STATE FINANCE DEPARTMENT
Government eases rules for global sourcing of medical gear
Pavan Choudary, chairman, Medical Technology Association of India (MTAI), termed the move a path-breaking effort by the government towards equitable policy making, spanning the crucial last mile which was uncovered so far.
Assam Government appoints chairman, members of seventh Assam State Finance Commission
The Commission shall make recommendations to the matters such as the principles governing the distribution between the State of Assam and the Panchayats and the Municipalities of the net proceeds of taxes and duties levied and collected, the measures needed to improve the financial position of the Panchayats and Municipalities, any other matter referred to the State Finance Commission by the Governor in the interests of sound financial position of the Panchayats and Municipalities among others.
For people's man Challa Sreenivasulu Setty, the challenge is to take high-flying SBI to newer heights
Challa Sreenivasulu Setty's upcoming role as the chairman of State Bank of India follows a period of remarkable growth under Chairman Khara's leadership, marked by a substantial increase in the bank's stock price and improved asset quality.
India passes anti-money laundering review, but FATF calls for improved oversight in non-financial sectors
India's compliance with anti-money laundering rules under FATF scrutiny includes improving supervision in non-financial sectors and facing criticism over counter-terrorism laws, with the country being a member of the FATF alongside major economies like the US, Japan, France, EU, and China.
Valmiki Corporation scam: BJP to hold statewide protest demanding Karnataka CM's resignation
Valmiki Corporation scam: The BJP in Karnataka plans to hold statewide protests on June 28 demanding Chief Minister Siddaramaiah's resignation over financial irregularities in the KMVSTDC. BJP ST Morcha State President Hanumanthu stated that protests will occur in all districts and major villages until the CM steps down. The alleged Rs 187 crore scam involves misuse of funds transferred to over 700 bank accounts. Nagendra's resignation is seen as insufficient, with calls for mass resignations.
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.
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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.
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.
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.
SAS India business to grow faster than other markets, top executive says
The company aims to upgrade its 400-odd customers to its generative AI platform SAS Viya over the next one year, Riad Gydien, executive VP and chief sales officer at SAS, told ET.
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.
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.
Banks want to regain power to issue lookout notices, to move Finance ministry
Banks primarily issued LOCs to fraudulent borrowers and wilful defaulters - who they suspected could run off to take the residency or even citizenship of another country. However, last month, the Bombay High Court struck down the powers of chairmen, managing directors and CEOs of all public sector banks to issue LOCs on the grounds that the 'right to travel abroad' cannot be taken away by an executive action and the powers given to bank chiefs is arbitrary and unreasonable.
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.
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.
US says Israel's use of US arms likely violated international law, but evidence is incomplete
Biden administration suggests Israel's use of U.S. weapons in Gaza may breach international law, lacking specific evidence. Report underscores potential violations. Debate stirs over humanitarian aid restrictions and political motives, fueling tensions between the U.S., Israel, and Congress.
US says Israel's use of US arms likely violated international law, but evidence is incomplete
The Biden administration suggested that Israel's use of U.S.-supplied weapons in Gaza may have breached international law but stopped short of conclusive evidence due to wartime complexities. While finding "reasonable" evidence of violations, the report did not link specific U.S. arms to individual airstrikes. This assessment could influence future decisions on arms provisions to Israel. Critics argue the review overlooks clear Israeli blocks on aid delivery during the conflict, raising concerns about potential starvation among Palestinians in Gaza.
16th Finance Commission seeks public opinion on terms of reference
The 16th Finance Commission requests input on terms of reference. Flexibility granted by the Centre. Recommendations on grants and consolidated fund are vital, due by October 31, 2025, for a five-year period.
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.
"Forcing Russia to sell oil at bigger discounts to India": US treasury official hails price cap policy on Russian oil
The United States, other G7 countries and the European Union announced a price cap of USD 60 a barrel on Russian oil in late 2022 in response to Moscow's invasion of Ukraine in February of that year.
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.
Finmin asks PSU banks for comprehensive review of their gold loan portfolio
The Indian finance ministry has directed state-owned banks to conduct a comprehensive review of their gold loan portfolios, citing instances of non-compliance with regulatory norms. The Department of Financial Services issued a directive to public sector banks, addressing concerns such as disbursement of gold loans without the requisite gold collateral, anomalies in fee collection, and repayment in cash
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.
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.
Uttarakhand govt increases dearness allowance of employees, pensioners to 46 pc
Uttarakhand Chief Minister Pushkar Singh Dhami has given approval to the State Finance Department's order for a 4% increase in dearness allowance (DA) for state employees and pensioners. This means that employees in the state will now receive a DA of 46%, up from the previous 42%. The announcement regarding this increase was made by the Uttarakhand government on December 31, 2023, according to an official release.
Maharashtra govt tables supplementary demands worth Rs 55,520 crore in state assembly
The Eknath Shinde-led Maharashtra government on Thursday tabled supplementary demands worth Rs 55,520.77 crore in the state assembly on the first day of the winter session of the legislature here. The supplementary demands, which are additional funds sought by the government over the budgetary allocation, were tabled in the House by Finance Minister Ajit Pawar.
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