Page 18 - Finance Ministry

Govt defers Rs 5,000 cr plan to fill parts of strategic petroleum reserve

In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam

Nearly 90% of young people lack ability to calculate loan repayments

The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable

Interim Budget to cut fiscal deficit in election year, focus on capex: Poll

The government is aiming to narrow the fiscal deficit to 4.50% of GDP by the end of the 2025-26 fiscal year (FY) from 5.90% in the current year to end-March 2024

Budget 2024: MSMEs expect special package from FM Sitharaman on Feb 1

The MSME sector wants Finance Minister Nirmala Sitharaman to come out with a special package for small and medium enterprises to ensure greater availability of institutional credit at competitive rates to enable it to play a bigger role as India moves closer to becoming a USD 5 trillion economy. Sitharaman is scheduled to present the interim Budget 2023-24 in the Lok Sabha on February 1. This will be the last major economic document of the government before the next general elections. The share of MSME (Micro, Small & Medium Enterprises) sector in the country's Gross Domestic Product (GDP) in 2021-22 was 29.15 per cent. On expectations from the Budget, Federation of Indian Micro and Small & Medium Enterprises (FISME) said the relationship between banks and MSME is an uneven one with the balance of power heavily tilted in favour of the lenders. "Lack of competition in the banking sector (75 per cent of banks being public sector) and weak regulatory institutions, which have not .

India to budget fiscal deficit at 5.3% of GDP in FY25: BofA Securities

Finance Minister Nirmala Sitharaman will opt for a further reduction in fiscal deficit to 5.3 per cent of India's gross domestic product in the upcoming budget for FY25 despite poll pressure, a foreign brokerage said on Friday. The government will meet the FY24 commitment to reduce the important number to 5.9 per cent, BofA Securities said in a note. "We see Centre's fiscal deficit to consolidate further to 5.3 per cent of GDP, despite poll pressure," its analysts wrote in a note. The government will opt for continuing with its strategy of consolidating fiscal deficit through capital expenditure driven growth instead of expenditure compression, it said. The brokerage said digitization-led formalization has aided the fiscal math through tax buoyancy on one side and reducing wasteful expenditure (subsidy leakage) on the other. The government had earlier committed to reduce the fiscal deficit to 4.5 per cent by FY26 as part of its glide path to gradually reduce the gap, which is seen

ED raids Chennai infrastructure firm, promoters in money laundering case

The Enforcement Directorate on Friday raided multiple premises in Chennai as part of a money laundering investigation involving a city-based civil construction and infrastructure company, its promoters and linked persons, official sources said. The probe by the central agency was initiated after taking cognisance of an FIR filed by the central crime branch (CCB) of Greater Chennai Police against Ocean Lifespaces India Private Limited, its MD and CEO S K Peter, some directors and others. About six-seven locations in and around Chennai city are being covered by ED officials under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said. The CCB FIR was filed last year on the complaint of a former director of the company, B Sriram, who alleged he was "cheated" by the promoters and later he also moved the National Company Law Tribunal (NCLT) challenging his removal from the board of the company. The company promoters and directors subsequently moved the Madras

Court takes cognizance of ED chargesheet in Rs 36 cr Delhi Waqf board case

The Rouse Avenue court took cognizance of the prosecution complaint (charge sheet) filed by the Enforcement Directorate (ED) in the Delhi Waqf Board Money Laundering case

Commerce ministry to launch portal to provide info to aspiring exporters

The commerce ministry will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements. Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

New provisions for partial pension withdrawal: All you need to know

The PFRDA introduced rules for partial withdrawals from National Pension System, allowing subscribers to withdraw up to 25% for specified purposes, effective from February 1

Cabinet approves creation of 3 officer-level posts for 16th Fin Comm

The Cabinet on Thursday approved the creation of three officer-level posts for assisting the 16th Finance Commission, chaired by Arvind Panagariya. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the creation of three posts at the level of Joint Secretary i.e. two posts of Joint Secretary and one post of Economic Adviser, for the 16th Finance Commission, an official statement said. "The newly created posts are required to assist the Commission in carrying out its functions," the statement said. All other posts in the commission have already been created as per the delegated powers, it added. In a notification dated December 31, 2023, the government appointed former vice chairman of Niti Aayog Panagariya as the chairman of the 16th Finance Commission. Ritvik Ranjanam Pandey was named as the Secretary to the Commission. The Commission would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026. Be

As interim Budget nears, check differences between old and new tax regime

Interim budget 2024: In a bid to improve the direct tax system, the finance ministry had introduced a simplified optional new income tax regime in 2020-2021

Budget 2024: Govt may hike housing subsidy ahead of Lok Sabha polls

Interim Budget 2024: The govt estimates reveal a significant housing shortage of over 20 mn homes in rural areas. While the same for urban areas stands at 1.5 mn homes, according to industry experts

86% Indian CEOs optimistic about country's economic growth: PwC survey

44% of global business leaders expressed a similar opinion about the economy in their countries or territories

Govt may consider cash refunds to exporters to improve cash flow: GTRI

The government can consider giving refunds to exporters in cash instead of scrips for tax remission schemes, as it would immediately improve cash flow for them, economic think tank GTRI said on Tuesday. At present, the refund under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Taxes and Levies (RoSCTL) scheme is issued as a scrip, which can be used to pay basic customs duties at the time of import. The scrip can be sold to other importers, who can later use the scrip instead of cash for payment of basic customs duty. These schemes refund select central and state levies to Indian exporters. "Refund RODTEP and ROSCTL dues to exporters in cash and not in the form of scrips. This will immediately improve the cash flow of thousands of exporters facing a weak export outlook for 2024," the Global Trade Research Initiative (GTRI) said. The RoSCTL refunds taxes for apparel and made-up sectors. RoDTEP covers most of the remaining

Govt levies 50% export duty on molasses, relief for edible oil imports

The government has imposed 50 per cent duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18. A finance ministry notification said molasses resulting from the extraction or refining of sugar will attract 50 per cent export duty. In another notification, the finance ministry extended the existing concessional duty rates on imports of crude and refined edible oils -- palm, soyabean and sunflower -- by one year till March 31, 2025. The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 per cent , in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.

Crypto players see surge in activity after crackdown on global companies

The Financial Intelligence Unit (FIU) under the finance ministry issued the show cause notices to VDA platforms like Binance, the largest cryptocurrency exchange, and Kucoin last month

LIVE: Court sends Parl security breach accused to judicial custody

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ED makes two fresh arrests in Mahadev betting app money laundering case

The Enforcement Directorate has arrested two more persons in connection with its money laundering investigation into the Mahadev online betting and gaming app case, officials said on Saturday. Nitin Tibrewal and Amit Agrawal were taken into custody under various sections of the Prevention of Money Laundering Act (PMLA) and produced before a special court in Raipur on Friday, ED lawyer Saurabh Pandey said. The court sent them to ED custody till January 17, he said. Tibrewal is alleged to be a "close associate" of an accused in the case, Vikash Chapparia. He is alleged to have purchased some "undisclosed" properties in Dubai and a majority shareholder in an FPI company in which Chapparia is also a shareholder, ED sources said. The agency suspects these assets were bought using the "proceeds of crime" generated from the profits of Mahadev app. Amit Agrawal, the sources said, is a relative of another accused in the case, Anil Kumar Agrawal. Amit Agrawal is alleged to have received M

LIC receives notification for tax refund of Rs 25,464 crore for 7 AYs

The insurer noted that it will file an appeal with the before Commissioner (Appeals) against all the tax notices

Interim Budget likely to assume peak crude oil price at $85 per barrel

Brent crude prices moved up on Thursday, ending at $78.9 per barrel