The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
India has evidence that social media platforms are being used to raise terror funds, NIA director general Dinkar Gupta said on Thursday, underlining that the issue will be deliberated during a two-day international ministerial conference on countering terror financing.
The meeting with economists and financial experts has been called off due to pressing engagements of the finance minister.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
The central staff will now get 65 per cent of the basic pay as DA as against 58 per cent since July 1, 2011.
There are serious issues in the economy which need to be addressed
GST collections in March slipped below the psychological Rs 1-lakh crore mark for the first time in four months to Rs 97,597 crore as the COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy.
In a surprise development on July 2, the Sharad Pawar-led NCP split as his nephew Ajit Pawar and almost three dozen MLAs joined the ruling Shiv Sena-BJP alliance. Ajit Pawar and eight other NCP leaders were sworn in as ministers.
Sources said there was no need 'immediately' to look into legal aspects or consider anything else (such as the possibility of political interests over the dismissal and a counter-strategy to frustrate it), as the dismissal was now on hold.
Like 2017-18, govt will seek comments from the public at large, including Facebook and Twitter
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
The department of post is planning to offer banking services by starting a full-fledged bank, to be named Post Bank of India.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Air India's hopes of slashing 5,000 jobs through a voluntary retirement scheme (VRS) may be too ambitious, say experts and union leaders. The airline would need about Rs 700 crore to put the offer together, and it is yet to secure the finance ministry's approval for this.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
Gujarat will host the next round of G20 meetings from March 27 to April 4, during which three conclaves will be held in the state on a range of issues, where delegates from different countries will converge for participation, an official said.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
New exchange will provide an electronic platform for trading.
Apple sought exemption from mandatory local sourcing of components for its products
Many life insurance companies are yet to see a sharp spike in the sale of high-value policies as was widely expected in the aftermath of the government's decision to tax income from insurance policies having an aggregate premium above Rs 5 lakh in a year.
Finance Minister Arun Jaitley said the excise duty cut would have an impact of Rs 10,500 crore on central government's tax revenues.
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
The suspense over the possible composition of the National Democratic Alliance cabinet is nearly over.
The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
The government has identified nine key focus areas in the AI national programme, including agriculture, education, Indian languages, smart cities, cybersecurity, transportation, and finance.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
Industry fears waiver of interest on interest would distort credit culture, may encourage borrowers who can pay to defer repayment.
Union Commerce and Industries Minister Kamal Nath on Friday said he disagreed with the finance ministry on the controversial fringe benefit tax, saying the tax laws should be made simpler.
Prime Minister Narendra Modi on Friday chaired a meeting to discuss the preparations for launching Doordarshan's 'Kisan TV' on May 26, to coincide with the first anniversary celebrations of the National Democratic Alliance government.
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained basis."
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
Union Law Minister Salman Khurshid on Monday downplayed the row over the finance ministry note on Home Minister P Chidambaram's stand on the 2G spectrum issue, saying there is no scope for any worry over the document and inferences drawn out of it were "not correct". Khurshid also said the note was not worth keeping the media "preoccupied" for such a long time. "I have seen the note. I don't think the note has anything on which we should express worry," Khurshid said.
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
