world bank: Finance Minister Nirmala Sitharaman urges World Bank to avoid “unidimensional” view of subsidies

Finance Minister Nirmala Sitharaman, while speaking at an intervention of the World Bank Development Committee‘s meeting, urged the World Bank to avoid having a “unidimensional” view of the subsidies that the Indian government provides. She asserted that it is important to differentiate between “distortive subsidies” and “targeted support” to vulnerable households. She said that the … Read more

FM to meet state chief secretaries to push capex, flagship schemes

Finance minister Nirmala Sitharaman will meet state chief secretaries this week to push state capital expenditure and to have better synergy in implementation of flagship schemes. Sitharaman will also review performance of credit and other welfare schemes for scheduled castes in public sector banks on Tuesday, the finance ministry said in a statement on Monday. … Read more

sitharaman: India’s success in popularizing digital payment has proved sceptics wrong: Nirmala Sitharaman

The successful implementation of digital payment systems in India has proved the naysayers wrong, Finance Minister Nirmala Sitharaman said here on Wednesday. Speaking on ’20 years of Modi governance’ before a gathering of BJP workers here, she credited Prime Minister Narendra Modi’s approach to governance and his trust in people for this success. During the … Read more

online fraud: Reserve Bank of India to prepare “whitelist” as government cracks down on illegal loan apps

In a bid to rein in illegal loan apps outside the regular banking channels, Reserve Bank of India (RBI) will prepare a “whitelist” of all the legal apps and Ministry of Electronics & Information technology (MeitY) will ensure that only these “Whitelist” Apps are hosted on App Stores. This comes after Finance Minister Nirmala Sitharaman … Read more

black money: Rs 14,820 cr tax demand raised under black money law on foreign income: Government

The government on Monday said it has raised a tax demand of Rs 14,820 crore after completing assessment in 368 cases under the black money law dealing with undisclosed foreign income. In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said in the cases related to deposits made in unreported foreign bank … Read more

GST: Opposition states seek change in GST revenue-share formula

Some Opposition states on Tuesday sought change in the Centre’s revenue-sharing formula with states, as the Centre is unwilling to extend compensation under the goods and services tax (GST) to states beyond the committed period of five years. In a letter to finance minister Nirmala Sitharaman, Chhattisgarh finance minister TS Singh Deo said the existing … Read more

Crude Oil Windfall Tax News: Windfall tax to recoup most of Rs 1 lakh cr revenue lost in excise cuts

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have … Read more