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14 hours ago
Seoul asks Washington to exempt S. Korean vehicles from new tariffs

Seoul, July 22 (IANS) South Korea has asked the US to exempt its vehicles from the new 25 per cent tariffs Washington is planning to impose on imported vehicles and spare parts, officials said on Sunday. South Korean Finance Minister Kim Dong-yeon made the request to his US counterpart Steve Mnuchin in a meeting on Saturday on the sidelines of the G20 summit in Buenos Aires, Argentina, E...

3 days ago
Aircel-Maxis case: Chidambaram approved investment beyond his mandate, says CBI

New Delhi, July 19 (IANS) The CBI listed on Thursday former Finance Minister P. Chidambaram as an accused in the Aircel-Maxis case, alleging that he had power to approve foreign investments only up to Rs 600 crore but he cleared Rs 3,200-crore investment without referring the matter to CCEA. The revelation was made in the charge-sheet the Central Bureau of Investigation (CBI) filed in a ...

4 days ago
No decline in cargo container business post GST: Gohain

New Delhi, July 18 (IANS) The government on Wednesday said that there has been no decline in the cargo container business after implementation of the Goods and Services Tax (GST) last year. There is no decline in the cargo container business after implementation of GST from July 1, 2017, Minister of State for Railways Rajen Gohain said in a written reply to a question in the Lok Sabha.

4 days ago
PFRDA invites bids from actuaries for APY gap funding valuation

New Delhi, July 18 (IANS) The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday invited expressions of interest (EOI) from reputed actuaries and actuarial firms for valuation of the gap funding under the government's Atal Pension Yojana (APY). The scope of the work would be to make a valuation estimate of the likely shortfall on account of the minimum guaranteed pens...

5 days ago
Government to soon recapitalise some PSBs with Rs 10,000 cr

New Delhi, July 17 (IANS) The government is likely to recapitalise some state-run banks in urgent need by up to Rs 10,000 crore within a few days to help them meet regulatory capital requirements, official sources said on Tuesday. According to the Finance Ministry sources here, these banks, which include the Punjab National Bank (PNB), Corporation Bank and the Central Bank of India, are ...

5 days ago
MoF nod for two Himachal projects

New Delhi, July 17 (IANS) Himachal Pradesh Chief Minister Jai Ram Thakur said on Tuesday that the Finance Ministry had approved an expenditure of Rs 1,131.87 crore on two projects in the hill state. The water conservation project's phase one costing Rs 708.87 crore and the Himachal Pradesh Integrated Mushroom Development project costing Rs 423 crore were approved on Tuesday by the Minist...

7 days ago
India made Vice-Chair Asia Pacific of World Customs Organisation

New Delhi, July 15 (IANS) India has become the Vice-Chair, or regional head, of the Asia Pacific region of the World Customs Organisation (WCO) for a period of two years up to June 2020, the government announced on Sunday. A Finance Ministry release here said the WCO has divided its membership into six regions wherby each region is represented by an elected vice-chairperson to the WCO co...

8 days ago
Government to track down GST defaulters, warns Sushil Modi

Bengaluru, July 14 (IANS) Using data analytics, the government would track down and penalise defaulters of Goods and Services Tax (GST), said Group of Ministers (GoM) on GST Network ChairmanSushil Kumar Modi on Saturday. We will use data analytics to track GST tax defaulters through its network, which has 360-degree view of online transactions to detect discrepancies, Modi, the Bihar Dep...

9 days ago
NBFC for food processing likely this year: Minister

Kolkata, July 13 (IANS) Union Food Processing Industries Minister Harsimrat Kaur Badal on Friday said the request for proposal (RFP) for the non-banking financial company (NBFC) exclusively catering to the financial needs of the food processing sector would be floated this month and the NBFC would possibly be operational by the end of this year. According to her, investment worth close t...

11 days ago
Government raises monetary limits for tax litigation

New Delhi, July 11 (IANS) In a bid to minimise litigation pertaining to tax matters, the government on Wednesday decided it will not file any appeals in appellate tribunals, High Courts and the Supreme Court in cases involving an amount less than Rs 20 lakh, Rs 50 lakh and Rs 1 crore respectively. The earlier limit for filing an appeal in appellate tribunals was Rs 10 lakh while it was R...

12 days ago
NE Governors, CMs disapprove Centre's decision to stop new schemes

Shillong, July 10 (IANS) Governors and Chief Ministers of the northeastern states have expressed their disapproval of the Central government's decision to put on hold new schemes funded through the North Eastern Council (NEC). The Union Finance Ministry, through its Expenditure Finance Committee had last year decided to stop projects under Non-Lapsable Central Pool of Resources, followin...

12 days ago
Nepal brings India's small project grants under regulatory regime

Kathmandu, July 10 (IANS) The Nepali Cabinet has tightened the norms for inflow of Indian grants for Small Development Projects (SDPs) in the Himalayan country, the media reported on Tuesday. According to the Cabinet, projects will not start unless India signs financing agreements with Nepal's Finance Ministry, the Kathmandu Post reported. It also said India must route the grant through...

13 days ago
ADB grants $12.5m to boost women entrepreneurs in Sri Lanka

Colombo, July 9 (IANS) The Asian Development Bank (ADB) has granted $12.5 million to help women entrepreneurs in Sri Lanka who have difficulty in accessing finance. The Finance Ministry in a statement on Monday said that since women led small and medium enterprises face significant difficulties in accessing finance, a grant of $12.5 million will be mobilized from the Women Entrepreneurs ...

13 days ago
Railways to seek Rs 2,500 crore loan through IRFC for CCTV project

New Delhi, July 9 (IANS) Unable to get further allocations from the Finance Ministry under the Nirbhaya Fund, Indian Railways is exploring the loan route to raise Rs 2,500 crore to install CCTVs at all stations and coaches to ensure state-of-the-art surveillance systems in the entire rail network across the country. The loan is to be raised through Indian Railways Finance Corporation (IR...

15 days ago
WTO under threat, challenging times for global trade: Prabhu

Kolkata, July 7 (IANS) Holding that global trade is passing through challenging times, Union Commerce and Industry Minister Suresh Prabhu on Saturday said the existence of World Trade Organisation (WTO) was under threat. According to him, WTO is a must and in its absence, there will be chaos in the global trade. Today, it is the most challenging time for global trade... we never ...

19 days ago
Former Malaysian PM Najib arrested on corruption charges

Kuala Lumpur, July 3 (IANS) Former Malaysian Prime Minister Najib Razak was arrested on Tuesday by anti-corruption authorities for his alleged role in the 1MDB scandal, described as the biggest one in Malaysian history, involving billions of dollars being embezzled from a government fund and fraudulently spent around the world. Najib, who has long been plagued by allegations of corruptio...

22 days ago
GST helpline number for consumers soon: Goyal

New Delhi, July 1 (IANS) Union Minister Piyush Goyal on Saturday said that a telephone helpline number will be started soon, where consumers can report against those traders who evade tax by not issuing purchase bill. According to the Finance Ministry's tweets, the Union Minister for Railways, Coal, Finance and Corporate Affairs also appealed to consumers to demand for bills, whenever th...

23 days ago
Electoral bonds to be sold between July 2-11

New Delhi, June 29 (IANS) The government on Friday announced the fourth phase of the Electoral Bond Scheme in which the bonds will be available at notified branches of the State Bank of India between July 2 and 11. State Bank of India (SBI), in the fourth phase of sale, has been authorised to issue and encash electoral bonds through its 11 authorised branches from July 2 to July 11, the ...

24 days ago
Sushil Modi's kin had direct links with Srijan scam accused: Tejashwi

Patna, June 28 (IANS) Former Bihar Deputy Chief Minister Tejashwi Yadav on Thursday alleged Deputy Chief Minister Sushil Modi's family has direct links with the accused in the multi-crore Srijan scam case involving an NGO that allegedly pilfered funds meant for government welfare schemes. The Rashtriya Janata Dal (RJD) leader also asked why the Central Bureau of Investigation (CBI) has n...

25 days ago
Punjab approves death penalty for raping girls under 12

Chandigarh, June 27 (IANS) The Punjab Cabinet on Wednesday approved the death penalty for males held guilty of the rape of a girl younger than 12 years. The Cabinet, chaired by Chief Minister Amarinder Singh, decided to extend to the state two major ordinances, relating to cases involving rapes and fugitive economic offenders, recently promulgated by the Central government. The m...

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