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Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products "IRDAI is actively pursuing reforms in the insurance sector to enhance its adaptability and responsiveness. We are currently at a juncture marked by personalized offerings and shifting consumer preferences. To meet these changes, we are exploring flexible, do-it-yourself insurance products, leveraging advisory technologies and digital assistants. We anticipate a future where insurers can efficiently manage large and diverse data sources, harnessing quantum computing to revolutionize...
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products
Source: PR Agency
7/09/2023 11:40:48 AM
Dollar steadies, Aussie slips as RBA looms The dollar was firm on Tuesday and the Aussie under a little pressure as traders watched out for the Reserve Bank of Australia's interest rate decision with bets that rates may have peaked. The Aussie was 0.5% lower at $0.6431 in early trade. Softer than expected inflation data for July has markets all but certain the cash rate will stay on hold at 4.1% when the RBA announces its decision in the next few hours, far lower than where U.S. overnight rates are at about 5.25-5.5%. The me...
Dollar steadies, Aussie slips as RBA looms
Dollar steadies, Aussie slips as RBA looms
Source: Reuters
5/09/2023 9:01:10 AM
GST collections surge 11% to Rs 1.59 lakh crore in August The Finance Ministry has said that Goods and Services Tax (GST) collections grew by 11 per cent to over Rs 1.59 lakh crore in August 2023, on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season. It stated the gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which Central GST is Rs 28,328 crore, State GST is Rs 35,794 crore, Integrated GST is Rs 83,251 crore (including Rs 43,550 crore collected...
GST collections surge 11% to Rs 1.59 lakh crore in August
GST collections surge 11% to Rs 1.59 lakh crore in August
Source: Accord Fintech
4/09/2023 10:31:11 AM
Dollar soft as markets brace for data fest; yen under pressure The dollar was tentative on Tuesday as traders resisted placing large bets ahead of a slew of economic data this week, while the yen struggled near levels that triggered intervention last year. The dollar index, which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. That view gained more traction in the wake ...
Dollar soft as markets brace for data fest; yen under pressure
Dollar soft as markets brace for data fest; yen under pressure
Source: Reuters
29/08/2023 9:12:36 AM
Global uncertainty, domestic disruptions to keep inflation high for coming months: Economic review Alhough domestic consumption and investment demand are expected to continue driving growth, global uncertainty and domestic disruptions may keep inflationary pressures elevated for the coming months, warranting greater vigilance by the Centre and the RBI, says the monthly economic review released by the Finance Ministry on Tuesday. The review noted that the government has already taken pre-emptive measures to restrain food inflation which, along with the arrival of fresh stock, is likely t...
Global uncertainty, domestic disruptions to keep inflation high for coming months: Economic review
Global uncertainty, domestic disruptions to keep inflation high for coming months: Economic review
Source: IANS
22/08/2023 12:33:53 PM
Indian government plans stake sale in Indian Railways` funding arm The Indian government is considering selling some of its stake in the state-owned Indian Railway Finance Corp (IRFC) as it aims to meet its divestment targets for the year, two government officials told Reuters on Wednesday. The government owns a little over 86% of the Indian Railways' funding arm. "The stake sale would take place soon," a government official said, adding that while the government is yet to decide the exact quantum of sale, it will aim to sell up to 11% in...
Indian government plans stake sale in Indian Railways` funding arm
Indian government plans stake sale in Indian Railways` funding arm
Source: Reuters
16/08/2023 2:34:53 PM
Centre`s debt rose by 174% between 2013-14 & 2022-23, external debt by 100% Central government’s debt in the last nine years has risen 174 per cent, while there has been a 100 per cent increase in external debt during the same period, i.e., between 2013-14 and 2022-23. External debt is a component of Central government's overall debt. According to the Finance Ministry, Central government's debt was Rs 58.6 lakh crore (52.2 per cent of GDP) as on March 31, 2014, which went up by 174 per cent to Rs 155.6 lakh crore (57.1 per cent of GDP) as on March...
Centre`s debt rose by 174% between 2013-14 & 2022-23, external debt by 100%
Centre`s debt rose by 174% between 2013-14 & 2022-23, external debt by 100%
Source: IANS
14/08/2023 9:10:42 AM
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal Net direct tax collection for the current financial year are Rs 5.84 lakh crore, which are 17.33 per cent more than net collections recorded during the corresponding period of last year, the Finance Ministry said on Friday. The collections are 32.03 per cent of the total budget estimates of direct taxes for 2023-24 In a statement, the Finance Ministry said that the collections from direct taxes, which include personal income tax and corporate tax, up to August 10, 2023, continue to regi...
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal
Source: IANS
12/08/2023 9:14:00 AM
Dollar steady after CPI data bolsters Fed pause bets; yen nears 145 The dollar was steady on Friday as traders wagered that the Federal Reserve is done with rate hikes after data showed U.S. consumer prices increased moderately in July, while the yen was flirting with the psychologically key 145 level. The Japanese yen eased 0.10% to 144.89 per dollar in early Asian hours, its lowest since June 30, when it also briefly breached 145 per dollar level, stoking investor fears of another round of interventions from the Japanese authorities. Japan intervened ...
Dollar steady after CPI data bolsters Fed pause bets; yen nears 145
Dollar steady after CPI data bolsters Fed pause bets; yen nears 145
Source: Reuters
11/08/2023 8:49:19 AM
Finance Ministry should consider having online system for processing customs refunds: CAG Flagging inordinate delays in the implementation of the module for daily updation of exchange rate, the Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The CAG said implementation of a system which captures daily fluctuation in the exchange rate, will minimise the undue benefit or loss to importers and exporters and correspondingly to the Dep...
Finance Ministry should consider having online system for processing customs refunds: CAG
Finance Ministry should consider having online system for processing customs refunds: CAG
Source: Accord Fintech
9/08/2023 1:15:05 PM
India`s improved monsoon performance, vigorous capex spending augur well for macroeconomic stability: Finance ministry The finance ministry in its report has said that India's improved monsoon performance, continued expansion in manufacturing, and vigorous capital expenditure (capex) spending by the public and private sectors augur well for macroeconomic stability and growth during FY24. However, it cautioned that cross-border spillovers and adverse global developments can act anytime as a deterrent to achieving the potential high growth path in the current financial year. It further said the governmen...
India`s improved monsoon performance, vigorous capex spending augur well for macroeconomic stability: Finance ministry
India`s improved monsoon performance, vigorous capex spending augur well for macroeconomic stability: Finance ministry
Source: Accord Fintech
4/08/2023 12:18:10 PM
GST collection rises 11% to over Rs 1.65 lakh crore in July: Finance ministry The finance ministry has said that Gross Goods and Services Tax (GST) collection rose 11 per cent to over Rs 1.65 lakh crore in July 2023 compared to the same month last year, crossing the Rs 1.6 lakh crore mark for the fifth time since the rollout of the indirect tax regime.  It stated that Gross Goods and Services Tax (GST) revenue collected last month was Rs 1,65,105 crore of which CGST was Rs 29,773 crore, SGST was Rs 37,623 crore, IGST was Rs 85,930 crore (including Rs 41,239 cro...
GST collection rises 11% to over Rs 1.65 lakh crore in July: Finance ministry
GST collection rises 11% to over Rs 1.65 lakh crore in July: Finance ministry
Source: Accord Fintech
1/08/2023 4:38:30 PM
No proposal to extend deadline for exchange of Rs 2,000 notes: Finance Ministry The finance ministry has said there is no proposal to extend the deadline for the exchange of Rs 2,000 notes beyond September 30, 2023. Minister of State for Finance Pankaj Chaudhary has said at present, this matter is not under consideration. The Reserve Bank, in a surprise move, on May 19 announced withdrawal of Rs 2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. According to the RBI, as much as 76 per ce...
No proposal to extend deadline for exchange of Rs 2,000 notes: Finance Ministry
No proposal to extend deadline for exchange of Rs 2,000 notes: Finance Ministry
Source: Accord Fintech
25/07/2023 10:14:08 AM
Government urges taxpayers to file returns as July 31 deadline won`t be extended The government has urged the taxpayers to file their income tax returns before July 31, 2023 to avoid the last minute rush, as there is no possibility of any extension of the deadline. Finance Ministry sources have indicated that taxpayers should file their returns as soon as possible as unlike last year, there is no likelihood of the July 31 deadline getting extended.  Taxpayers have to file the returns for 2022-23 with the assessment year being 2023-24.  According to the ...
Government urges taxpayers to file returns as July 31 deadline won`t be extended
Government urges taxpayers to file returns as July 31 deadline won`t be extended
Source: IANS
16/07/2023 6:03:53 PM
Centre releases Rs 7,532 crore to states for disaster response In the wake of heavy rains across the country, the Department of Expenditure, Ministry of Finance, has released an amount of Rs 7,532 crore to 22 State Governments for the respective State Disaster Response Funds (SDRF). The amount has been released as per the recommendations of the Ministry of Home Affairs.   An amount of Rs 493.60 crore was released to Andhra Pradesh, while Rs 110.40 crore for Arunachal Pradesh, Rs 340.40 crore for Assam, Rs 624.40 crore for Bihar, Rs 181.60 cr...
Centre releases Rs 7,532 crore to states for disaster response
Centre releases Rs 7,532 crore to states for disaster response
Source: Accord Fintech
13/07/2023 1:40:16 PM
Strength of domestic demand works for economy, India poised to sustain growth momentum The country’s impressive growth experienced in 2022-23, when the world economy was rocked by inflation and restrained by monetary tightening, is a narrative on what works for the Indian economy, and what clearly works is the strength of its domestic demand. This is the assessment of the annual Economic Review for 2022-23, released by the Finance Ministry on Thursday. "Strong balance sheets and digital advancements could lead to better credit decisions allowing India’s f...
Strength of domestic demand works for economy, India poised to sustain growth momentum
Strength of domestic demand works for economy, India poised to sustain growth momentum
Source: IANS
6/07/2023 2:24:57 PM
India expects EU carbon tax to hit exports of steel, iron ore and cement Already facing subdued demand from developed nations, India's exports are likely to be hit by the European Union's 20% to 35% tariffs on high-carbon goods like steel, iron ore and cement, the finance ministry said in a report released on Thursday. In April, the EU approved the world's first plan to impose a levy on high-carbon goods imports from 2026, aiming to become a net zero emitter of greenhouse gases by 2050, some 20 years earlier than India's target. Reporting of ...
India expects EU carbon tax to hit exports of steel, iron ore and cement
India expects EU carbon tax to hit exports of steel, iron ore and cement
Source: Reuters
6/07/2023 11:23:07 AM
Government releases Rs 1,18,280 crore as 3rd installment of tax devolution to states The Union Government has released 3rd installment of tax devolution to State Governments amounting to Rs 1,18,280  crore on June 12, 2023, as against normal monthly devolution of Rs 59,140 crore. One advance installment in addition to the regular installment due in June 2023 is being released to States to enable them to speed up capital spending, finance their development/ welfare related expenditure and also to make available resources for priority projects/ schemes. As per the no...
Government releases Rs 1,18,280 crore as 3rd installment of tax devolution to states
Government releases Rs 1,18,280 crore as 3rd installment of tax devolution to states
Source: Accord Fintech
13/06/2023 2:55:58 PM
Indian finance ministry officials to meet Moody's on June 16 - sources The Indian finance ministry officials will meet credit rating agency Moody's Investors Service on June 16 and pitch for a sovereign rating upgrade, two government sources told Reuters. The meeting will see participation from all government departments managing the economy, said the first source. The finance ministry did not immediately reply to a Reuters mail seeking comments before office hours. Moody's rates India at the lowest investment grade of "Baa3" with a &q...
Indian finance ministry officials to meet Moody's on June 16 - sources
Indian finance ministry officials to meet Moody's on June 16 - sources
Source: Reuters
12/06/2023 9:17:43 AM
GST collection surges 12% to Rs 1.87 lakh crore in April: Finance ministry The finance ministry has said Goods and Services Tax (GST) collection grew by 12 per cent in April 2023 to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The ministry said the previous high collection of Rs 1.68 lakh crore was in April last year.  The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore colle...
GST collection surges 12% to Rs 1.87 lakh crore in April: Finance ministry
GST collection surges 12% to Rs 1.87 lakh crore in April: Finance ministry
Source: Accord Fintech
2/05/2023 11:13:49 AM
GST collections for April rose 16.8% to stand at Rs 1,87,035cr The gross GST revenue for April 2023 stood at Rs 1,87,035 crore, which was 16.8 per cent more than Rs 1,60,122 crore of gross GST collected for March 2023. The gross GST collection in April 2023 is also an all-time high and is Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022. Also for the first time, gross GST collections have crossed Rs 1.75 lakh crore mark, official sources said. According to the data released by ...
GST collections for April rose 16.8% to stand at Rs 1,87,035cr
GST collections for April rose 16.8% to stand at Rs 1,87,035cr
Source: IANS
2/05/2023 9:39:36 AM
Enrolments under Atal Pension Yojana cross 5 cr mark, up 20% in 2022-23 Total enrolment under the Atal Pension Yojana (APY) crossed the 5.20 crore mark as on March 31, 2023. According to Finance Ministry sources, the scheme enrolled more than 1.19 crore new subscribers in 2022-23 as compared to 99 lakh in the corresponding fiscal, registering a growth of 20 per cent As on date, the total assets under management (AUM) in APY is more than Rs 27,200 crore and the scheme has generated investment return of 8.69 per cent since its inception. In the public sect...
Enrolments under Atal Pension Yojana cross 5 cr mark, up 20% in 2022-23
Enrolments under Atal Pension Yojana cross 5 cr mark, up 20% in 2022-23
Source: IANS
27/04/2023 4:05:22 PM
Personal income tax as percentage of GDP rises from 2.11% in FY15 to 2.94% in FY22 The finance ministry has said personal income tax as a percentage of Gross domestic product (GDP) has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.  The personal income tax collection (including Securities Transaction Tax) increased to over Rs 6.96 lakh crore, from over Rs 2.65 lakh crore in 2014-15. The ministry said Intro...
Personal income tax as percentage of GDP rises from 2.11% in FY15 to 2.94% in FY22
Personal income tax as percentage of GDP rises from 2.11% in FY15 to 2.94% in FY22
Source: Accord Fintech
26/04/2023 11:14:27 AM
India needs to be vigilant against potential risks of lower agriculture output, elevated prices: Finance Ministry Expressing cautiousness, the Finance Ministry in its March edition of Monthly Economic Review has said that India needs to be vigilant against potential risks of lower agriculture output, elevated prices and geopolitical developments. Although the 6.5 per cent growth projection for India for the current fiscal is in line with the estimates of the World Bank and the Asian Development Bank (ADB), it said there are factors which could affect the favourable combination of growth and inflation out...
India needs to be vigilant against potential risks of lower agriculture output, elevated prices: Finance Ministry
India needs to be vigilant against potential risks of lower agriculture output, elevated prices: Finance Ministry
Source: Accord Fintech
26/04/2023 9:56:05 AM
FinMin raises concerns on Housing & Urban Affairs Ministry`s proposal to amend Metro Act The Department of Economic Affairs, Ministry of Finance has advised the Ministry of Housing & Urban Affairs (MoHUA) that the impact of the proposed amendment be considered on the rights of lenders as well as concessionaires under other laws. The Department of Economic Affairs views that the proposed amendments could impact other conditions of the Metro Act and, further, the amendments could also impact the lenders' view of the metro projects, as the lenders could be denied recourse...
FinMin raises concerns on Housing & Urban Affairs Ministry`s proposal to amend Metro Act
FinMin raises concerns on Housing & Urban Affairs Ministry`s proposal to amend Metro Act
Source: IANS
21/04/2023 1:44:16 PM
South Korea`s Job additions snap 9-month slowdown in March South Korea's job additions snapped their nine-month decline in March in the face of an economic slowdown, but most jobs were created for the over-60 age group, data revealed on Wednesday. The number of employed people came to 28.22 million last month, up around 469,000 from a year earlier, according to the data compiled by Statistics Korea. The country's monthly job additions had been slowing for nine consecutive months through February, when it added 312,000 jobs, reports Yonh...
South Korea`s Job additions snap 9-month slowdown in March
South Korea`s Job additions snap 9-month slowdown in March
Source: IANS
12/04/2023 12:49:26 PM
FM Nirmala Sitharaman to embark on US tour from April 10; to attend World Bank Group, IMF meets Finance Minister Nirmala Sitharaman will embark on an official visit to the US from April 10, where she will be attending the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF). She will also be attending the G20 meetings and other associated meetings, which are scheduled to take place from April 10 to April 16. The meetings will take place in the WBG and IMF headquarters in Washington DC. The Spring Meetings will be attended by finance minis...
FM Nirmala Sitharaman to embark on US tour from April 10; to attend World Bank Group, IMF meets
FM Nirmala Sitharaman to embark on US tour from April 10; to attend World Bank Group, IMF meets
Source: IANS
9/04/2023 8:46:45 AM
Gross direct tax collection rises by around 20% to Rs 19.68 lakh crore in 2022-23 The finance ministry has said that gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, buoyed by personal income tax collection. The gross tax collection exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporates, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023. The net direct...
Gross direct tax collection rises by around 20% to Rs 19.68 lakh crore in 2022-23
Gross direct tax collection rises by around 20% to Rs 19.68 lakh crore in 2022-23
Source: Accord Fintech
5/04/2023 3:36:27 PM
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr Gross direct tax collections (provisional) for 2022-23 stand at Rs 19.68 lakh crore, registering a growth of 20.33 per cent, according to figures released by the Finance Ministry on Monday. Direct tax collections (provisional) for 2022-23 have exceeded the revised estimates by 0.69 per cent. The budget estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, which were revised to Rs 16.50 lakh crore. The provisional direct tax collections ...
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr
Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr
Source: IANS
4/04/2023 9:10:24 AM
Value of assets seized in searches by Income Tax Department records rise The value of assets seized during searches conducted by the Income Tax Department has shown a rise over the last few years, the Parliament was told on Monday. As per the data by the Ministry of Finance, the value of assets seized during the year 2021-22 was Rs 880.83 crore which increased to Rs 1,159.59 crore in the year 2021-22 and to Rs 1,533.23 crore in the year 2022-23 (till January 2023, provisional figures), Minister of State for Finance, Pankaj Chaudhary told the Lok Sabha in a repl...
Value of assets seized in searches by Income Tax Department records rise
Value of assets seized in searches by Income Tax Department records rise
Source: IANS
3/04/2023 7:15:14 PM
PM Narendra Modi describes launch of Mahila Samman Bachat Patra as example of women empowerment Prime Minister Narendra Modi on Monday said that the Centre is committed towards women empowerment, and described the implementation of a new savings scheme for women "Mahila Samman Bachat Patra" as an example of this. "Our government is committed towards the respect and empowerment of women and Mahila Samman Bachat Patra launched by India Post is the best example of this," he tweeted. He also tagged a tweet by India Post announcing the scheme's implementation fr...
PM Narendra Modi describes launch of Mahila Samman Bachat Patra as example of women empowerment
PM Narendra Modi describes launch of Mahila Samman Bachat Patra as example of women empowerment
Source: IANS
3/04/2023 2:11:43 PM
GST collection grows 13% to Rs 1.60 lakh crore in March 2023 The finance ministry has said that Goods and Services Tax (GST) collection grew 13 per cent in March 2023 to Rs 1.60 lakh crore over the same month last year. It is the second highest mop-up since the rollout of the indirect tax regime. In April 2022, GST collection had touched a record high of Rs 1.68 lakh crore. Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (includ...
GST collection grows 13% to Rs 1.60 lakh crore in March 2023
GST collection grows 13% to Rs 1.60 lakh crore in March 2023
Source: Accord Fintech
3/04/2023 12:46:41 PM
Government`s total liabilities rise 2.6% to Rs 150.95 lakh crore in Q3 FY23: Finance Ministry The Finance Ministry in its latest report has said that the government's total liabilities rose to Rs 150.95 lakh crore in December quarter of last financial year (Q3FY23) from Rs 147.19 lakh crore in the three months ended September 2022. The increase reflects a quarter-on-quarter increase of 2.6 per cent in October-December 2022-23. In absolute terms, the total liabilities, including liabilities under the 'Public Account' of the government, jumped to Rs 1,50,95,970.8 crore at...
Government`s total liabilities rise 2.6% to Rs 150.95 lakh crore in Q3 FY23: Finance Ministry
Government`s total liabilities rise 2.6% to Rs 150.95 lakh crore in Q3 FY23: Finance Ministry
Source: Accord Fintech
3/04/2023 10:29:26 AM
India has robust commercial systems giving confidence to investors: Finance Minister Finance Minister Nirmala Sitharaman said on Saturday that it is now agreed during the negotiations of bilateral trade treaties that India has a better robust commercial system giving investors the confidence they need. Inaugurating the renovated court premises of the National Company Law Appellate Tribunal (NCLAT) bench in Chennai, Sitharaman also said that vested interests are not allowed to game the debt resolution system in the country. Sitharaman said the process of Resolution Profe...
India has robust commercial systems giving confidence to investors: Finance Minister
India has robust commercial systems giving confidence to investors: Finance Minister
Source: IANS
2/04/2023 9:17:39 AM
Finance ministry clarifies on hike in STT on options trading The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will be done in accordance with the extent procedure of the government. The STT for futures trading remains the same, as was announced in the amendments to the Finance Bill 2023, i.e., it has been raised t...
Finance ministry clarifies on hike in STT on options trading
Finance ministry clarifies on hike in STT on options trading
Source: IANS
25/03/2023 9:45:56 AM
India likely to propose removing long-term tax benefits for debt mutual funds  India may propose that investments in debt mutual funds be taxed as short-term capital gains, according to a source with knowledge of the matter, a move that could strip investors of the long-term tax benefits that made such investments popular. Mutual funds with less than 35% invested in equity shares are proposed to be treated as short-term and indexation benefits available to such funds may be removed prospectively, the source said. This could translate to higher taxes for the fun...
India likely to propose removing long-term tax benefits for debt mutual funds
India likely to propose removing long-term tax benefits for debt mutual funds
Source: Reuters
24/03/2023 9:30:06 AM
Develop mechanism for online audit of GST: Parliamentary Panel on Finance A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive. The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministry's Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily required...
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
Source: IANS
24/03/2023 9:08:25 AM
India seeks data on state-bank bond portfolios amid global banking turmoil  India has asked state-owned lenders to submit details of their bond portfolios ahead of a quarterly meeting between the government and banks this Saturday, amid the turmoil in global banks, seven bankers with direct knowledge of the matters told Reuters on Thursday. "The finance ministry has asked banks to submit data about their held-to-maturity (HTM) portfolios and mark-to-market (MTM) losses in trading books to identify any potential stress," one senior banker said on co...
India seeks data on state-bank bond portfolios amid global banking turmoil
India seeks data on state-bank bond portfolios amid global banking turmoil
Source: Reuters
23/03/2023 12:33:09 PM
India government unlikely to roll back tax plan on high-value life insurance The Indian government is unlikely to make changes to its budget proposal of taxing the total returns on high-value life insurance policies, two government officials said on Wednesday, amid demands by insurance companies to reconsider the move. The government, presenting the 2023/24 budget on Feb. 1, said it would scrap the tax exemption on the total returns upon maturity of life insurance policies if their aggregate premium exceeded 500,000 rupees ($6,103). The move, which will come int...
India government unlikely to roll back tax plan on high-value life insurance
India government unlikely to roll back tax plan on high-value life insurance
Source: Reuters
15/03/2023 11:37:52 AM
Finance Ministry holds webinar for better implementation of various budget proposals As part of a post-Budget Webinar, the Finance Ministry has hosted virtual discussions on the six chosen subjects following an address by Prime Minister Narendra Modi. The Prime Minister urged India Inc to increase investment in tandem with the government's decision to raise capital expenditure (capex) and take advantage of the opportunities unveiled in the Budget 2023-24. The webinar had six breakout sessions on various themes, including creating growth opportunities in GIFT Internatio...
Finance Ministry holds webinar for better implementation of various budget proposals
Finance Ministry holds webinar for better implementation of various budget proposals
Source: Accord Fintech
9/03/2023 11:11:36 AM
Government incurred Rs 31,68,648 crore as expenses till January 2023 The government incurred Rs 31,68,648 crore as expenses up to January 2023, which was 75 per cent of of the corresponding revised estimate of 2022-23. According to the monthly account data released by the Finance Ministry on Tuesday, out of the total expenditure incurred by the government, Rs 25,97,756 crore was on revenue account and Rs 5,69,892 crore was on capital account. Out of the total revenue expenditure, Rs 7,38,658 crore was on account of interest payments and Rs 3,99,400 crore...
Government incurred Rs 31,68,648 crore as expenses till January 2023
Government incurred Rs 31,68,648 crore as expenses till January 2023
Source: IANS
1/03/2023 9:56:40 AM
Indian economy to grow at 7% despite global headwinds, says monthly economic review Despite the global economy operating under an extremely challenging macroeconomic environment like the geopolitical tensions in Europe, spiralling energy, food and fertiliser prices, monetary tightening and inflationary trends having elevated the downside risks to the global economic outlook, the Indian economy is estimated to grow by 7 per cent year-on-year in the current fiscal. The monthly economic review for January 2023 released by the finance ministry on Thursday, said that the measu...
Indian economy to grow at 7% despite global headwinds, says monthly economic review
Indian economy to grow at 7% despite global headwinds, says monthly economic review
Source: IANS
23/02/2023 2:56:38 PM
India's exports may see tepid growth in 2023 - government India's exports may see tepid growth this year as the country's major export markets are forecast to decline sharply in 2023, the government said. Growth of global trade fell in 2022, "and is expected to be still lower in 2023 with a further decline in volume and value of trade on the back of slowing global output," India's Ministry of Finance said in monthly economic report.
India's exports may see tepid growth in 2023 - government
India's exports may see tepid growth in 2023 - government
Source: Reuters
23/02/2023 1:31:37 PM
Japan books record trade deficit of $26 bn in January Japan booked a record trade deficit in January owing to rising energy costs and the pace of exports slowing, the government said in a report on Thursday. According to the Finance Ministry, the country's trade deficit in January stood at 3.5 trillion yen (26.16 billion US dollars) and marked an 18th straight month of red ink, Xinhua News Agency reported. Imports jumped 17.8 percent to 10.05 trillion yen (75.13 billion dollars) in the recording period, the ministry said, while exports...
Japan books record trade deficit of $26 bn in January
Japan books record trade deficit of $26 bn in January
Source: IANS
16/02/2023 2:16:15 PM
Exclusive-G20 host India to propose China, other creditors take haircuts on loans  India is drafting a proposal for G20 countries to help debtor nations badly hit by the economic fallout from the pandemic and Ukraine war, by asking lenders including China, the world's largest sovereign creditor, to take a large haircut on loans. Two Indian government sources told Reuters of the proposal as finance ministers and central bank chiefs from the Group of 20 prepared to meet in Bengaluru next week. The gathering will be the first major event of India's one-year pr...
Exclusive-G20 host India to propose China, other creditors take haircuts on loans
Exclusive-G20 host India to propose China, other creditors take haircuts on loans
Source: Reuters
15/02/2023 2:43:52 PM
Direct Tax Collections (FY 2022-23) records growth at Rs 15.67 lakh cr The provisional figures of Direct Tax collections up to February 10, continue to register steady growth. Direct Tax collections up to February 10 showed that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. According to the Ministry of Finance, Direct Tax collection, net of refunds, stands at Rs 12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding pe...
Direct Tax Collections (FY 2022-23) records growth at Rs 15.67 lakh cr
Direct Tax Collections (FY 2022-23) records growth at Rs 15.67 lakh cr
Source: IANS
11/02/2023 3:00:45 PM
Japan's current account surplus drops 50 pct to 8-year low in 2022 Japan's current account surplus logged in 2022 was almost 50 per cent lower than the previous year, marking its lowest level in eight years, owing to a record trade deficit due to an upsurge in imports and the yen's weakness, the Finance Ministry said in a report on Wednesday. According to the Ministry, the current account in 2022 stood at 11.44 trillion yen ($87.26 billion), with a record contraction year on year, resulting from surging import costs coming despite the primary inco...
Japan's current account surplus drops 50 pct to 8-year low in 2022
Japan's current account surplus drops 50 pct to 8-year low in 2022
Source: IANS
8/02/2023 4:04:13 PM
Finance Ministry asks departments, CPSEs to refund 95% of MSMEs securities till March 2022 The Finance Ministry has asked all departments and Central Public Sector Enterprises (CPSEs) to refund 95 per cent of the performance or bid security and liquidated damages forfeited/deducted from small and medium businesses in government tenders for over two years till March 31, 2022. To give relief to micro, small and medium enterprises (MSMEs), Finance Minister Nirmala Sitharaman in 2023-24 Budget announced 'Vivad se Vishwas-I' scheme which provides that in cases of failure by M...
Finance Ministry asks departments, CPSEs to refund 95% of MSMEs securities till March 2022
Finance Ministry asks departments, CPSEs to refund 95% of MSMEs securities till March 2022
Source: Accord Fintech
7/02/2023 11:35:47 AM