Page 20 - Finance Ministry

FinMin seeks proposals for final supplementary demands for grants

The finance ministry has sought expenditure proposals for the second and final batch of Supplementary Demands for Grants from various ministries and departments ahead of the Budget session likely to commence in the last week of January. This would be the last session of the 17th Lok Sabha before the general elections and the government would seek expenditure approvals of Parliament for four months till July 2024 through a vote on account. The second batch of Supplementary Demands for Grants for 2023-24 is proposed to be placed before Parliament in the ensuing Budget session, the finance ministry said in an office memorandum. The cases that would be eligible to be incorporated under such demands include those where advances from the Contingency Fund have been granted. Besides, payments against court decree would be included as well as cases where the finance ministry has specifically advised moving the supplementary demand in the winter session, it said. "While processing proposals

Sitharaman meets heads of public sector banks, reviews performance

Finance Minister Nirmala Sitharman on Saturday held a meeting with heads of public sector banks and reviewed their financial performance. During the meeting, concerns related to cyber security and the risks on the financial sector were discussed, sources said. Issues related to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) also came up for discussion, they said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. On the performance front, PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. During 2022-23, it said banks' balance sheets grew at a healthy pace, with both deposits and credit growth accelerating. The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) fell to a decade low of 3.9 per cent at the end of March 2023 and further to 3.2 per cent in September

Indian crypto investors may move to domestic platforms post FinMin's notice

Finance ministry issued show cause notices to nine offshore virtual digital assets (VDA) service providers dealing with crypto assets

Govt's prudent fiscal policy to support economic growth: FinMin review

The FinMin report also highlighted that the relatively stable Indian rupee against the US dollar and other prominent currencies, and adequate foreign exchange reserves, add to the optimism

FinMin sends notices to offshore crypto exchanges, asks Meity to block them

"They are operating illegally without complying with the PML Act provisions in India," the finance ministry stated

FinMin to meet heads of PSBs on Sat; review implementation of govt schemes

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on Saturday to review the financial performance of lenders. PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), sources said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. She will also discuss on measures to improve customer service and cyber security, sources said. The finance minister would also review financial inclusion, credit growth, asset quality, and business growth plan of banks for the next financial year, the sources said, adding non-performing assets (NPAs) and the reco

Number of GST return filers up 65% to 11.3 mn in 5 years: Finance ministry

The number of GST return filers rose about 65 per cent to 1.13 crore in 5 years till April 2023 as compliance by taxpayers improved, the finance ministry said on Sunday. Also, the number of active taxpayers registered under GST increased from 1.06 crore as of April 2018, to 1.40 crore. As per data shared by the ministry, 90 per cent of eligible taxpayers are filing GSTR-3B returns by the end of the filing month in current fiscal year, up from 68 per cent in 2017-18, the first year of GST rollout. "Simplification in Rules and Procedure in GST has resulted in increase in return filing percentage by eligible taxpayers," the ministry said in a post on X. A nationwide Goods and Services Tax (GST) was rolled out on July 1, 2017. It subsumed over a dozen local taxes like excise, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April 2018, to 1.13 crore as of April 2023. GSTR-3B is the monthly return form for filing outward supplies details and tax ...

AHPI welcomes proposed regulator exclusively for health insurance

The Association of Healthcare Providers India (AHPI) has lauded the Ministry of Finance for contemplating setting up an independent regulator for health insurance. The ministries of finance and health are in discussions over the need for a sector watchdog to help achieve the IRDAI Vision 2047. The AHPI, representing a vast majority of private sector hospitals in the country, is also represented on the IRDAI advisory for the healthcare sector. In an official letter, the AHPI said, "This is a welcome move as making healthcare available, accessible and affordable has been resolved by the present government." The AHPI is very much engaged in this initiative. Penetration of private insurance is increasing at a fast pace and along with government-run insurance, India should soon be covering 70 per cent of the population, which will be a milestone to achieve Universal Health Coverage (UHC), it said. The AHPI has suggested that the proposed regulator, besides regulating the private insura

FinMin clears stance on IMF's report on govt debt, says it has declined

The International Monetary Fund (IMF) had warned in its report that India's general government debt could exceed 100 per cent of gross domestic product (GDP) in the medium term

Centre asks state-run banks to review top 20 insolvency cases monthly

The government has asked for reviews of insolvency cases as there are delays in admission of cases in insolvency courts

Special camps to settle insurance claims once flood water recedes in TN: FM

Finance Minister Nirmala Sitharaman on Friday said a special camp was organised in Chennai for expeditious settlement of claims by general insurance companies in areas impacted by cyclone Michaung and similar efforts would be made in four districts of Tamil Nadu affected by excessive rains and flood. Following Michaung cyclone, four districts--Tirunelveli, Toothukudi, Kanyakumari and Tenkasi -- received excessive rainfall leading to flood like situation in these areas. Once the water in these districts recedes, she said, special camps by insurance companies would be organised to settle claims caused due to flood. Under the aegis of General Insurance Council of India, 19 insurers organised a special camp on December 20-21 at Ambattur Industrial Estate in Chennai for expeditious settlement of claims related to the cyclone. She further said spot settlements were made after survey of the affected industrial units. As many as 31 people have lost their lives in the four districts while

Centre releases additional Rs 73k crore tax devolution to states

Money released for financing social welfare measures and infrastructure development: Finance Ministry

Budget 2024: What is Budget Presentation?

CPSEs make 34.63% procurement from MSMEs in FY24 against mandated 25%: FM

Finance Minister Nirmala Sitharaman on Thursday said Central Public Sector Enterprises (CPSEs) have made 34.63 per cent of their total procurement from MSMEs in 2023-24 (till November) as against the mandated 25 per cent. She said this during a meeting of the Consultative Committee attached to the Ministry of Finance on 'Performance of Public Enterprises'. "Another highlight during the meeting was the exponential growth in Government e-Marketplace @GeM_India procurement by #CPSEs from Rs. 7,035 crore in 2020-21 to Rs. 133,720 crore in 2023-24 (upto November 2023)," the finance ministry said in a post on X. During the meeting a presentation was made by the Department of Public Enterprises (DPE) that highlighted the progress made by the CPSEs with 57 per cent growth in gross revenue and 27.5 per cent growth in net profit of CPSEs between 2020-21 and 2022-23. "While appreciating the efforts of the Government for #PerformanceMonitoring of the #CPSEs, Members of Consultative Committee g

FinMin economic advisors question rating agencies' view on India's progress

Criticise "unilateral measures" by advanced economies to combat climate change

National Infrastructure Pipeline outlay stands at Rs 109 trillion: FinMin

National Infrastructure Pipeline (NIP) was launched with 6,835 projects and has expanded to capture over 9,288 projects with a total outlay of Rs 108.88 lakh crore between 2020-25, the finance ministry said on Thursday. "NIP comprises brownfield and greenfield infrastructure projects of above Rs 100 crore across both economic and social infrastructure," the Finance Ministry said in a post on X. NIP consists of projects implemented by all the states and Union Territories of India and 22 infrastructure ministries, it said. NIP is a first-of-its-kind initiative to provide world-class infrastructure across the country and improve the quality of life for all citizens. It will improve project preparation, attract investments (both domestic and foreign) into infrastructure, and will be crucial for attaining the target of becoming a USD 5 trillion economy by FY25. Mahila Samman Savings Certificate (MSSC) provides financial advantages to women and encourages them to take charge of their ..

Centre may set up regulator for healthcare to expand insurance coverage

A regulator for the healthcare sector is expected to bring in standardisation and lower the costs

About 20% of 510 mn Jan Dhan accounts inoperative: MoS finance informs RS

About 20 per cent of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in the country are inoperative, the government said on Tuesday. As on December 6, of the total 10.34 crore inoperative PMJDY accounts, 4.93 crore belong to women, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha. As per data received from banks, of the approximately 51.11 crore PMJDY accounts, around 20 per cent accounts were inoperative as on December 6, he said. The percentage of inoperative PMJDY accounts is similar to the percentage of overall inoperative accounts in the banking sector, he said. The deposited balance in the inoperative PMJDY accounts is around Rs 12,779 crore, which is around 6.12 per cent of the total deposited balance in PMJDY accounts, he said. This balance continues to earn interest at par with that applicable to operative accounts and can be claimed and withdrawn by depositors at any point of time after the account becomes operative again, he ...

Centre allows additional borrowing of Rs 60,000 crore to 22 states for NPS

The normal net borrowing ceiling for states has been fixed at 3 per cent of their gross state domestic product

BCCI denied tax exemption under Section 11 of I-T Act, says FinMin

The government on Monday said the Income Tax department has denied tax exemption to BCCI under Section 11 of I-T Act, and the matter is now sub judice. Section 11 of I-T Act deals with charitable institutions. Minister of State for Finance Pankaj Chaudhary made the remarks while responding to a question on whether the BCCI, despite being one of the richest sports bodies in the world, is enjoying tax exemption in the name of promoting cricket. "BCCI is claiming exemption under Section 11 of the Income Tax Act, 1961. However, during assessment proceedings the exemption is being disallowed by the Income Tax department. The matter pertaining to tax exemption of BCCI is sub judice," Chaudhary said.