Page 14 - Finance Ministry

India's surprise GDP driven by more than just one-off factors, says CEA

The surprise 8.4% surge in gross domestic product was largely due to base effects related to subsidies, which boosted the net indirect tax category, CEA V Anantha Nageswaran said

Majority of users to stop using UPI if it attracts transaction fee: Report

A majority of people will stop using UPI if a transaction fee is levied on it, according to an online survey by LocalCircles. However, a sizable number of respondents claimed that they have experienced a transaction fee being levied on their UPI payment once or more in the last one year, it added. LocalCircles on Sunday said the survey received over 34,000 responses from citizens in over 364 districts, comprising 67 per cent of male respondents and 33 per cent of women. In August 2022, the Reserve Bank of India (RBI) released a discussion paper proposing a tiered structure charge on UPI payments based on different amount bands. Following the RBI discussion paper, the finance ministry clarified that there was no proposal to levy charges on UPI transactions, LocalCircles said in its report on UPI transaction fees. "Only 23 per cent of UPI users surveyed are willing to bear a transaction fee on payment. 73 per cent of those surveyed indicated that they will stop using UPI if a ...

GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong

The manufacturing sector, too, gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures

FIU imposes Rs 5.49 cr penalty on Paytm Payments Bank for PMLA violations

After scrutiny of documents, FIU had issued a compliance Show Cause Notice to the bank for its violations of PML rules, including Know Your Customer

Fintechs raise UPI payment charging concerns with FM Nirmala Sitharaman

The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions

Mahadev App case: ED raids over 15 locations in West Bengal, Mumbai, NCR

A total of nine persons have been arrested by the ED in this case till now

FM Nirmala Sitharaman asks fintechs to blend innovation, compliance

Regulators told to hold monthly meetings with startups and fintech firms

Govt on course to achieve small savings scheme collection target for FY24

The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said

FM-fintech companies meet on Monday: Compliance, innovation on table

Paytm may be absent from the meeting

FinMin asks depts to surrender unspent Budgetary allocation by March 8

Finance Ministry has asked other ministries and departments to surrender unspent Budgetary allocation for 2023-24 by March 8. The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March 8, 2024, an office memorandum issued by the Department of Economic Affairs dated February 22 said. It is requested that the details of surrender of savings under each unit of appropriation may be sent to the Budget Division, Ministry of Finance by the said date in a specified format, it said. "The ministries/departments are also requested to furnish the details of excess or shortfall in recoveries, receipts if any, in the respective grants against the original estimates or recovery, while intimating the surrender of savings," it said.

FSDC meet discusses ways for simplification, digitisation of KYC process

Take more steps to curb illegal lending apps: FM

Govt says 20% export duty on parboiled rice to continue beyond Mar 31

Besides, duty-free import of yellow peas, too, has been extended beyond March 31, subject to the condition that the bill of landing is issued on or before April 30, 2024

FinMin to meet fintech startups next week amid Paytm Payments Bank row

The meetings come in the wake of the Paytm Payments Bank crisis triggered by the Reserve Bank of India ordering the banking unit of digital payments firm Paytm to wind down operations

16th Finance Commission: Centre to replace Rajadhyaksha as member

Niranjan Rajadhyaksha was appointed as a member to the 16th Finance Commission on January 1, 2024

Artha Global's Rajadhyaksha expresses inability to join Finance Commission

Artha Global Executive Director Niranjan Rajadhyaksha has expressed his inability to join as a member of the 16th Finance Commission due to personal reasons, the Finance Ministry said on Monday. The government had on January 31, appointed four members of the 16th Finance Commission chaired by Arvind Panagariya. Apart from Rajadhyaksha, former expenditure secretary Ajay Narayan Jha and retired bureaucrat Annie George Mathew were appointed as full-time members of the commission. SBI Group Chief Economic Advisor Soumya Kanti Ghosh was named a part-time member. "Dr. Rajadhyaksha has expressed his inability to take up this responsibility due to unforeseen personal circumstances. Action will be taken to appoint a Member of the 16th Commission in lieu of Dr. Rajadhyaksha," a ministry statement said. Officials said Rajadhyaksha did not attend the first meeting of the 16th Finance Commission which was held on February 14. The government constituted the 16th Finance Commission under the ...

Fiscal federalism: No breakthrough in talks with Centre, says Kerala FM

Kerala Finance Minister KN Balagopal on Thursday said there was no "breakthrough" in the meeting between the state officials and Centre over the issues of fiscal federalism. A four-member group, headed by Balagopal, held a meeting with central government officials, including the Union Finance Secretary. The Kerala government has approached the Supreme Court, accusing the Centre of interfering in the exercise of its "exclusive, autonomous and plenary powers" to regulate the state's finances by imposing a ceiling on net borrowing. "There was no positive outcome at today's meeting... there was no breakthrough. We submitted the most feasible options (to the Centre)," Balagopal said at a press briefing in the national capital. The meeting was convened after the Centre on February 13 told the apex court that it is open to discussions with Kerala to resolve the dispute. Apart from Balagopal, other members of the group are Chief Principal Secretary to the Chief Minister KM Abraham, Financ

Electoral Bond Scheme: Rs 16,518 crore collected till date, Centre told LS

Electoral Bonds scheme verdict: On Thursday, the Supreme Court struck down the scheme and called it 'unconstitutional'

FM Sitharaman to review state of economy at FSDC meeting on February 21

Finance Minister Nirmala Sitharaman is scheduled to review the state of the economy amid global challenges at a meeting of the Financial Stability and Development Council (FSDC) on February 21. The 28th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das, sources said. This would be the first meeting of the FSDC after the passage of the Rs 47.6 lakh crore Budget for 2024-25, focussing on capital expenditure with an outlay of Rs 11.11 lakh crore. In the meeting, the Finance Minister will review the current global and domestic economic situation and financial stability issues. Sitharaman is likely to stress key priorities highlighted in the interim Budget, the way forward for various future policies and measures that the government has proposed to take in many sectors, sources said. Besides, the council may also review the progress of measures approved earlier for further development of the finan

16th Finance Commission: Chairman Panagariya discusses ToR in first meet

The Finance Commission is a constitutionally-mandated body established once every five years to devise a formula for distributing net tax proceeds between the Centre and the states

FinMin rejects proposal to double minimum pension amount under EPS

The central board of trustees (CBT) - the apex decision-making body of the Employee Provident Fund Organisation (EPFO) - was apprised of the rejection of the proposal in its latest meeting on Saturday