FINANCE MINISTRY

  • 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...
  • Finance Minister Arun Jaitley to launch single window portal for taxpayers September 21, 2014

    New Delhi: An updated version of the income tax department website that will be a single window for all online services offered by the department will be launched on Monday by Finance Minister Arun Jaitley. The website will be more userfriendly and robust, so that it can handle many hits at...
  • India's GDP to rebound to over 7 pc in 23 years: Arvind Mayaram September 18, 2014

    Cairns: India is following economic growth inducing policies and is confident that the GDP will rebound to over 7 per cent in 23 years, Finance Secretary Arvind Mayaram said on Thursday while emphasising that business confidence is back. Making an intervention during the G20 Deputies Meeting, Mayaram said that the Indian...
  • Government to soon double banks' commission for DBT scheme to 2 pc September 15, 2014

    Mumbai: Finance Ministry is in the process of finalising the commission to banks at 2 per cent of the quantum of funds they transfer to individual beneficiaries under the government's direct benefit transfer (DBT) scheme. "The issue of commission is in the final stages and the order will be issued for...
  • Arun Jaitley out of hospital, to skip G20 meet in Australia September 10, 2014

    New Delhi: Finance Minister Arun Jaitley was released from hospital on Wednesday after a longerthanexpected stay for treatment, and will miss a meeting of finance ministers from the Group of 20 nations in Australia next week. Jaitley was admitted to a private hospital in New Delhi on September 1 for planned...
  • Steel Ministry asks Finance Ministry to roll back duty of coking coal imports September 9, 2014

    New Delhi: The Steel and Mines Ministry has sought rollback of 2.5 per cent duty on coking coal imports, imposed in the last Budget, to unburden domestic steel makers. Finance Minister Arun Jaitley in Budget 201415 had imposed 2.5 per cent duty on coking coal imports, which the steel industry...
  • No facilitation fee to agents for air travel by government officials September 8, 2014

    New Delhi: The Finance Ministry has barred PSU travel agents, including IRCTC and Balmer Lawrie, from charging facilitation fees from government officials on their domestic and international air travels. The government had on October 10, 2013, allowed three authorised travel agents IRCTC, Balmer Lawrie and Ashok Travels and Tours ...
  • Government to increase dearness allowance to 107 per cent, up from 100 per cent August 31, 2014

    New Delhi: Government is likely to approve a hike in dearness allowance (DA) to 107 per cent from the existing 100 per cent, benefiting around 30 lakh Centre's employees and its 50 lakh pensioners including dependants. "The average rate of retail inflation for industrial workers from July 1, 2013 to...
  • Inflation in check, growth and investment picking up, assures Arun Jaitley August 30, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday presented the Finance Ministry's report card for the last hundred days since the NDA government came to power, as well as the recent initiatives taken by the Finance Ministry. Jaitley assured that inflation is in check, growth and investment is steadily picking up...
  • Jan Dhan camps by banks on all Saturdays, 1.84 crore accounts opened August 29, 2014

    New Delhi: Over 1.84 crore bank accounts have been opened under the Jan Dhan scheme and banks will organise camps from 8 am to 8 pm on all Saturdays to reach out to unbanked households, the government said on Friday. "It has been decided that henceforth, the banks will be holding...
  • Female bank staffers may soon get transfers of their choice August 17, 2014

    New Delhi: Female employees of public sector banks will soon be entitled to a major benefit of getting transfers of their choice. The Finance Ministry has asked the banks to formulate womenfriendly transfer policies so that they can get transfers at places where their husbands are working or parents are living. The...
  • AircelMaxis case: CBI planning to question Finance Ministry officials August 17, 2014

    New Delhi: CBI is mulling questioning some officials of the Finance Ministry who were part of Foreign Investment Promotion Board (FIPB) clearance process given to AircelMaxis deal even as it plans to file the first charge sheet in the matter this week. Making it clear that no suspects have been identified...
  • Chasing black money, India gets Swiss invite for discussions July 20, 2014

    New Delhi/Berne: As India steps up pressure on Switzerland for details of alleged black money stashed there, Swiss authorities have invited Indian officials to Berne to discuss further cooperation in these matters. Besides, Switzerland has already transmitted "few positive responses" to India, a spokesperson in Swiss Finance Ministry said, without divulging...
  • India may unveil bolder economic reforms, but no tax changes in Budget July 9, 2014

    New Delhi: India will probably unveil bold reforms in its Budget on Thursday in a bid to turn around an economy growing at decade lows, but major changes to taxes will be absent, a Reuters survey showed. Finance Minister Arun Jaitley will present his maiden Budget after his Bharatiya Janata Party,...
  • Finance, Commerce Ministries to join Twitter to expand government's reach July 6, 2014

    New Delhi: Important ministries like Finance and Commerce will soon join Twitter as part of government's effort to use social media in communicating with citizens. The micro blogging site, which has about 18 million users in India, is engaging with the government to help various ministries use the platform to...
  • AprilMay fiscal deficit is Rs 2.4 lakh crore June 30, 2014

    New Delhi: The fiscal deficit in the first two months of 201314 was Rs 2.4 lakh crore or 45.6 per cent of Budget Estimates for the whole financial year. The fiscal deficit the gap between expenditure and revenue for the whole fiscal has been pegged at Rs 5.28...
  • LTC scam: 5 government employees jailed for four years June 22, 2014

    New Delhi: Five Finance Ministry employees, three of whom have retired, and another person have been sent to four years in jail by a Delhi court for fraudulently withdrawing and disbursing Rs 4.2 lakh as Leave Travel Concession (LTC) advances. Special CBI judge Sanjeev Jain held the six men, including three...
  • Telecom Ministry seeks Rs 6,997 cr fund for projects this budget June 20, 2014

    New Delhi: The Telecom Ministry has sought additional funds of Rs 6,997 crore in the budget for various projects that are to be rolled out during the current financial year. Telecom Minister Ravi Shankar Prasad is learnt to have approached Finance Minister Arun Jaitley for additional funds to carry out...
  • Arun Jaitley recuses himself from decisions on Vodafone case June 18, 2014

    New Delhi: Finance Minister Arun Jaitley is believed to have recused himself from matters pertaining to the Rs 20,000 crore Vodafone tax dispute and delegated decision making in this regard to his junior Minister Nirmala Sitharaman. Jaitley has on file recorded that all issues relating to the Vodafone tax case be...
  • Finance Ministry appoints RC Lahoti as arbitrator in Vodafone tax case June 17, 2014

    New Delhi: The government has appointed former Chief Justice of India R C Lahoti as arbitrator in the Rs 20,000 crore tax dispute case with UK telecom major Vodafone. "Yes, he (Lahoti) has been appointed for arbitration from our side," a Finance Ministry official told PTI. The government's decision was in response...
  • Agriculture Ministry closely monitoring rising price of food items June 17, 2014

    New Delhi: The Union Agriculture Ministry is monitoring rising onion prices and other commodities. According to ministry officials, they are in touch with the Finance Ministry. A senior official said, "We are in constant touch with the Finance Ministry and will soon come with some measures to check rising prices. Officials...
  • India @ 9 with Arunoday Mukharji and Palki S Upadhyay June 13, 2014

    Catch the day's top stories with Arunoday Mukharji and Palki S Upadhyay on India @ 9. ...
  • 'Government can cut subsidy bill by 1 pc without causing pain' June 10, 2014

    New Delhi: The government can cut down its subsidy bill by up to 1 per cent of the GDP without causing much pain to people, Principal Economic Adviser, Ministry of Finance, Ila Patnaik said on Tuesday. "I don't think it is (fiscal consolidation) that hard, because when you look at...