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The Latest Breaking News from The Finance Ministry

Pension concerns: On the EPFO recommendation

The doubling of minimum pension will not result in a strain

The Hindu

The dispute on India’s debt burden

To avoid worst-case scenarios, the need for fiscal correction is all the more vital this election year

The Hindu

Debt debate: On the IMF’s latest India consultation details, Finance Ministry’s response

Despite the Finance Ministry’s views, in the broader picture, IMF staff’s perceptions of India’s fiscal position have actually improved over the past year

The Hindu

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Revenue rebound: On GST collections

The entire bump up in October’s GST revenues, stemming from transactions undertaken in September, may not be ascribed to a consumption spike at the onset of the festive season

The Hindu

MGNREGS is a demand-driven scheme, no question of deficit in it: Rural Development Minister Giriraj Singh

Union Minister Giriraj Singh says MGNREGS is demand-driven, no scope of deficit. Finance Ministry has given blank cheque to meet shortfall. Govt. has shifted to DBT & Aadhaar seeding of job cards to bring transparency.

The Hindu

Finance Ministry seeks applications for post of whole-time member at IRDAI

Finance Ministry invites applications for IRDAI Whole-Time Member (Distribution). Must have 25+ yrs exp. & min. 3 yrs at senior level. Last date for applications: Oct. 30, 2023. Salary: Rs. 4 lakh/month. Age limit: 60 yrs. No person can hold office after 62 yrs. Led by Chairman Panda & 5…

The Hindu

Ahead of festive season, Nepal to import 20,000 MT sugar from India

Nepal imports at least 70% sugar from India.

The Hindu

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Ahead of Joe Biden visit, India drops tariff hikes on U.S. almonds, lentils

India raised import duties on 28 American products including almonds in June 2019, after the U.S. had hiked its customs duties on certain steel and aluminium products. In a notification issued on September 5, the Finance Ministry dropped some of these tariff hikes.

The Hindu

Inflation pressures may linger, but food prices to cool soon: FinMin

India's inflation woes may be transitory due to global uncertainties and domestic disruptions. The Finance Ministry noted the 11.5% food inflation rate and 4.9% core inflation rate, and cautioned that global monetary tightening could hurt stock markets in emerging economies. Government efforts to reduce food inflation expected to materialise in…

The Hindu

Update us on money laundering case involving Arunachal Public Service Commission, Gauhati HC tells Finance Ministry and ED

The Gauhati High Court has asked the Finance Ministry and the Enforcement Directorate (ED) to update it on the status of the investigation into a money laundering case involving the Arunachal Pradesh Public Service Commission (APPSC).

The Hindu

In Telangana, few funds, but many promises

With more welfare schemes likely to be announced in Telangana, the government would do well in making sure that its finances are in place before any announcement is made

The Hindu

GST revenues register three-month high in July

India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross ₹1.65 lakh crore in July. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues from the same month last year. Overall GST Compensation Cess levies, which will…

The Hindu

Interest of national security from Defence perspective is more important than public interest: Karnataka High Court

The interest of national security from the Defence perspective assumes greater national significance than the public interest, the High Court of Karnataka has said while quashing a tender awarded by the BHEL to a private company, having consortium agreement with a Chinese company, contrary to the Union government’s restriction imposed…

The Hindu

No review of Uniform Civil Code impact on HUFs: Finance Ministry

Under the Income Tax Act, an HUF is treated as a ‘person’ and is assigned a separate entity for the purpose of assessment. Read more details on The Hindu

The Hindu

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The Hindu

Linking GST, PMLA is road to tax ‘terrorism’, alleges Congress

The Congress alleged that the Narendra Modi government has unleashed “tax terrorism” by surreptitiously bringing the Goods and Services Tax Network under the Prevention of Money Laundering Act, saying that the move will be used to threaten trade and industry leaders

Bangkok Post

Premier delay will affect fiscal budget

The implementation of the fiscal 2024 budget, starting on Oct 1, will be delayed if the new prime minister and government are not appointed within this month, according to the Budget Bureau.

The Hindu

Explained | The changes to the Liberalised Remittance Scheme

The finance ministry deferred the imposition of an increased 20% rate for Tax Collected at Source to October 1, and said transactions with international credit cards overseas will not be subject to the Liberalised Remittance Scheme.

The Japan News/Yomiuri

Banknotes set to debut in July 2024

The planned issuance of three denominations of new banknotes, including a 10,000 yen bill featuring noted industrialist Eiichi Shibusawa, will begin in the first half of July next year, the Finance Ministry said Wednesday.

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Bangkok Post

Fiscal fundamentals remain 'solid'

Thailand's financial and treasury fiscal fundamentals remained solid in the first eight months of fiscal 2023, with revenue collection exceeding the government's target by up to 122 billion baht.

Zenger

Intel To Invest $25 Billion In Israel Chip Plant

Tech giant to build third factory in Kiryat Gat, boosting Israeli economy and exports.

The Hindu

Net Direct Tax receipts up 11.2%

Net direct tax collections have risen 11.2% in the first two and a half months of this financial year, with advance tax inflows for the first quarter of 2023-24 increasing 13.7%, the Finance Ministry said on June 18.

Bangkok Post

Ministry told to explore diesel tax cut extension

Prime Minister Prayut Chan-o-cha assigned the Finance Ministry and relevant agencies on Tuesday to study the possibility of extending the excise tax cut on diesel of 5 baht per litre, which is scheduled to end on July 20 this year.

The Hindu

Centre releases ₹1.18 lakh cr as third instalment of tax devolution to states in June

The Centre has released ₹1.18 lakh crore as the third instalment of tax devolution to states in June, the Finance Ministry said on Monday.

Zenger

Israel Poised To Release World’s First Digital Government Bond

The Tel Aviv Stock Exchange (TASE) and Israel’s Finance Ministry prepare for a digital Israel Bond traded on blockchain platform.

The Hindu

Andhra Pradesh: Union government lifts component-wise ceiling on payments in the execution of Polavaram irrigation project

This restriction has been hampering funds flow from the Central government, and with the cap going, the State government will be able to expedite the execution of the project, says Shashibhushan Kumar, Principal Secretary, Water Resources Department

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