Fin Min okays 8.65% interest on EPF
Posted Date : 16-Apr-2017 , 01:46:15 pm | Posted By CASANSAAR
The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members.
The Finance Ministry in its communication to the Labour Ministry has, however, put ...
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Mrs. Aruna Sethi appointed as the Chief Adviser (Cost) in the Ministry of Finance
Posted Date : 03-Apr-2017 , 07:40:32 pm | Posted By CASANSAAR
Mrs. Aruna Sethi, 1985 batch officer of Indian Cost Accounts Service (ICoAS) has been elevated to the position of Chief Adviser (Cost) in the Ministry of Finance, Department of Expenditure w.e.f. 1st April, 2017. She is the first lady ICoAS officer who has reached this position. Earlier,...
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Government to issue Sovereign Gold Bonds 2016 -17 – Series IV
Posted Date : 24-Feb-2017 , 08:17:09 am | Posted By CASANSAAR
Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017. The Bonds will be issued on March 17, 2017. The Bonds will be sold through...
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SC orders attachment of Sahara's Ambey Valley properties
Posted Date : 06-Feb-2017 , 11:24:10 pm | Posted By CASANSAAR
The Supreme Court has attached Ambey Valley properties in Lonavala, Pune in connection with Sahara's default in paying the money to the market regulator, SEBI.
A bench led by Justice Dipak Misra gave the direction after hearing from the counsel of Sahara and SEBI. It said, the propertie...
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Tata Sons serve legal notice on Mistry for breach of trust
Posted Date : 27-Dec-2016 , 08:32:36 pm | Posted By CASANSAAR
Tata Sons on Tuesday served a legal notice on its ousted Chairman Cyrus Mistry, alleging breach of confidentiality and passing on sensitive information to his family-controlled companies. No damages were sought.
Mistry, who still remains a Director on the board of the holding arm of the the $100 ...
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New Regime of Insolvency and Bankruptcy Code from today
Posted Date : 01-Dec-2016 , 08:13:19 am | Posted By CASANSAAR
Marking the start of a "new regime", the Insolvency and Bankruptcy Code is all set to be operational from today while as many as 15 insolvency professionals have been registered under it.
Describing the Code as the next major reform undertaken by the government after GST (Goods an...
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FinMin warns people against parking black money in others' accounts
Posted Date : 18-Nov-2016 , 10:17:47 pm | Posted By CASANSAAR
Seeking to close all the gaps for people to turn their black money into white, the Finance Ministry on Friday warned those who are using others' accounts to hoard their cash, and that the person allowing his or her account to be misused is also liable for prosecution.
"Tax evasion activi...
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FinMin releases Rs 1,093 cr for restoration of infra in J&K
Posted Date : 01-Nov-2016 , 08:42:24 am | Posted By CASANSAAR
The finance ministry today released first instalment of special assistance of Rs 1,093.34 crore for repair and permanent restoration of damaged public buildings in Jammu and Kashmir in pursuance of the announcement made by the Prime Minister last November.
A total sum of Rs 2,000 crore has been p...
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FinMin to hold meeting with top management of banks on NPAs
Posted Date : 24-Oct-2016 , 08:54:45 am | Posted By CASANSAAR
Finance Ministry has called a meeting of senior management of banks today to discuss the bad loans issue in specific sectors. Sources said, the meeting will focus on non-performing assets (NPAs) in sectors like steel, power and infrastructure. These three sectors account for bulk of gross NPAs which...
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Finmin seeks info on debit cards security breach
Posted Date : 20-Oct-2016 , 10:06:34 pm | Posted By CASANSAAR
Concerned over security breach in 32 lakh debit cards of various banks, the Finance Ministry has sought details from lenders as also the additional steps that need to be taken to avert such incidents.
According to the ministry sources, the Department of Financial Services has sought information a...
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Finance Ministry sets up Public Debt Management Cell
Posted Date : 06-Oct-2016 , 11:07:27 pm | Posted By CASANSAAR
The Union Finance Ministry has set up a Public Debt Management Cell (PDMC) to streamline government borrowings and better cash management with the overall objective of deepening bond markets. The PDMC, to be housed at RBI's Delhi office, is an interim arrangement and will be upgraded to a statut...
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Cabinet approves foreign investment in other Financial Services sector
Posted Date : 10-Aug-2016 , 08:39:48 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to amend regulation for foreign investment in the Non- Banking Finance Companies (NBFCs).
The amendment in the existing Foreign Exchange Management (Transfer or Issue of Security by the Person Resident...
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Cabinet approves recommendations of 7th Pay Commission
Posted Date : 29-Jun-2016 , 09:11:53 pm | Posted By CASANSAAR
Union Cabinet has approved the recommendations of the 7th Pay Commission. Briefing media in New Delhi this evening, Finance Minister Arun Jaitley said the recommendations will be implemented from 1st January 2016 and arrears will paid this year itself.
He said the Pay Commission covers 47 lakh go...
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Govt notifies changes in FDI policy
Posted Date : 24-Jun-2016 , 10:09:42 pm | Posted By CASANSAAR
The government on Friday notified changes in the foreign direct investment (FDI) policy in sectors including pharmaceuticals, defense and single-brand retail.
These decisions were announced earlier in the week with a view to make India more investor friendly and an attractive FDI destinatio...
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Establishment of Fund of Funds for funding support to Start-ups
Posted Date : 22-Jun-2016 , 10:05:04 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the establishment of "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with Securities and Exc...
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Finmin to review domestic black money window
Posted Date : 21-Jun-2016 , 10:52:08 pm | Posted By CASANSAAR
With the first month nearing completion, the Finance Ministry will hold a high-level meeting to review the ambitious one-time compliance window that has been announced by the government to declare domestic black money.
The review meeting, scheduled later this week, will be chaired by Revenu...
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Quarterly Revision of Interest Rates for Small Savings Schemes
Posted Date : 20-Jun-2016 , 10:17:14 pm | Posted By CASANSAAR
On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built...
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NRIs can now join NPS online through eNPS: Finance Ministry
Posted Date : 19-Jun-2016 , 01:34:50 pm | Posted By CASANSAAR
Government today said non resident indians (NRIs) can now open National Pension Savings (NPS) accounts online if they have Aadhaar Card or PAN card. Till now, NRIs could open NPS accounts only through paper applications by approaching Bank offices.
In a statement, Finance Ministry said thro...
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Finance Bill, 2016 assented by President
Posted Date : 15-May-2016 , 09:17:52 am | Posted By CASANSAAR
Honorable President of India Shri. Pranab Mukherjee has on 14th May 2016 assented The Finance Bill, 2016 .
The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 05, 2016 it was passed by the Lok Sabha and later on it was approved by the Rajya Sabha on ...
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Rajya Sabha sets record, passes 5 bills in few hours
Posted Date : 12-May-2016 , 05:47:46 am | Posted By CASANSAAR
In a record of sorts, five bills were passed in the Rajya Sabha , which has been under attack for delaying in the passage of key legislation.
The bills, including some key finance legislation, were passed during the course of a few hours in the post-lunch period.
The Upper House is likely ...
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Centre may appoint independent regulators for professional services
Posted Date : 05-May-2016 , 08:38:35 am | Posted By CASANSAAR
The government is planning to appoint independent regulators for services such as medicine, law, chartered accountancy, cost accountancy and company secretaryship.
According to sources in the commerce ministry, the existing structure of a regulator-cum-professional body for these serv...
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Highlights of Recommendations of Seventh Central Pay Commission
Posted Date : 20-Nov-2015 , 08:09:47 am | Posted By CASANSAAR
Recommended Date of implementation: 01.01.2016
Minimum Pay: Based on the Aykroyd formula, the minimum pay in government is recommended to be set at ₹18,000 per month.
Maximum Pay: ₹2,25,000 per month for Apex Scale and ₹2,50,000 per month for Cabinet Secretary and others...
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National Investment Infrastructure Fund gets Governing Council
Posted Date : 13-Nov-2015 , 10:04:00 pm | Posted By CASANSAAR
A Governing Council headed by Finance Minister Arun Jaitley will oversee the activities of the National Investment and Infrastructure Fund (NIIF), authorities said on Friday.
The union cabinet had in July approved the creation of the NIIF with a corpus of Rs.20,000 crore for developme...
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PM to Launch Gold Related Schemes on 5th November, 2015
Posted Date : 04-Nov-2015 , 08:44:07 am | Posted By CASANSAAR
The Prime Minister Shri Narendra Modi will launch the four mega Gold related Schemes i.e. Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme, Gold Coin Scheme and the Gold Bullion Scheme on Thursday, 5th November, 2015 in the national capital.
The salient features of each of the afor...
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ED, RBI asked to probe FDI norm violation by e-tailers
Posted Date : 02-Nov-2015 , 09:14:53 am | Posted By CASANSAAR
The Union Commerce Ministry has reportedly requested the Enforcement Directorate (ED) and the Reserve Bank of India (RBI) to examine whether e-commerce firms like Flipkart, Amazon and Snapdeal have violated foreign direct investment (FDI) rules by engaging in business-to-consumers (B2C) activity.
...
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Govt To Issue Sovereign Gold Bonds On Nov 5; Offers 2.75 % Interest
Posted Date : 30-Oct-2015 , 10:48:02 pm | Posted By CASANSAAR
The Sovereign Gold Bonds will offer an interest rate of 2.75 per cent and will remain open for public subscription between November 5-20, Finance Ministry said on Friday.
Aimed at providing an alternative to buying physical gold, the gold bond scheme will offer investors a choice to buy bonds w...
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Finance Ministry Reviews Progress made after Public Sector Banks’ Reform Plan Indradhanush
Posted Date : 22-Oct-2015 , 08:44:29 am | Posted By CASANSAAR
The Indradhanush package was announced on 14th August, 2015 for transforming Public Sector Banks (PSBs) through a bottoms-up approach. It represents the most comprehensive reform effort undertaken since banking nationalisation in 1970. The framework mainly comprised of appointments, B...
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Arun Jaitley chosen 'Finance Minister of the Year, Asia' by Emerging Markets
Posted Date : 15-Oct-2015 , 07:55:14 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has been chosen as Finance Minister of the Year, Asia by London-based publication Emerging Markets.
In an article the magazine said that Mr Jaitley too deserves some recognition for India's relative economic success over the last 18 months.
The Mag...
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Finance Minister to Leave Tonight on a Four Day Official Visit to Singapore and Hong Kong
Posted Date : 17-Sep-2015 , 09:22:13 pm | Posted By CASANSAAR
Finance Minister to Leave Tonight on a Four Day Official Visit to Singapore and Hong Kong; During First Leg of his Visit to Singapore, FM will Address the Singapore Summit;
To Attend Meetings with Prominent Investors and Fund Managers Including Meetings with Temasek and GIC, ...
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Ms Anjuly Chib Duggal Takes Over as Secretary, Department of Financial Services(DFS), Ministry of Finance
Posted Date : 02-Sep-2015 , 08:27:39 am | Posted By CASANSAAR
Ms Anjuly Chib Duggal, IAS (PB:1981) took over as Secretary, Department of Financial Services, Ministry of Finance, Government of India here yesterday afternoon. She succeeded Dr. Hasmukh Adhia, IAS (GJ:1981) who, in turn, has taken over as Revenue Secretary in the same Ministry.
Before tak...
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