FINANCE MINISTRY OFFICIAL

Given the limited space for further compression in revenue expenditure, the government would refrain from sharply raising its FY26 capex outlay from the budgeted level for this financial year, another person indicated. The Centre also expects privat...

Parliament was informed on Monday that the recommendations of the Group of Ministers (GoM), which is examining issues related to GST on life and health insurance, will be presented to the GST Council once received. The matter of exempting or reducin...

The Indian government is developing a 'Creditworthiness Index' to improve credit access for micro and small businesses. The index will rate companies across industries using common parameters, assisting lenders in evaluating borrowers with limited f...

In a rare instance, the Reserve Bank of India (RBI) made certain adverse observations against Pandey, and it wanted the Department of Financial Services (DFS) to "factor" them in while considering his appointment as CEO, ET reported July 13. The RBI...

Leaders of the G20 nations gathered in Brazil for their yearly summit, grappling with the implications of a changing global landscape as U.S. President-elect Donald Trump prepared to assume office. The summit faced geopolitical tensions, particularl...

The Centre has categorized blended aviation turbine fuel under mineral items, introducing excise duties, and is considering voluntary use by 2024 and mandatory by 2027. The aviation industry is concerned about increased fuel costs and potential need...

Regulatory changes and standardization are set to boost surety bonds introduced in 2022 by general insurance companies. These bonds will support India's infrastructure development, reduce reliance on bank guarantees, and allow banks to lend to other...

Finance minister Nirmala Sitharaman has urged expenditure secretary Manoj Govil to work with states to speed up capital investment project approvals. Only ?50,069 crore out of ?1.5 lakh crore allocated for 2024-25 has been approved so far, highlight...

The government has reduced its gold bond issuance target for this fiscal year by 38% from the interim budget level to Rs 18,500 crore, according to an ET report on July 26. The redemption of previously issued bonds is estimated at Rs 3,500 crore for...

Finance Minister Nirmala Sitharaman reviewed the capex plan of the Ministry of Housing and Urban Affairs, stressing timely and efficient fund utilization. The Pradhan Mantri Awas Yojana (Urban) scheme was a key focus. She urged officials to meet cap...

"We have been assessed very deeply, comprehensively and there is no fault that has been found, so far as our integrity and credibility of our institutional framework is concerned...This is a major plus and a demonstration to the world that the India...

The Finance Ministry has updated the compounding rules under FEMA, increasing monetary limits for adjudications by RBI officials and enabling online payments. The new rules aim to simplify foreign investment regulations, reflecting the government's ...

Sebi officials have complained to the finance ministry about a toxic work culture under chairperson Madhabi Puri Buch. The letter accuses the leadership of using harsh language, setting unrealistic targets, and monitoring employees excessively. Sebi...

Fintech companies should address the challenges of developing countries, said Mahaveer Singhvi, Joint Secretary for New Emerging and Strategic Technologies at the Ministry of External Affairs. Speaking at the 2024 Global Fintech Fest, he emphasised ...

Separately, a set of amendments to the Insolvency and Bankruptcy Code (IBC) is being considered to fix any shortcomings in the law. "These reforms are aimed at expeditious loan recoveries, giving more legal backing to recovery tribunals, and address...

Finance Minister Nirmala Sitharaman advised tax officials to avoid taking a "hard approach" with taxpayers at the early stages and instead focus on resolving doubts to prevent grievances. At the launch of a new GST office in Udaipur, she emphasized ...

Finance minister Nirmala Sitharaman had announced an MSME package in the budget that included a credit guarantee scheme to cover loans of up to Rs 100 crore by MSMEs for purchasing machinery and a guarantee fund for 'stressed MSMEs' or MSMEs in the ...

The Comptroller and Auditor General (CAG) has recommended that the Finance Ministry periodically identify high-risk taxpayers within the GST composition scheme and verify their sales data from various sources to prevent tax evasion. An audit of 8.66...

India is withholding its signature from the global corporate tax deal, particularly on "Pillar 1", due to unresolved concerns over dispute resolution and withholding tax treatment, according to a finance ministry official. The deal aims to replace u...