#FM

Finance Minister announces relief packages for Covid-affected sectors, chalks out plan to revive tourism sector

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On June 28, Nirmala Sitharaman, Finance Minister, announced relief packages for Covid-affected sectors. The packages include several sectors, including health, tourism, MSME, agriculture, tourism and others. Reviving tourism Nirmala Sitharaman announced a special package to revive tourism sectors. Under the scheme, financial support has been extended to more than 11,000 registered tourist guides, travel and … Read more

Adani group shuts logistics park in Punjab due to seven-month blockade by farmer protesters, buys land in UP for data centre

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Adani Logistics Ltd has decided to shut its inland container depot (ICD) at Kilaraipur in Ludhiana after it remained blocked by farmer protesters for seven months. The company took the decision after the Punjab government failed to remove the blockade despite a high court order. This decision has meant that around 400 people will lose their jobs, … Read more

Finance Ministry introduces bill to withdraw retrospective tax and refund collected amounts, says the tax is a sore point for investors

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One of the worst legacies of the UPA government carried forward by the Modi government, the provision for Retrospective Tax, is finally set to be buried. The union finance ministry on Thursday informed the Lok Sabha that it is bringing an amendment to the Income Tax Act, 1961 to this effect. The move comes even as the … Read more

Banks suffer due to bad loans, then economy suffers as banks lend less – Read how ‘Bad Bank’ will break this vicious cycle

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Yesterday the union cabinet approved the setting up of the National Asset Reconstruction Company (NARCL) with the objecting of cleaning the banking sector of bad loans. This institution has been dubbed as ‘Bad Bank’, because it will take over bad debt of nearly Rs 2 lakh crore from banks, cleaning the books of the banks. This is … Read more

‘No transparency in Axis deal’: Former Spandana Sphoorty MD Padmaja Reddy drops bombshells. Read full text of the tell-all letter

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A week after submitting her resignation, Padmaja Reddy, founder and former managing director of Spandana Sphoorty Financial, has penned a letter revealing murky details of her tussle with private equity investor Kedaara Capital over a proposal to sell the company to Axis Bank. Reddy has alleged that there was no transparency whatsoever in how the Axis … Read more

Govt to table bill on cryptocurrency, speculations over ban on ‘private cryptocurrencies’ cause dip in the market

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The union govt is reportedly going to table a Bill in the winter session of Parliament aiming to create a facilitative framework for the creation of official digital currency to be issued by the Reserve Bank of India (RBI). As per the description of the Bill available, the ‘The Cryptocurrency & Regulation of Official Digital Currency Bill, … Read more

Banks have recovered approximately Rs 13k cr from asset sale of defaulters like Nirav Modi, Vijay Mallya: FM Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on Monday informed how banks have collected roughly Rs 13,109 crore from asset sales of defaulters such as fugitive diamantaire Nirav Modi, Mehul Choksi, and erstwhile liquor baron Vijay Mallya. The assets were seized by the Enforcement Directorate in accordance with the Anti-Money Laundering Act (PMLA). The Finance Minister further informed today … Read more

State-run banks recover Rs 6.4 lakh crore bad loans, and written-off loans since FY15 even as opposition creates confusion between ‘loan waiver’ and ‘loan writeoff’

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The Modi government recently completed 8 years of rule in the country. Reports released by the government state that the Public Sector Banks (PSBs) have recovered bad loans worth Rs 6.42 lakh crore since the financial year 2015. Along with this, 98.5% of willful defaulters have also been sued. According to the reports, from the financial … Read more

India’s GST collections soar to record high of ₹2.10 lakh crore, Uttar Pradesh overtakes Tamil Nadu in state-wise GST Revenues for April 2024

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In another sign of the surging Indian economy, the country has registered the highest-ever GST revenue collection in the just concluded month of April as it breached the coveted milestone of ₹2 lakh crore. As per the latest official data released by the ministry of Finance, the GST revenue collection for April 2024 stands at ₹2.10 lakh … Read more