes stood at 510.46 metric tonnes as of September 30, which was up from over 408 metric tonnes as on March 31, 2024. The central bank said it added another 32 metric tonnes of gold reserves in the six-month period to take the overall tonnage to 854.73 metric tonnes, as per the half yearly report on management of foreign exchange reserves.
The issue of his wife appearing as counsel for the revenue department has caused P Chidambaram a lot of embarrassment. Tell us if he should quit.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
India on Friday asked its citizens not to travel to Iran and Israel amid increasing fears that Tehran may launch an attack on Israeli soil in retaliation to a strike on the Iranian consulate in Syria 11 days ago.
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
The finance ministry's proposal to set up a National Tax Tribunal has moved a step closer with the law ministry finding no objection with the plan.
FinMin urges reduction not be weighed against Budget estimates.
The sources claimed that one of those arrested is believed to be Arsh Dalla, who is associated with the banned Khalistan Tiger Force and ran terror modules on behalf of Hardeep Singh Nijjar, a designated terrorist who was killed in June last year.
The ministry asked all departments to cut avoidable expenditure, including seminars and conferences at five-star hotels and abroad, purchase of new vehicles, foreign travel and appointment of consultants.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
Analysts have their doubts how much independence she has as finance minister. As Amit Mitra advises the chief minister, day-to-day work is done by the finance secretary and the chief secretary.
In the seven intervening years since his "dream" Budget of 1997, the only thing that doesn't seem to have changed about him is his name.
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