The move to resume work in ministries comes nearly a month after the government issued work from home protocols in its fight against the coronavirus pandemic.
The government also announced that healthcare cover under the Ayushman Bharat insurance scheme will be extended to all ASHA and anganwadi workers and helpers.
Union Finance Minister Pranab Mukherjee on Tuesday maintained that he will speak, if necessary, on the finance ministry note on 2G spectrum allocation issue only after talking to Prime Minister Manmohan Singh on Wednesday.
The preparations for the next Budget have already started.
Kant, a retired 1980-batch Indian Administrative Service (IAS) officer of Kerala cadre, was appointed as India's G20 Sherpa in July 2022, months before India assumed the G20 Presidency.
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
The West Bengal state government has delayed project approvals. And now, the IT giants may look at other states as the centre is thinking of giving sops to SEZs
With the summer approaching sooner than scheduled, Maharashtra, Telangana, Odisha, and West Bengal have already started experiencing heat waves with temperatures soaring above 40°C.
The Supreme Court has agreed to examine a PIL alleging that Arunachal Pradesh Chief Minister Pema Khandu awarded government contracts to his family members. The court has asked the state government to provide details of the beneficiaries and inform if due process was followed. The bench also sought responses from union ministries of home affairs, finance and the Comptroller and Auditor General of India on the issue within five weeks.
The annual Finance Bill may soon become far less exciting as the government plans to lift the veil of secrecy surrounding tax proposals in Budget. Once the Direct Taxes Code (DTC) and Goods and Services Tax (GST) are in place, the finance ministry will adopt a public discussion approach for most future decisions, while confining the annual exercise to a few procedural changes.
How to conduct the mock exercise with active public participation of people was discussed threadbare at a high-level meeting chaired by Union Home Secretary Govind Mohan. Top civil and police officers of the country participated in the meeting, official sources said.
The Union government is expecting to rake in Rs 100-200 crore in additional revenue from Pillar Two, only under specific circumstances, a senior finance ministry official said requesting anonymity. It is proceeding cautiously, and is unlikely to implement rules anytime soon, the source said.
At least 13 candidates are in the race for the position of managing director and chief executive officer (MD & CEO) of Punjab National Bank (PNB), the second-largest public sector bank (PSB), according to multiple sources familiar with the matter. "Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. "Financial Services Institutions Bureau (FSIB) will conduct the interviews next month," said a source.
Union Tourism Minister Shripad Naik on Friday said that having Arvind Mayaram as the new secretary in the ministry would be of great help.
RBI may think twice before agreeing with suggestions of a rate cut.
The government, it would seem, is reserving its firepower to spend on big-ticket items that will be announced in the Budget, reports Subhomoy Bhattacharjee.
US nominee for World Bank president, Ajay Banga, has tested positive for COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic.
It would be interesting to see how fast the finance ministry allocates money to the state.
Gyanesh Kumar, a 1988-batch Kerala Cadre IAS officer, has been appointed as the next Chief Election Commissioner (CEC) of India. Kumar, who was previously an Election Commissioner, will serve until January 26, 2029. His appointment comes amidst controversy as the Congress party demanded the government defer its decision until the Supreme Court concludes its hearing on a petition challenging the composition of the selection panel. Kumar's tenure will see him oversee several state assembly elections, including Bihar, Kerala, Puducherry, Tamil Nadu, and West Bengal.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
With this, Prime Minister Narendra Modi has also sent a strong message to ally, Janata Dal-United President and Chief Minister Nitish Kumar, that their partnership remains intact and that they will be formidable partners at the hustings.
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
The Union health ministry has been allocated Rs 99,858.56 crore in the Budget 2025-2026, an around 11 per cent hike over the Rs 89,974.12 crore in the budget (revised estimates) of 2024-2025 with the government announcing setting up daycare cancer centres at all district hospitals over the next three years.
Unlike the finance ministry which takes a larger view, the commerce ministry only looks at exporters' interests.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
'...how do they consume and contribute to the GDP?'
In the pre-budget Economic Survey 2010-11, the Union finance ministry made a strong pitch for the pro-growth impact of investment in human capital adding, "fortunately, there is awareness of this in India and efforts are afoot in terms of budgetary allocation and actual initiatives to boost the development of skill and human capital."
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
The clarification comes in wake of media reports that Finance Ministry is contemplating to merge the Railway and General budgets and change the financial year.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
The government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
The Union finance ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO's 6 crore (60 million) depositors.
Owing to Finance Minister Nirmala Sitharaman being new to her role, a number of crucial announcements in the Budget bore Garg's imprint, especially the decision to borrow in overseas markets, reduce the fiscal deficit as a percentage of gross domestic product, and resort to off-Budget borrowing to meet that target, says Arup Roychoudury.
The Indian government will present the annual budget for 2016-17 on February 29.
A couple from Mumbai who recently shifted to Kerala has received Rs 15.31 crore from an anonymous donor to purchase a life-saving drug for the treatment of their 16-month-old son.
'The finance ministry's decision to accept the deficit target of 4.5 per cent in 2025-2026 appears to have emanated from its endorsement of the Finance Commission's view that the Indian economy will continue to remain impacted by the pandemic, adversely undermining its growth potential,' notes A K Bhattacharya.
Continuing her tirade against Union Finance Minister P Chidambaram on participatory note issue, AIADMK leader J Jayalalithaa on Thursday demanded his resignation from the Union Cabinet or his dismissal.
The civil aviation ministry is holding talks with the finance ministry on rationaliation of sales tax on aviation turbine fuel and airport taxes.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
