FINANCE MINISTRY

  • Tax evasion through foreign assets to be a criminal offence Yesterday

    New Delhi: The announcement by Finance Minister Arun Jaitley categorising tax evasion in relation to holding of illegal foreign assets as a "predicate offence" under anti-money laundering laws has, for the first time, made concealment of income a criminal offence in India. At present, tax evasion is a civil offence...
  • Finance Ministry proposes levy of tax on all government services Yesterday

    New Delhi: The Finance Ministry on Monday proposed the levy of service tax on all services provided by the government and an enabling provision has been proposed in the Finance Bill in this regard. Although the list of services which will incur the service tax has not been decided, telecom and...
  • Completely wrong to call Budget pro-corporate: Centre 2 days ago

    New Delhi: Rebutting criticism that proposals in the Budget for 2015-16 are pro-corporate and anti-poor, government on Sunday said the views are "completely wrong and ill founded" and not backed by any data. "They (critics) are completely wrong...it is ill founded, misguided and certainly not backed up with any data,"...
  • Narendra Modi regime cracks down on black money, will have one time compliance opportunity: sources 3 days ago

    New Delhi: A day after Finance Minister Arun Jaitley presented his first full-fledged Budget, the Narendra Modi government took the first step towards cracking down on black money. The Centre will soon introduce one time compliance opportunity, said Finance Ministry sources on Sunday. Sources said the government expected huge revenue collection...
  • Lapse by Finance Ministry: Rs 10 notes printed using defective security threads February 20, 2015

    In a huge embarrassment for the previous UPA regime, an internal enquiry report has revealed that during the printing of Indian currency, security features were compromised. The lapses were kept under wraps by senior officials working under the Ministry of Finance. The incident happened in 2012. ...
  • Bullet News: Catch the day's top stories February 19, 2015

    Bullet News is CNN-IBN's non-stop prime time bulletin where we bring to you the day's top stories from around the world. Be it politics, sports, entertainment or business, catch it here, only in 30 minutes. ...
  • India @ 9 with Palki S Upadhyay February 19, 2015

    Catch the day's top stories with Palki S Upadhyay on India @ 9. ...
  • News 360: Bank note goof-up; currency printed using defective security thread February 19, 2015

    In a major security breach that could embarrass the previous Congress-United Progressive Alliance government, an internal enquiry report has revealed that certain security features were allegedly compromised during the printing of Indian currency, and the lapses were kept under wraps by senior officials working under Ministry of Finance. The incident...
  • Major lapses in currency printing kept under wraps, UPA government ignored national security February 19, 2015

    In a major security breach that could embarrass the previous Congress-United Progressive Alliance government, an internal enquiry report has revealed that certain security features were allegedly compromised during the printing of Indian currency, and the lapses were kept under wraps by senior officials working under Ministry of Finance. The incident...
  • Stainless steel makers seek higher custom duty from Finance Ministry February 19, 2015

    New Delhi: Ahead of the budget, stainless steel firms have asked the Finance Ministry to increase customs duty to 25 per cent from 10 per cent at present to safeguard the interest of domestic firms in view of growing imports. "There is an urgent need to control the growing imports and...
  • Bullet News: Catch the day's top stories January 14, 2015

    Bullet News is CNN-IBN's non-stop prime time bulletin where we bring to you the day's top stories from around the world. Be it politics, sports, entertainment or business, catch it here, only in 30 minutes. ...
  • India @ 9 with Zakka Jacob January 14, 2015

    Catch the day's top stories with Zakka Jacob on India @ 9. ...
  • News 360: SC pulls up Centre over Ganga clean up January 14, 2015

    The Supreme Court on Wednesday pulled up the Centre on the issue of cleaning of the Ganges and asked for a status report on setting up of sewage treatment plants within six months. ...
  • A rate cut seems to be on the anvil soon: Finance Ministry January 14, 2015

    The Finance Ministry has said that there is no reason why a rate cut cannot happen when RBI reviews policy on February 3. They say slower than expected pace of inflation has given RBI enough elbow room. ...
  • 'MakeInIndia' Twitter goof-up creates flutter on auto duty cut January 6, 2015

    New Delhi: Government's 'MakeInIndia' Twitter handle on Tuesday created a flutter on the micro-blogging site by erroneously stating that excise duty on cars and two-wheelers has been cut, but corrected the mistake later. The @makeinindia_, a Twitter handle managed by Ministry of Commerce and Industry, this afternoon posted that duties...
  • Finance Ministry launches e-book to improve governance December 25, 2014

    New Delhi: Finance Ministry on Thursday issued an e-book containing important decisions and initiatives with a view to improving governance and bringing government closer to the public. "MoF (Ministry of Finance) hopes this will be useful to the citizens and an important step in bringing...
  • India slashes health budget, already one of the world's lowest December 24, 2014

    New Delhi: The government has ordered a cut of nearly 20 per cent in its 2014-15 healthcare budget due to fiscal strains, putting at risk key disease control initiatives in a country whose public spending on health is already among the lowest in the world. Two health ministry officials said that...
  • Goods and Services Tax Bill introduced in Lok Sabha after nod by states, TMC sounds caution December 19, 2014

    New Delhi: Aimed at creating a single tax for goods and services across the country, the Centre on Friday introduced the long-pending Constitution Amendment Goods and Services Tax (GST) Bill in the Lok Sabha for rollout of the new regime from April 2016 subsuming various levies like entry tax and...
  • Sale of 5 per cent SAIL share gets government over Rs 1700 crore December 5, 2014

    New Delhi: The Union government has garnered Rs 1,715 crore from sale of its 5 per cent stake in steel giant SAIL. The government's 5 per cent share has been sold at a floor price of Rs 83 per share. The sale of 5 peer cent stake in SAIL is only...
  • Finance Minister for more global cooperation to check tax evasion, smuggling December 4, 2014

    New Delhi: Calling upon revenue intelligence agencies to enhance cooperation with their global counterparts to check tax evasion and smuggling, Finance Minister Arun Jaitley on Thursday said free trade should also mean fair trade. Although the fiscal incentives for financial malpractices have come down over the years, the Minister said revenue...
  • Finance Minister Arun Jaitley against burdening salaried, middle class November 22, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday said that he does not favour burdening the salaried and middle-class with more taxes but would go after the evaders in widening the net. In fact, he would encourage more money being put in the pockets of tax payers that will lead to...
  • Jayant Sinha takes charge as MoS in Finance Ministry November 10, 2014

    New Delhi: IIT-Delhi and Harvard Business School alumnus Jayant Sinha on Monday took charge as Minister of State in the Finance Ministry. Sinha was briefed by senior officials in the Ministry soon after taking charge. He assumes office at a time when the Ministry is preparing the Budget for 2015-16. The...
  • Finance Ministry restructures indirect taxes formations October 15, 2014

    Delhi: The Finance Ministry on Wednesday restructure indirect taxes formations with a view to provide better tax payer services and deepen the tax base. "The restructuring of formations is aimed creating larger number of compact commissionerates, by reorganising the existing commissionerates. This shall provide better tax payer services and deepen the...
  • Government clears 25 FDI proposals worth Rs 1,546 crore October 14, 2014

    New Delhi: The Finance Ministry has approved 25 FDI proposals, including six of single-brand retail trade, envisaging a total investment of Rs 1,546.12 crore, and referred a Rs 1,800-crore pharma proposal to the Cabinet for consideration. The proposals have been cleared by the Finance Ministry...
  • 'Need to move away from aggressive tax planning & assessment' October 9, 2014

    New Delhi: There is a need to move away from aggressive tax planning and such tax assessment undertaken in certain situations and find a resolution to this issue, Revenue Secretary Shaktikanta Das said on Thursday. "I think, we should move away from this whole business of...
  • Finance Ministry, RBI to decide on monetary policy framework by December end October 7, 2014

    New Delhi: The Finance Ministry and the RBI will finalise a new monetary policy framework by December end under which the central bank will pursue the retail inflation target to be decided by the government. According to official sources, the internal work for the new...
  • Government looking at merging FMC with Sebi October 5, 2014

    New Delhi: The government is considering a proposal to merge the Forward Markets Commission (FMC) with capital market regulator Sebi to ensure better monitoring of the commodity futures market. "One of the options being considered by the government is merging FMC with Sebi," said a...
  • No decision on making CAG multi-member body: Finance Ministry October 5, 2014

    New Delhi: No decision has been taken on the suggestion of the UPA government-appointed Shunglu Committee to make CAG a multi-member body, the Finance Ministry has said. The high-level committee, headed by former CAG VK Shunglu, had in March 2011 written to former Prime Minister Manmohan Singh suggesting changes in the...
  • India Post suited to be payment bank: Financial Ministry September 29, 2014

    Mumbai: Lack of credit disbursing experience makes the postal department with its vast network of offices around the country better suited to be run as a payment bank and not as a full-fledged universal bank, a top Finance Ministry official said on Monday. "The Department of Posts may be considered...
  • One can open Jan Dhan account by just submitting 2 photos: Finance Ministry September 22, 2014

    New Delhi: Finance Ministry on Monday said people who do not have officially valid documents or Aadhaar numbers can open Jan Dhan bank accounts by submitting two copies of signed photographs at a bank branch. "RBI has issued guidelines dated August 26, 2014, where people who do not have officially valid...