FINANCE DEPARTMENT
Government eases rules for global sourcing of medical gear
The government has permitted global tenders for 354 medical devices to address the lack of domestic options, potentially enhancing access to advanced medical technology not currently available in India, according to sources. The finance ministry issued a notification allowing this exception to the public procurement policy, which typically favors domestic sourcing. This move is seen as a significant step towards fair policy-making and ensuring quality healthcare products for patients.
Boeing in talks with US Department of Justice to resolve charges over safety lapses
Boeing Co. is in talks with the US Justice Department to resolve potential charges related to the 737 Max crashes. The settlement may include a corporate monitor. DOJ prosecutors seek charges, but it's uncertain if Boeing will plead guilty. Challenges continue with ongoing investigations and financial strains.
GST Council fixes monetary limit for filing of appeals before various legal forums
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and Rs 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, she said. The Finance Minister also informed that services provided by the Indian railways like sale of platform tickets, facility of retiring rooms, waiting rooms, are exempted from GST.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
Finance Minister Nirmala Sitharaman chairs fifth pre-budget consultation with MSME representatives
Union Minister Nirmala Sitharaman chaired the fifth Pre-Budget Consultation in New Delhi, focusing on inputs from the MSME sector for the forthcoming General Budget 2024-25.
Paytm employees cry foul after being asked to quit
Paytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
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General Provident Fund (GPF) interest rate for April-June 2024 quarter announced
The Ministry of Finance has announced the interest rate for the General Provident Fund (GPF) and other similar provident fund initiatives for April- June 2024 quarter.
Nirmala Sitharaman assumes charge of Finance Ministry, to ensure 'ease of living'
Nirmala Sitharaman took charge of Finance Ministry for her second consecutive term and isset to present FY '25 Budget defining Modi 3.0 government's priorities. She was greeted by officials upon reaching office. Her previous tasks included base corporate tax cut, managing economy during Covid-19, and fiscal consolidation. Sitharaman, born in Madurai, pursued economics before entering politics.
Heavyweights to do the Heavy Lifting in Round 3
Prime Minister Narendra Modi reappointed key members of his previous administration, including the Big Four cabinet members of the Cabinet Committee on Security (CCS) such as Amit Shah, Rajnath Singh, Nirmala Sitharaman, and S Jaishankar.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
Nirmala Sitharaman: Feisty defender of Modi govt to filling big shoes
As a staunch defender of the Modi government's economic policies and executor, Nirmala Sitharaman created a record when she was appointed as the first female Raksha Mantri, or Defence Minister, in 2017. Prior to that, she was industry and commerce minister.
G7 plans to warn small Chinese banks over Russia ties, sources say
U.S. officials expect the G7 wealthy democracies to warn smaller Chinese banks at the upcoming summit hosted by Prime Minister Giorgia Meloni regarding their assistance to Russia in evading Western sanctions.
MoD inks MoUs with 4 banks to onboard them as SPARSH service centres across 1,128 branches
The Defence Accounts Department (DAD) of the Ministry of Defence has signed MoUs with Bank of India, Canara Bank, Central Bank of India, and Utkarsh Small Finance Bank to onboard 1,128 branches as SPARSH service centres. SPARSH (System for Pension Administration (RAKSHA)) is a web-based system for direct pension processing. These centres will assist pensioners in remote areas with services like profile updates, grievance registration, and digital identification. SPARSH services are now accessible at over 26,000 branches of 15 banks, enhancing pension management efficiency and transparency.
View: Our cities need granular heat-risk data, hyperlocal heat action plans down to the ward level
Mungeshpur, north of New Delhi, recorded a record temperature of 52.9°C, raising concerns about urban heat stress in Indian megacities due to urbanisation, humidity, and reports from Mumbai and the Centre for Science and Environment.
Government to evaluate four financial sector schemes of finance ministry
The Development, Monitoring, and Evaluation Office of NITI Aayog will soon conduct assessments of four key financial sector initiatives administered by the Department of Financial Services: Pradhan Mantri Jan Dhan Yojana (PMJDY) initiated in 2014, along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Stand-up India (SUPI) program. The objective is to scrutinize the schemes regarding their reach and effectiveness among the intended beneficiaries and to explore potential enhancements to the insurance scheme benefits.
Of more import than just a port
If seen without ideological baggage, the development of Chabahar on Iran's coast as a trading hub is a net positive not only for India and Iran but also for Afghanistan and landlocked Central Asian countries. More trade means more stability as governments develop stakes, and Chabahar - meaning 'four springs' in Farsi - lives up to its name.
Clarification likely on GST on NBFC co-lending
The government, led by Vivek Joshi, addresses concerns around GST levy on co-lending arrangements with NBFCs, raising issues of distortion and increased lending costs. Banks, tax authorities, FIDC, MFIN, CRISIL, partner banks discuss the growth of co-lending model, NBFCs' loan book reaching ₹1 lakh crore.
Band ho Jaa SIM SIM: Govt targets cyber thieves
On May 9, the Department of Telecommunications (DoT) had asked telcos to disconnect 28,220 mobile handsets and re-verify over two million mobile connections misused with these handsets.
GDP growth likely to be 6.2 pc in Q4; 7 pc in FY24: Ind-RA
India Ratings and Research forecasts India's GDP growth rate at 6.2% for the March quarter and 6.9-7% for 2023-24 fiscal year, per economist Sunil Kumar Sinha. The government is to release Q4 GDP numbers and fiscal estimates on May 31.
Mixed bag of achievements for CM Siddaramaiah on completing one year in office
Within a month of taking over, the government launched the Shakti scheme offering free rides to Karnataka women in non-luxury government buses. According to the Karnataka Transport Department officials, women have availed of as many as 210.29 crore free rides in the state, costing the state exchequer Rs 5,097 crore till May 17 from the date of launch of the scheme on June 11, 2023.
Need to rationalise MSME schemes for reach: DFS Secretary
Speaking at the CII Annual Business Summit 2024 on Friday, Joshi also noted that there is a need to address language issues of schemes to make them easier and more comprehensible.
Latest General Provident Fund rules: Will interest amount be paid if the GPF contribution exceeds Rs 5 lakh? Govt clarifies
General Provident Fund rules: All government employees can open a GPF account and pay a portion of their salaries to the GPF. When they retire, employees receive the entire money accrued in their GPF account over their service tenure.
Government appoints Manoj Panda as 16th Finance Commission member
The appointment of Panda came after Artha Global Executive Director Niranjan Rajadhyaksha expressed his inability to join the Commission. Rajadhyaksha was named a full-time member on January 31, but later in February he expressed his inability to join as a member citing personal reasons.
Nitish Kumar distributes portfolios, retains Home, General Administration departments
Bihar CM Nitish Kumar allocates portfolios to NDA ministers; retains Home and General Administration, Samrat Chaudhary gets Finance and Commercial, Vijay Sinha gets Road Construction, Mines and Geology, and Art & Culture. The cabinet expansion comes less than two months after the ministry was formed, with 21 new ministers joining, bringing the total to 30, six below the constitutional limit of 36 for the state.
Govt revamps pharma scheme; broadens eligibility criteria, brings in flexible financing options
The Indian government has revamped the Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS) to support drug companies in upgrading their facilities to produce medicines conforming to global standards. The scheme now extends beyond MSMEs to pharmaceutical manufacturing units with a turnover of less than Rs 500 crore that require technology and quality upgradation. The scheme also introduces more flexible financing options, emphasizing subsidies on reimbursement basis.
Sitharaman virtually launches 7 infra projects worth Rs 1,000 cr
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually launched seven infrastructure projects worth over Rs 1,000 crore. Emphasized on timely construction completion and avoiding delays. Projects included unveiling the plaque for the construction of residential quarters of Income Tax Department officers at Faridabad and Gurugram.
Monitor cyber threat, bring all departments on e-bill platform, Somanathan tells pay and accounts officers
Finance Secretary T V Somanathan urged pay and accounts officers to bring government departments on e-bill platform and monitor cyber security threats. He emphasized on improving bill payment efficiency and complete implementation of e-bill system. The e-bill processing system enables online claim submission and real-time tracking by suppliers and contractors.
Microsoft tailors AI for finance teams in specialized 'Copilot' strategy
Microsoft said its tool, called Microsoft Copilot for Finance, helps users review data sets for risks, produce reports from raw numbers, and generally handle tasks they might otherwise outsource. It did not announce pricing or a date for wider availability.
Finance Minister Nirmala Sitharaman praises Bengaluru for tax buoyancy, but says money comes back to State too
Finance Minister Nirmala Sitharaman praised Bengaluru tax payers for their contributions and the Department of Revenue's national faceless income tax assessment scheme. She emphasized investments in Bengaluru, including the central processing centre, connectivity, Mangaluru port, and the role of manpower from the city.
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