Cabinet approves abolition of Ombudsman for Direct, Indirect taxes
Posted Date : 07-Feb-2019 , 10:02:19 am | Posted By CASANSAAR
The Union Cabinet on Wednesday decided to abolish institutions of Ombudsman for income tax and indirect tax.
The approval comes against the backdrop of people preferring online grievance redressal mechanism.
The institution of Income-Tax Ombudsman was set up in 2003 to deal with gr...
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Government reviews guidelines for FDI in E- commerce
Posted Date : 27-Dec-2018 , 10:36:02 am | Posted By CASANSAAR
Government has reviewed guidelines for Foreign Direct Investment in E- commerce companies to protect the interests of domestic players. It has taken host of steps and barred e-commerce companies from selling products of the companies in which they have stake. In a statement, the Commerce and Industr...
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Dr. Ajay Bhushan Pandey takes over as Revenue Secretary
Posted Date : 01-Dec-2018 , 06:57:47 am | Posted By CASANSAAR
Dr. Ajay Bhushan Pandey (IAS: MH 1984) took over as the Union Revenue Secretary upon superannuation of Dr Hasmukh Adhia here today. Outgoing Finance Secretary & Revenue Secretary, Dr Hasmukh Adhia welcomed Dr Pandey in his office. A Maharashtra cadre officer, Dr. Pandey will continue to head the...
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Finance Secretary Hasmukh Adhia to retire on november 30
Posted Date : 17-Nov-2018 , 10:44:29 pm | Posted By CASANSAAR
Finance Secretary Hasmukh Adhia will retire on November 30, Finance Minister Arun Jaitley said on Saturday.
"Hasmukh Adhia, the Finance Secretary, retires at the end of this month. He has been in the Finance Ministry for four years and held the specific responsibility of the Revenue Secretary ...
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Commerce Minister releases National Strategy for Standardization
Posted Date : 20-Jun-2018 , 11:05:40 am | Posted By CASANSAAR
India’s quest for providing best quality begins with identifying standards, stated Suresh Prabhu, Minister of Commerce and Industry. He was speaking at the 5th National Standards Conclave - Implementing the Indian National Strategy for Standardization, being held in New Delhi on 19-20 June 201...
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Govt opens 10 joint-secretary level posts for private sector professionals
Posted Date : 11-Jun-2018 , 08:21:19 am | Posted By CASANSAAR
If you are a private sector professional above 40 years of age and with 15 years of work experience in any of the ten fields like economic affairs, civil aviation or commerce, the Narendra Modi government may hire you as a joint secretary. This “lateral entry” exercise is aimed at &ldquo...
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Rate of Exchange of different Foreign Currencies to Indian Currency notified
Posted Date : 08-Jun-2018 , 12:39:40 am | Posted By CASANSAAR
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification of the Central Board of Indirect Taxes and Customs(CBIC) No.43/2018-CUSTOMS (N.T.), dated 17thMay, 2018 except as respects things done or omitted to be done before such ...
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FinMin ties up with e-commerce firms to give loans under PMMY
Posted Date : 24-May-2018 , 08:54:46 am | Posted By CASANSAAR
The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY), a top government official said.
The three way partnership between l...
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CA Piyush Goyal to take Additional Charge of Finance Ministry
Posted Date : 15-May-2018 , 10:21:30 am | Posted By CASANSAAR
Railway minister CA Piyush Goyal has been given additional charge of the finance ministry and Smriti Irani has been supplanted from the information and broadcasting ministry to make way for Rajyavardhan Rathore, who has been been given the reins with independant charge.
Union minister of state S....
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Finance ministry considers shore-up certificates to ease bad loan burden of lenders
Posted Date : 09-May-2018 , 01:47:43 pm | Posted By CASANSAAR
The finance ministry is looking at an idea to relieve banks of the burden of non-performing loans and allow them to focus on the core issue of financial intermediation by issuing ‘shore-up certificates’ against their stressed assets to shore up their capital.
“The Prime Mini...
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SIDBI Celebrates it's Foundation day with launch of ' Samridhi - the virtual assistant' & ' Bankability Kit'
Posted Date : 02-Apr-2018 , 04:25:34 pm | Posted By CASANSAAR
SIDBI celebrated its foundation day today as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).Chairman Managing Director of SIDBI Shri Mohammad Mustafa launched a series of initiatives from its Lucknow bank headquarters. He mentioned that the occasion ...
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Govt of India and Asian Development Bank (ADB) sign $80 Million Loan Agreement to help boost Youth Employability in HP
Posted Date : 28-Mar-2018 , 10:00:08 am | Posted By CASANSAAR
The Asian Development Bank (ADB) and the Government of India signed $80 million loan here today to help modernize technical and vocational education and training (TVET) institutions and improve the skills ecosystem in the State of Himachal Pradesh.
Shri Sameer Kumar Khare, Joint Secretary (Multil...
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Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so
Posted Date : 22-Mar-2018 , 10:54:29 am | Posted By CASANSAAR
Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed repor...
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Finance Bill passed in Lok Sabha amid protest by Opposition
Posted Date : 14-Mar-2018 , 04:21:37 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed Finance Bill approving the budget for the fiscal year beginning April 1. Applying the guillotine process, the Bill was passed without any discussion as the opposition continued to disrupt the proceedings for the eighth day.
The guillotine process allows for a vot...
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FinMin puts out list of 9500 high-risk finance companies
Posted Date : 26-Feb-2018 , 12:33:43 pm | Posted By CASANSAAR
Financial Intelligence Unit (FIU) has released a list of around 9500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions.
The FIU under the Finance Ministry has released the list on its website showing the names of these NBFCs which have ...
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No buyers for Indian bonds means more pain for Modi's debt plan
Posted Date : 21-Feb-2018 , 03:26:05 pm | Posted By CASANSAAR
The biggest holders of India's sovereign debt are dumping them.
State lenders have been selling 4.7 billion rupees ($73 million) of government bonds on average every day this year, hurt by deep portfolio losses, data from the Clearing Corp. of India show. Last year, their net daily infl...
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Constitution of Fifteenth Finance Commission Notified
Posted Date : 27-Nov-2017 , 10:05:40 pm | Posted By CASANSAAR
The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 w.e.f. 27thNovember, ...
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IBBI notifies the IBBI (Information Utilities) (Amendment) Regulations, 2017
Posted Date : 06-Oct-2017 , 08:08:41 am | Posted By CASANSAAR
IBBI had notified the IBBI (Information Utilities) Regulations, 2017 on 31st March, 2017. These regulations provided that ordinarily a person should not hold more than 10% of paid up equity share capital or voting power of an information utility, while allowing certain specified perso...
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Country's foreign exchange reserves swells to life high of USD 394.55 billion
Posted Date : 02-Sep-2017 , 02:02:47 am | Posted By CASANSAAR
The country's foreign exchange reserves swelled by USD 1.148 billion to a new lifetime high of USD 394.55 billion for the week ended August 25 on the back of a healthy rise in core currency assets.
RBI data showed the foreign currency assets (FCAs), a major component of the overal...
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Deadline for linking Aadhaar, PAN by ITR filers extended to December 31
Posted Date : 31-Aug-2017 , 07:12:09 am | Posted By CASANSAAR
NEW DELHI: There is good news for taxpayers as the income tax department has extended the deadline to link PAN with Aadhaar by 4 months to December 31. The department had earlier said that tax returns filed without linking of Aadhaar and PAN would not be taken up for processing unless the two were l...
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GST revenue at Rs 92,283 cr gets a bumper start
Posted Date : 29-Aug-2017 , 10:32:14 pm | Posted By CASANSAAR
India's maiden GST revenue mop-up got off to a bumper start, with Finance Minister Arun Jaitley saying today that taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base.
Tax collections for July, the first month when a unified Goods and Se...
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Cabinet approves procedure and mechanism for Strategic Disinvestment
Posted Date : 17-Aug-2017 , 08:27:57 am | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment of the following:
(i) For setting up an Alternative Mechanism (AM) consi...
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Dr. (Ms.) Mamta Suri takes charge as Executive Director, Insolvency and Bankruptcy Board of India
Posted Date : 16-Aug-2017 , 10:08:58 pm | Posted By CASANSAAR
Dr. (Ms.) Mamta Suri took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today.
Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India.
Dr. Suri has obtained her Ph.D. in Finance from U...
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Highlights of the Economic Survey 2016-17 Volume-2
Posted Date : 11-Aug-2017 , 09:44:27 pm | Posted By CASANSAAR
Fiscal Developments
The fiscal outcome of the Central Government in 2016-17 was marked by strong growth in tax revenue, sustenance of the pace of capital spending and a consolidation of non-salary/pension revenue expenditure. This combination allowed the Government to contain the fisca...
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Finance Ministry approves 8.65% interest rate on EPF for 2016-17
Posted Date : 21-Apr-2017 , 08:36:41 am | Posted By CASANSAAR
Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8(point)65 per cent interest rate on EPF for 2016-17. He said, the government will immediately issue the notification and credit the rate of interest to over four crore subscribers.
The ratification of the ...
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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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