Tag: finance - Page 3

India sees a trade surplus of 14.2 B in International trade for Apr-Aug 2020

September 15, 2020 News Desk 1

India sees a trade surplus of 14.2 B in International trade for Apr-Aug 2020 while exports being $182.13B and imports being $167.94B […]

Amendments made to Income Tax Act to promote growth & employment

September 14, 2020 News Desk 0

MOS Anurag thakur says that the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act […]

Indian GDP takes a hit. Sees a fall by 23.9%

August 31, 2020 News Desk 0

GDP at Constant Prices in Q1 of 2020-21 is estimated at 26.90 lakh crore, as against 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20 […]

FM to Review with Banks and NBFCs on COVID-19 related stress in bank loans

August 30, 2020 IndiaTies News Desk 0

Finance Minister to Review with Scheduled Commercial Banks and NBFCs, the implementation of the resolution framework for COVID-19 related stress in bank loans
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Interest on delayed payment of GST waived

August 26, 2020 IndiaTies News Desk 0

CBIC has assured that no recoveries shall be made for the past period by the Central and State tax administration in accordance with the decision taken by GST Council […]

PM Launches Transparent Taxation platform to have a seamless tax system

August 13, 2020 India Ties 0

Prime Minister Narendra Modi launches platform for “Transparent Taxation – Honouring the Honest”; Tax system aims to be Seamless, Painless, Faceless; Says the number of taxpayers is significantly low with only 1.5 Crore paying taxes in a country of 130 Crore people; Prime Minister urges people to introspect and come forward to pay Income taxes due on them to build an AtmaNirbharBharat; With the launch of the Tax Charter, the taxpayer is assured of fair, courteous and rational behavior; Faceless appeal will be available across the country from 25th September i.e. Deen Dayal Upadhyay’s Birth Anniversary; “Banking the Unbanked, Securing the Unsecured, Funding the Unfunded and Honoring the Honest” – Focus of the Government; Emphasis is on making every law and policy People-Centric and Public Friendly rather than Power Centric. […]

Union Govt. releases Rs. 890.32 cr as II Financial Package to States/UTs

August 7, 2020 IndiaTies News Desk 0

Government of India has released Rs. 890.32 cr as the second installment of the COVID-19 Emergency Response and Health System Preparedness Package to 22 States/UTs. These include Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Telangana, Andhra Pradesh, Goa, Gujarat, Karnataka, Kerala, Punjab, Tamil Nadu, West Bengal, Dadra & Nagar Haveli and Daman & Diu, Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland and Sikkim. The amount of the financial assistance is based on the COVID-19 case load in these States/UTs. […]

New Exchange Rates for goods w.e.f. 7th Aug 2020

August 7, 2020 IndiaTies News Desk 0

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.59/2020-Customs(N.T.), dated 16th July, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 7th August, 2020, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

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Govt Opens Sovereign Gold Bond Scheme V

July 31, 2020 IndiaTies News Desk 1

In terms of Government of India Notification No.4(4)-B/(W&M)/2020 dated April 13, 2020, Sovereign Gold Bonds 2020-21 (Series V) will be opened for the period August 03-07, 2020 with Settlement date August 11, 2020. The issue price of the Bond during the subscription period shall be `5,334 (Rupees Five thousand Three hundred thirty four only) – per gram, as also published by RBI in their Press Release dated July 31, 2020. […]

Government receives Rs.1,53,581 crore in Q1 2020-21

July 31, 2020 IndiaTies News Desk 0

The Government of India has received Rs.1,53,581 crore (6.84% of corresponding BE 2020-21 of Total Receipts) upto Jun, 2020 comprising Rs. 1,34,822 crore Tax Revenue (Net to Centre), Rs. 15,186 crore of Non Tax Revenue and Rs.3,573 crore of Non Debt Capital Receipts. […]

Government working with RBI on Industry’s need for loan restructuring: FM

July 31, 2020 IndiaTies News Desk 0

The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman today said that the government is working with RBI on the Industry’s need for the restructuring of loans due to the COVID-19 impact. […]

15 Finance Commission’s HLEG makes 6 major Recommendations for Agriculture Exports

July 31, 2020 IndiaTies News Desk 0

The High Level Group (HLEG) on Agricultural Exports set up by the Fifteenth Finance Commission to recommend measurable performance incentives for States to encourage agricultural exports and to promote crops to enable high import substitution, has submitted its report to the Commission today. […]

5th Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank held

July 28, 2020 IndiaTies News Desk 0

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the 5th Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) through video conference in New Delhi today. […]

Govt announces the Sale Issue/Re-issue of 4 securities

July 27, 2020 IndiaTies News Desk 1

The Government of India (GoI) has announced the Sale (Issue/Re-issue) of (i) ‘5.09 percent Government Stock, 2022’ for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) ‘New 10 Year Government Stock, 2030’ for a notified amount of Rs 18,000 crore (nominal) through yield based auction, (iii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of Rs 4,000 crore (nominal) through price based auction, and (iv) ‘7.19 percent Government Stock, 2060’ for a notified amount of Rs 5,000 crore (nominal) through price based auction. […]

3 firms booked Rs. 600Cr for Tax evasion

July 27, 2020 IndiaTies News Desk 0

A case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Pvt. Ltd. & M/s. Ganpati Enterprises, who were found involved in the issuance of invoices without any actual supply of goods. […]

Centre release Rs. 1,65,302 Crore as GST Compensation to States/UTs

July 27, 2020 IndiaTies News Desk 0

Central Government has recently released the GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation up to 2019-20 has been released to States. […]

Five proposals for NBFCs & HFCs involving an amount of Rs. 3090 crore sanctioned

July 25, 2020 IndiaTies News Desk 0

The Special Liquidity Scheme of Rs. 30,000 crore for NBFCs and HFCs is being implemented w.e.f. 1st July, 2020 as a follow up of one of the announcements under Aatma Nirbhar Bharat package made by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman on 13th May, 2020. […]

Smuggled cigarettes worth Rs 66 Lakhs seized by Delhi Customs

July 25, 2020 IndiaTies News Desk 0

The Delhi Customs, IGI Airport, has booked a case of smuggling of Foreign Cigarettes (3700 Dandas) without pictorial warning imprinted on them on 23rd July, 2020 by 13 Indian passengers stranded in Dubai due to COVID-19. […]

CBDT observes 160th Income Tax day

July 24, 2020 IndiaTies News Desk 0

The Central Board of Direct Taxes (CBDT) and all its field offices across India today observed the 160th anniversary of Income Tax Day. […]

DGGI busts racket for tax evasion worth more than Rs 72 crore of clandestine clearance of cigarettes

July 22, 2020 India Ties 0

Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled a racket of clandestine clearance of cigarettes through a factory run in Kota. […]

3.18 lakh net new subscribers of EPFO in May 2020

July 22, 2020 India Ties 50

The provisional payroll data published by EPFO on 20th July 2020 reveals that net new enrolments have started to make headway for most industry classifications in May 2020. […]

Govt Announces Auction for Sale (Re-issue) GS 2025, GS 2034 and GS 2050 securities

July 20, 2020 India Ties 0

The Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘5.22% Government Stock, 2025’ for a notified amount of Rs 12,000 crore (nominal) through price based auction, (ii) ‘6.19 percent Government Stock, 2034’ for a notified amount of Rs 11,000 crore (nominal) through price based auction, and (iii) ‘7.16 per cent Government Stock, 2050’ for a notified amount of Rs 7,000 crore (nominal) through price based auction. […]

3rd G20 FMs and CB Governors Meeting held under Saudi Arabian Presidency

July 19, 2020 IndiaTies News Desk 0

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency through Video Conferencing here today to discuss the global economic outlook amid evolving COVID-19 pandemic crisis along with other G20 Finance Track priorities for the year 2020. […]

New Form 26AS is the Faceless hand-holding of the Taxpayers

July 18, 2020 India Ties 0

The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories. […]

Finance Ministry releases Grants-in-aid of Rs.15187.50 crore to Rural Bodies

July 16, 2020 IndiaTies News Desk 0

Upon the recommendations of Ministry of Panchayati Raj and Department of Drinking Water and Sanitation, Ministry of Jal Shakti, an amount of Rs.15187.50 crore, as grants-in-aid, in respect of 2.63 lakh Rural Local Bodies (RLBs) spread in 28 States of the country has been released by the Ministry of Finance on 15th July 2020. […]

CBDT and SEBI sign MOU for data exchange

July 9, 2020 IndiaTies News Desk 0

A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. […]

SoPs for the resumption of film production: Prakash Javadekar

July 7, 2020 IndiaTies News Desk 0

Union Minister for Information & Broadcasting Prakash Javadekar today said that the Government will soon issue Standard Operating Procedures to speed up resumption of film production in the unlock phase. […]

Finance Commission holds a meeting with the World Bank on Health Sector

July 7, 2020 IndiaTies News Desk 0

15th Finance commission held a detailed meeting with representatives of the World Bank, Niti Aayog and member of the Commission’s High level group (HLG) on the health sector. […]

Shall make GST Tax Administration simple ensuring Ease of Doing Business: FM

July 1, 2020 IndiaTies News Desk 0

GST Day, 2020 or third anniversary of introduction of GST was marked by CBIC and all its field offices across India on July 01, 2020. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market. […]

Single window for States to collect stamp duty on securities market instruments

June 30, 2020 IndiaTies News Desk 0

The Amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder will come into effect from tomorrow, i.e. 1st July, 2020 vide notifications dated 30th March, 2020. […]

Rs 1 lakh crore sanctioned under ECLGS, 30lakh units receive support

June 30, 2020 IndiaTies News Desk 0

Under the 100 % Emergency Credit Line Guarantee Scheme (ECLGS) backed by a Government guarantee , Banks from Public & Private Sectors have sanctioned loans worth over Rs. 1 lakh crore as of June 26, 2020, of which more than Rs 45,000 crore has already been disbursed. […]

Floating Rate Savings Bonds 2020 introduced

June 26, 2020 News Desk 0

The Government has notified the new Floating Rate Savings Bonds, 2020 (Taxable)Scheme in place of 7.75 percent Savings (Taxable) Bonds, 2018 Scheme which ceased for subscription from the close of banking business on May 28, 2020 […]

Sub-debt facility released to the promoters distressed or NPA MSMEs

June 24, 2020 IndiaTies News Desk 0

Minister of MSME, Shri Nitin Gadkari today launched the Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) which is also called “Distressed Assets Fund–Sub-ordinate Debt for MSMEs”. […]

2% Interest Subvention approved on prompt repayment of Shishu Loans

June 24, 2020 IndiaTies News Desk 0

Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved a scheme for interest subvention of 2% for a period of 12 months, to all Shishu loan accounts under Pradhan Mantri Mudra Yojana (PMMY) to eligible borrowers. […]

PFC, REC, and IREDA to finance developers at lower interest using locally made equipment

June 24, 2020 IndiaTies News Desk 0

Shri R.K. Singh, Union Minister of Power, New and Renewable Energy and Skill Development and Entrepreneurship (IC) interacted today through video conferencing with developers of generation and transmission projects in Power and Renewable Energy sector. […]

Banks have sanctioned Rs. 79,000 crore under the Emergency Credit Line Guarantee Scheme

June 23, 2020 IndiaTies News Desk 0

The interventions by Government for MSMEs, have been gaining rapid traction. Under the Emergency Credit Line backed by a Government guarantee, Banks from Public & Private Sectors have so far already sanctioned loansworth over Rs. 79,000 crore as of June 20, 2020, of whichmore than Rs 35,000 crore has already been disbursed. […]