Finance

  • India Post suited to be payment bank: Financial Ministry Yesterday

    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...
  • Arun Jaitley 'recovering satisfactorily' : Hospital 6 days ago

    New Delhi: Finance Minister Arun Jaitley, who was readmitted in a hospital for a post-surgery check-up, is "recovering satisfactorily", the hospital said in a statement. "Shri Arun Jaitley had undergone a surgery for his metabolic disorder three weeks ago. He was admitted for evaluation of post-operative gastro intestinal infection. The...
  • 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...
  • G20 finance chiefs aim to 'change destiny of global economy' September 20, 2014

    Cairns (Australia): Finance chiefs from G20 nations held talks on Saturday, confident they can "change the destiny of the global economy" despite rising world political tensions and mounting fears of financial instability. The meeting in Cairns aims to thrash out a set of policies to achieve the ambitious goal of raising...
  • 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...
  • Punjab to seek debt relief from 14th Finance Commission September 9, 2014

    Chandigarh: Faced with "burgeoning" debt, Punjab government is all set to seek debt relief through loan restructuring and change in criteria for devolution of funds to states from the 14th Finance Commission tomorrow in order to overcome financial "challenges". "We will seek debt relief from the 14th Finance Commission which...
  • 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 ...
  • Manmohan Singh named member of Parliamentary panel on Finance September 2, 2014

    New Delhi: Former Prime Minister Manmohan Singh, who is hailed as the architect of economic reforms in the country, is a member of the Parliamentary Standing Committee on Finance, it was announced on Tuesday. Incidentally, M Veerappa Moily, who was a minister in the Manmohan Singh government, is heading the...
  • 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...
  • Jan Dhan Yojana will not a burden on banks, says Arun Jaitley August 30, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday said the implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY), under which 2.14 crore accounts have already been opened, will not put any burden on banks. "Any apprehension that this scheme may cause financial burden on the banks does not hold any ground...
  • Insurance Bill in Winter session of Parliament: Arun Jaitley August 30, 2014

    New Delhi: Optimistic of passing the Insurance Bill in the next session of Parliament, Finance Minister Arun Jaitley on Friday hoped Congress which mooted the hike in FDI cap to 49 per cent in the sector will not oppose it. "I am reasonably confident. Any political party which have mooted the...
  • 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...
  • Arun Jaitley lauds West Bengal government for its approach on GST August 23, 2014

    Kolkata: Union Finance Minister Arun Jaitley on Friday lauded the West Bengal government for accepting the Goods and Services Tax (GST) in principle and said the state's approach on the issue was very good. "There are several issues in which the Centre and the state government require discussion. To me, GST...
  • RBI notifies increased PPF deposit limit of Rs 1.5 lakh/year August 22, 2014

    Mumbai: The Reserve Bank on Friday notified the increase in deposit money under Public Provident Fund (PPF) to Rs 1.5 lakh from Rs 1 lakh earlier. "We forward herewith a copy of the Government of India Notification...The Government of India, vide this Notification, has enhanced the individual subscription limit under the...
  • Arun Jaitley advocates for low tax regime in tourism sector August 21, 2014

    New Delhi: Advocating for low taxation regime, Finance Minister Arun Jaitley on Thursday said if higher taxes are levied on the tourism industry, then there will be less tourists and lesser revenue collection. "If tourism industry, state governments and the centre are loaded with higher taxes then we will have less...
  • 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...
  • Low growth, high inflation not acceptable: Arun Jaitley August 16, 2014

    Mumbai: Finance Minister Arun Jaitley on Saturday said the current situation of high inflation and low growth has to be reversed to achieve sustainable GDP expansion along with improvement in price situation. "If inflation is high then you begin at a point where growth is low. We need to change this...
  • Bring more retail investors to market: Jaitley to Sebi August 10, 2014

    New Delhi: Pitching for greater transparency in rulemaking and other functions of regulators, Finance Minister Arun Jaitley on Sunday asked Sebi to work towards attracting more retail investors to the capital markets. Addressing the board of the capital markets regulator, Jaitley also asked Sebi to consider new measures to address issues...
  • Jaitley to meet heads of PSU banks on Thursday July 28, 2014

    New Delhi: Finance Minister Arun Jaitley is scheduled to hold his first meeting with all the heads of the public sector banks on July 31 and is expected to impress upon them the need to lower interest rates for boosting growth. "The Finance Minister would be meeting heads of banks on...
  • Rape crisis centres soon; Finance Ministry approves Maneka's proposal July 28, 2014

    New Delhi: The Finance Ministry has given its nod to the setting up of rape crisis centres in all the districts, as proposed by the Ministry of Women & Children Development. Formal approval of the Union Cabinet is likely to be taken up on Monday. Women * Children Development Minister Maneka...
  • Finance Minister Arun Jaitley takes on party MP for questioning if black money can be brought back July 26, 2014

    New Delhi: Finance Minister ArunJaitley on Friday rebuffed his party MP NishikantDubey who had caused an embarrassment to the government by questioning the possibility of black money returning to India in "our lifetime", saying he will not have to wait for long for this. "When my colleague Nishikant Dubey spoke...
  • 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...
  • Recapitalisation of PSU banks is on high priority: Arun Jaitley July 19, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday said recapitalisation to the tune of Rs 2.4 lakh crore in public sector banks to meet Basel III norms is a 'high priority' item for the government. "We suggested proposal for recapitalising of public sector banks over the next four years...the government is...
  • Government closely monitoring Iraq situation: Arun Jaitley July 18, 2014

    New Delhi: The government on Friday said it is closely monitoring the situation in Iraq and will calibrate policy response to cope with it. "The turmoil in Iraq has the potential to have an impact on international prices of oil. The government closely monitors the emerging situation and calibrates appropriate policy...