Tag: Finance Ministry

India’s Finance Ministry tightens definition of ‘beneficial owners’ under PMLA

NEW DELHI: India’s Finance Ministry has tightened the definition of beneficial owners under the anti-money laundering law, mandating reporting entities like banks and crypto platforms to collect information from their clients. As per the amendments to the Prevention of Money Laundering Act (PMLA), 2002 any individual or group holding 10 per cent ownership in the […]

Sanjay Malhotra takes charge as Revenue Secretary in Finance Ministry

NEW DELHI: Senior bureaucrat Sanjay Malhotra on Thursday took charge as the secretary in Department of Revenue, Ministry of Finance. Malhotra replaced Tarun Bajaj, who superannuated on November 30. A 1990-batch IAS officer of the Rajasthan cadre, Malhotra was working as an officer on special duty (OSD) in the revenue department since October this year. […]

India’s Finance Ministry seeks trade, industry suggestions on taxes for 2023-24 Budget

NEW DELHI: Kickstarting stakehoder consultation for 2023-24 Budget in India , the finance ministry has sought suggestions from industry and trade associations regarding direct and indirect taxes. Along with the suggestions, the industry has to submit justification for their demand which, if found with merit, could become part of the Union Budget for 2023-24 (April-March), […]

India’s finance ministry modifies ECLGS; raises loan limit to Rs 1,500 crore for aviation sector

NEW DELHI: India’s finance ministry has modified the Emergency Credit Line Guarantee Scheme (ECLGS) by raising loan limit under the scheme to Rs 1,500 crore from Rs 400 crore to help the COVID-hit industry tide over liquidity stress. Recognising that an efficient and strong civil aviation sector is vital for the economic development of the […]

Finance ministry to kick-start budgetary exercise from October 10

NEW DELHI: The finance ministry will kick-start the exercise to prepare the annual budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and […]

Finance ministry invites applications for CVOs in PSU banks, insurers

NEW DELHI: The finance ministry has invited applications from eligible candidates for the position of Chief Vigilance Officers (CVOs) in various public sector banks and insurance companies. Applications have been called for CVO positions in five lenders, including Canara Bank, Indian Bank and Bank of India. Besides, CVO position would also fall vacant in New […]

India’s Finance ministry asks ministries to surrender savings by March 21

NEW DELHI: The finance ministry has asked departments and ministries to surrender savings, if any, for the current financial year 2021-22 by March 21. An office memorandum issued by the Budget Division of the Ministry of Finance informed all departments and ministries that the last date for accepting the surrender of savings anticipated in the […]

India’s finance ministry to monitor revenue, expenditure on daily basis from March 15

NEW DELHI: Keen to keep government deficit within stated targets, the finance ministry will from March 15 start daily monitoring of the revenue receipts, including tax collections, as well as expenditure. The move comes against the backdrop of a possible deferment of the initial public offering (IPO) of LIC, which was expected to fetch over […]

Finance ministry releases instalment of Rs 6,000 crore to states to meet GST compensation shortfall

NEW DELHI: The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to […]

Direct tax refunds of nearly Rs 1.37 lakh crore issued in FY21

NEW DELHI: The Central Board of Direct Taxes (CBDT) has issued refunds of nearly Rs 1.37 lakh crore to over 41.25 lakh taxpayers so far in the financial year 2020-21. The total refund amount includes Rs 36,028 crore of income tax refunds and over Rs 1 lakh crore as refunds on corporate tax, the Income […]

Lodha ousted from directorship of 5 MP Birla Group; Corporate Affairs Ministry okays admin panel move

NEW DELHI:Harsh Vardhan Lodha has been ousted from the Boards of five investment companies of MP Birla Group after an order by the Calcutta High Court restrained him from holding offices. The Union Corporate Affairs Ministry had on Wednesday approved and accepted the cessation of directorship of Lodha as recorded by the Board of Directors […]

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