The union finance ministry has issued the detailed guidelines for the waiver of ‘interest on interest’ for loans that was announced earlier this month. The govt had decided to waive the compound interest on loans upto Rs 2 crore for a period of six months, from March to August. It was announced that this compound interest waiver will be … Read more
In a major development, India witnessed a record high collection of Goods and Services Tax (GST) for the month of December 2020. As per reports, GST revenue collected last month stood at an all-time high of ₹1,15,174 crores. At the same time, the figure is 12% higher than the tax collected in December 2019. Finance Ministry informed … Read more
Just days after Prime Minister Narendra Modi hailed the private sector, the union government has decided to lift a ban that was there on private sector banks from government transactions. In a major reform in the financial sector, the embargo on the grant of government business to private banks was lifted by the finance ministry. … Read more
The Union Finance Ministry has decided to provide an additional amount of upto Rs 15,000 crore to states as interest-free 50-year loans for spending on capital projects. The Department of Expenditure has issued fresh guidelines in this regard on the “Scheme of Financial Assistance to States for Capital Expenditure” for the financial year 2021-22. Under this Scheme, … Read more
Finance Minister Nirmala Sitharaman chaired the 44th GST Council Meeting through a video conference on Saturday, June 12. At the press conference after the meeting, Sitharaman announced that the GoM’s recommendation on slashing rates on certain COVID-19 essentials have been accepted. The new rates will remain in effect till at least September 30, she said. In its … Read more
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
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
Union Finance Minister Nirmala Sitharaman on Saturday said that regulators independent of the government will do their jobs and that a pullout of FPO pullout will not have any impact on the perception of India. “Regulators are independent of the government and they are left to themselves to do what is appropriate so the market … Read more
In a push-back against allegations of fiscal bias against Congress-ruled Karnataka and non-provision of funds, Union Finance Minister Nirmala Sitharaman said on Sunday every penny due to the state is accounted for and was released on time. Speaking at an informal interaction organised by the Thinkers Forum here in the Karnataka capital, Sitharaman said, “The … Read more