Demonetisation, GST will reduce cash in system: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that generation of cash will become difficult as a result of demonetisation coupled with the implementation of the Goods and Services Tax (GST).

"Demonetisation coupled with the implementation of Goods and Services Tax (GST) regime will make generation of cash a lot more difficult, help towards the objective by creating greater compl

Actively working towards clean political funding: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that the government was actively working towards providing a system of clean political funding.

"When we deal with the subject of how the political system will be funded, we hope through cleaner money in future. We are actively working on this," he said here at the Delhi Economics Conclave 2017 organised by the Finance Ministry.

Arun Jaitley launches pension plan for senior citizens with 8% assured return

Finance Minister Arun Jaitley on Friday formally launched a pension scheme for senior citizens with an assured return rate of eight per cent, favouring efficiency with social security.

"Banks have to lend at feasible rates, while senior citizens want secure, reasonable, unfluctuating return on their investment," Jaitley said here launching the pension scheme -- Pradhan

India considering to change financial year to anuary-December: Arun Jaitley

NEW DELHI - Finance Minister Arun Jaitley on Friday told lawmakers that the government is considering to change the country's financial year to January-December from April-March.

"The matter of changing financial year is under consideration," Jaitley told lawmakers in a written reply to the lower house of parliament.

He declined to elaborate wh

Finance Minister releases National Trade Facilitation Action Plan

Finance Minister Arun Jaitley released the National Trade Facilitation Action Plan and said the WTO-Trade Facilitation Agreement (TFA) coming into force on February 22, 2017 was a major milestone for the global trading system, reported PTI. Jaitley further said India looks forward to ensuring compliance with the TFA, according to a Finance Ministry statement.

"This Action Plan gi

Finance Minister working on capital infusion strategies on PSBs: Reports

The finance ministry has said that it is working on the capital infusion strategy for public sector banks and an announcement to this effect will come soon. Commenting on the issue, a senior finance ministry official told the media, “The funds infusion matrix as per the Indradhanus scheme is being given a final shape on the basis of representations from various banks for their capital nee

GST win-win deal for all: Arun Jaitley

Finance Minister Arun Jaitley described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods, reported PTI. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitl

Jaitley to inaugurate Delhi Economics Conclave-2017: Finance Minister

The Union Finance Minister, Arun Jaitley will inaugurate the Delhi Economics Conclave-2017 on Saturday, 22nd July, 2017 in the national capital, according to a statement released by the Ministry of Finance. On this occasion, Tharman Shanmugaratnam, Deputy Prime Minister, Republic of Singapore will deliver the Inaugural Address on ‘India Development Strategy and International Engagement Po

Rs 11.23 crore fake currency detected post note ban: Arun Jaitley

 Fake currency totalling Rs 11.23 crore has been detected since demonetisation, Finance Minister Arun Jaitley said on Tuesday.

Data available from the National Crime Records Bureau (NCRB) indicates that 1.58 lakh notes of fake currency, having a face value of Rs 11.23 crore, have been detected in 29 states post demonetisation until July 14, Jaitley said in a written reply to

Demand for zero GST on textiles cannot be accepted: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday said the demand of textile traders to exempt fabrics under the Goods and Services Tax (GST) system cannot be met with as manufacturers will then not be able to claim credit of tax on previous stages.

"The GST rate structure for the textile sector was discussed in detail in the GST Council, wherein it recommended the detailed rate str

GST Council may go for more rate revisions

The Goods and Services Tax (GST) Council on Monday evening will hold a meeting through video-conferencing to discuss some rate revisions "which need urgent attention".

The meeting, called at a short notice, would be chaired by Finance Minister Arun Jaitley through video-conferencing as state Finance Ministers were not in the national capital.

Jaitley had

Finance Minister urges industry to spend 2% of profits on CSR

Union Finance Minister Arun Jaitley urged the industry to spend 2 per cent of their profits on corporate social responsibility (CSR) activities, reported PTI. He also asked industry representatives to focus on building toilets in schools, especially for girls. "There are villages which have seen a bulb and a toilet for the first time. We target to electrify all the villages by 2018. I appe

NIIF to soon reach threshold funding, Arun Jailtey told

 Following steady progress on fund-raising efforts with several international institutional investors, a certain threshold investment in the National Investment and Infrastructure Fund is expected to be reached soon, Finance Minister Arun Jaitley was told on Friday during his review meet of NIIF.

The third meeting of the Governing Council of National Investment and Infrastructure

Listed PSUs get time till Aug'18 to meet public holding norm

The government has extended the deadline for listed PSUs to achieve the minimum 25 per cent public shareholding norm by a year to August 2018, a finance ministry order said. The deadline has been extended to avoid bunching of share sale offers from state-owned firms and the government gets to decide on the opportune time to divest stake in any PSU, including the blue chip ones.

A top

Code on Wages Bill likely in the Monsoon session of Parliament

Union Labour Minister Bandaru Dattatreya said his department is working hard to lay the Code on Wages Bill in the Parliament in the upcoming monsoon session, reported PTI. The labour ministry had earlier sought a Cabinet approval for the new labour code on wages, a move which is seen as a first step towards labour reforms. "If the new bill is passed in the Parliament and becomes an Act, it

Need to further strengthen economic indicators: DEA official

 A senior Finance Ministry official on Thursday stressed the need for further strengthening of micro- and macro-economic indicators in the country.

"Indian economy's micro- and macro- indicators are quite strong and need to be further strengthened," Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said during his first media interaction after

`GST Rates Finder` to be soon available on ios platform: Finance Minister

CBEC Mobile app “GST Rates Finder” which is available on android platform and soon will be available on ios platform as well, according to a statement released by the ministry of finance. To install "GST Rate Finder", user of Android mobile has to first open Google Play Store and in the search option has to type GST Rate Finder. There may be many more apps available with s

Assocham seeks review of GST rate on bio-fertilisers

Industry body Assocham today asked the government to review 18 per cent GST rate on select agriculture inputs like bio-fertilisers, bio-pesticides and organic manures so as to compress the use of chemical fertilisers. In a letter to Finance Minister Arun Jaitley, the industry body said a higher GST on bio-fertilisers, organic manures will promote the use of chemical fertilisers and impact publi

Government okays creation of directors post for 3 new AIIMS

The Union Cabinet today approved the creation of three posts of directors in the new AIIMS that will come up in Mangalagiri in Andhra Pradesh, Kalyani in West Bengal and Nagpur in Maharashtra. The posts will be immediately filled up following due procedure, said an official statement. The post of director is in the pre-revised scale of Rs 80,000 (fixed) {plus NPA ceiling limit 85,000}. The annu

Self-help groups can create jobs with banks' funds: Arun Jaitley

Acknowledging that the size of unorganised sector was large, Union Finance Minister Arun Jaitley on Tuesday said that employment in the section can be raised if banks divert funds through the medium of self-help groups (SHGs).

"Employment can be increased if through the banks' funds are diverted into the unorganised sector," Jaitley said here at the 36th Foundation

Arun Jaitley to be chief guest in NABARD Foundation Day

The Union Finance Minister Arun Jaitley to be the Chief Guest on the occasion of 36th Foundation Day of NABARD dedicated to celebrate the Silver Jubilee of SHG Bank Linkage Programme, according to a statement released by the ministry of finance. Self Help Group Bank Linkage Programme (SHG BLP), the pioneering initiative of Financial Inclusion by NABARD, completed 25 years during this year and i

Government seeks report on NSE trading glitch

The finance ministry today sought a report from Sebi on the technical glitch in the National Stock Exchange's system that had led to trading disruptions. Sources at the ministry said it was a technical problem that led to trading disruptions and there was no information about hacking. Investors faced problems on the NSE, which had briefly stopped trading in cash and F&O (futures and opt

Banks should maintain zero tolerance against bad loans: Finance Minister

The finance ministry has said that it has asked banks to maintain zero tolerance against bad loans and be prepared to fight cases to resolve large NPAs or non-performing assets. Commenting on the issue, a Ministry Official told the media, “The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as well.”

“The a

Jaitley launches app to help users verify GST rates

Finance Minister Arun Jaitley has launched a mobile app 'GST Rates Finder' to help any person who has purchased a footwear or has been billed by a hotel to cross verify the correctness of the rate of GST charged.

"This mobile app helps users to find rates of GST for various goods and services. It can be downloaded on any smart phone and can work in offline mode, once

GST realises 'one nation, one tax' dream: Arun Jaitley

Union Finance Minister Arun Jaitley on Thursday said that with Jammu and Kashmir assembly passing the State Goods and Services Tax (SGST) law, the dream of economic integration of India has come true.

"Sardar Vallabhbhai Patel worked for the geographical integration of India and achieved it. But the country's economic rules continued to vary from state to state. After 70 year