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Finance Minister Nirmala Sitharama to meet PSU bank chiefs on Monday; to review credit flow

The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, sources said. The deployment of excessive funds by banks under the reverse repo route may also come up for discussion on Monday.

Covid-19 impact: Govt raises market borrowing limit to Rs 12 lakh cr for FY21

The government on Friday increased its market borrowing estimate by staggering Rs 4.2 lakh crore to Rs 12 lakh crore for the current fiscal to deal with the expected shortfall in revenue due to the impact of COVID-19 crisis on the economy. Here is ET Now consulting editor Mythili Bhusnurmath's view on it.Covid-19 impact: Govt raises market borrowing limit to Rs 12 lakh cr for FY21

Industry needs to shun hesitation, invest to drive growth: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the industry needs to "shun hesitation" and make investments to drive the country's economic growth. At a post Budget interaction at a CII event here, the minister said the government was there to facilitate the industry.Industry needs to shun hesitation, invest to drive growth: FM Nirmala Sitharaman

Didn’t want to repeat error of splurging: FM Nirmala Sitharaman

The fiscal deficit had reached 6.6% of GDP in FY10 under the United Progressive Alliance regime following a large fiscal stimulus to lift the economy after 2008 global financial crisis.

ATM industry seeks lower GST rate, stimulus to address COVID-19 challenges

In a letter to Finance Minister Nirmala Sitharaman, the Confederation of ATM Industry (CATMi) mentioned that it has been recognised by the government as a crucial player to further the financial inclusion. The COVID-19 situation has caused a sharp decline in the ATM transactions and has posed severe business challenges to the ATM industry, the CATMi stated.

Disinvestment proceeds to be used for creating infrastructure for country: FM Nirmala Sitharaman

"We are showing the direction. We are telling you where the money is going to be spent so that you can plan your investments and your investments and your expansion well in alignment with what government does... you will facilitate the government and we will equally facilitate the private sector," the FM said while addressing Ficci here.

Government very transparent in setting new fiscal deficit target: Nirmala Sitharaman

"There are a lot of speculations regarding the fiscal deficit.Earlier, there was a situation in the previous regime where fiscal deficit numbers were fudged.

Public sector banks sanction loans worth Rs 5.66 lakh crore for March-April period

The borrowers represented the micro, small and medium sized enterprises (MSMEs), retail, agriculture and corporate sectors, which was indicative of an economic revival, said finance minister Nirmala Sitharaman’s office in a tweet on Thursday.

Budget 2020: Decoding Nirmala Sitharaman’s budgetary allocation for MSMEs

Even though there might be an overall increase in the total allocation for the Ministry of MSME in this year's Budget, a closer look reveals that the outlay to many MSME-centric schemes has been cut.

Budget 2020: Watch Finance Minister Nirmala Sitharaman's full speech

Budget 2020: Finance Minister Nirmala Sitharaman presented the longest-ever Union Budget 2020 speech in parliament as the government unveiled a budget vowing to boost people's income and purchasing power. In a major relief for the salaried class, the government proposed to cut income tax rates and change slabs to lower tax incidence for those earning up to Rs 15 lakh a year.Budget 2020: Watch Finance Minister Nirmala Sitharaman's full speech

Government starts compiling achievements in one year to mark 1st anniversary of Modi 2.0

The government is not likely to have public events on the occasion of the first anniversary given the current situation due to the outbreak of COVID-19 pandemic and consequent lockdown, according to sources.

FM Nirmala Sitharaman feels uneasy in last lap of marathon speech

The Lok Sabha on Saturday witnessed anxious moments when finance minister Nirmala Sitharaman fell uneasy in the final lap of a record 165-minute budget speech, probably due to fall in sugar level or strain caused by standing for almost three hours while reading her speech.

View: Few winners in FM Nirmala Sitharaman's marathon speech

Yesterday's budget had no big fiscal stimulus, several protectionist duties, and few steps to revive economy.

CAIT flags traders' inability to pay full salary for April, seeks Goyal's intervention

"If such payments are made, the business of the traders will fall like anything and in absence of any inflow of money, such payments will be disastrous for the retail trade of the country and in turn will badly affect the economy," CAIT Secretary General Praveen Khandelwal said in the letter to Goyal.

Why Nirmala Sitharaman's 'aspirational' Budget does not have the muscle to reverse slowdown

The govt wants to retain a picture of fiscal discipline but the data shows that it does not really matter.

Government to push reforms in sectors with stimulus

Government officials said while preparing the stimulus, with measures meant for MSMEs and poor finalised on Saturday, the Narendra Modi administration was conscious of the fact that the UPA’s packages, announced by then finance minister Pranab Mukherjee in 2008 had resulted in massive inflationary impact and a huge pile of bad debt, which took years to clean up.

FM Nirmala Sitharaman proposes to hike customs duty on imported electric vehicles

"Under 'Make in India' initiative, well laid-out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India," Sitharaman said while presenting Budget 2020-21.

Nirmala Sitharaman leans on her roots to quote from Tamil poets

Quoting from Tamil poet Avviyaar's cryptic word couplets in Athichudi, FM Nirmala Sitharaman, leaned on her Tamil moorings to convey the importance of agriculture, role of the farmer and the need for healthy farming.

FM Nirmala Sitharaman used the escape clause to relax fiscal deficit target

Finance minister Nirmala Sitharaman revised the fiscal deficit for FY20 to 3.8 per cent and pegged the target for FY21 to 3.5 per cent. Sitharaman used the escape clause provided under the FRBM Act to allow the relaxation of target. The clause allows the govt to relax the fiscal deficit target for up to 50 basis points or 0.5 percent.

FM Nirmala Sitharaman announces ease in tax burden of startup employees

Finance Minister Nirmala Sitharaman announced on Saturday that as part of efforts to boost startups, tax burden on employees due to tax on employee stock options would be deferred by five years or till they leave the company or when they sell it. Referring to startups in her Budget speech, the Finance Minister said that several measures were planned to increase the base for the knowledge-driven enterprises. "To boost startups, tax burden on employees due to tax on Employee Stock Options to be deferred by five years or till they leave the company or when they sell, whichever is earliest," she said.FM Nirmala Sitharaman announces ease in tax burden of startup employees

Government fast-tracks new definition of MSMEs

The plan, which has been in the works for months, is likely to be part of the stimulus package.

All ministries to issue quality standard orders: Nirmala Sitharaman

The move would help in promoting sale of quality goods in the country and cut import of sub-standard goods.

Budget 2020: Farm markets need to be liberalised, says FM Nirmala Sitharaman

Presenting the Budget for 2020-21, Sitharaman said the government is proposing a 16-point action plan to boost agriculture and farmers' welfare.

Budget 2020: Nirmala Sitharaman arrives at finance ministry with 'Bahi Khata'

Union Finance Minister Nirmala Sitharaman on Saturday morning reached the Ministry of Finance in the North Block, ahead of the presentation of the Union Budget 2020-2021 in Parliament. Dressed in a yellow silk saree, Sitharaman continued with the tradition she set last year carrying the bahi-khata, which she used ditching the briefcase. She was seen holding a red bahi khata.Budget 2020: Nirmala Sitharaman arrives at finance ministry with 'Bahi Khata'

Nirmala Sitharaman and the Budget: A lady’s day out

Will she be able to drive the stress and blues away? Saturday will tell…

​Economic Survey 2020 has a clear message for Nirmala Sitharaman

Growth in the current fiscal year would come in at 5 per cent, as per Economic Survey.

Govt to gain Rs 1.6 lakh cr this fiscal from record excise duty hike on petrol, diesel

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown.

Budget 101: The complete guide to Nirmala Sitharaman's Budget on Feb 1

The question before FM Sitharaman is how she manages to mobilise resources when the tax collections have taken a hit.

ET-ILC CEOs see green shoots and a revival for the manufacturing sector in 2020

For the manufacturing sector - domestic demand, expensive credit, cash-strapped MSMEs, high cost of setting-up and automation are the big areas of concern. Industry veterans suggest that the only way to revive demand is for the government to keep to its spending targets and streamline policies and processes.

India’s budget gap for FY 19-20 breaches estimate on poor tax collection

India’s budget gap for the year ended March 31 has touched 4.4% of gross domestic product, says sources.

Govt panel seeks review of 5G spectrum base price

The task force has also called for a revamp of financing models for infrastructure and backed a return of development financial institutions, such as IDBI and IFCI, albeit with a sectoral focus. It has argued that banks and NBFCs are unable to meet the massive funding requirement and face several challenges, which is turning the clock back by close to two decades.

Chemists seek insurance on a par with other health workers

In a letter written to the Union finance minister Nirmala Sitharaman, the All India Organisation of Chemists and Druggists (AIOCD) demanded insurance coverage for its 8.5 lakh chemists and druggists operating in the country.

Nirmala Sitharaman urges industry to stop ‘self doubt’

Sitharaman asks India Inc to bid enthusiastically for PSUs where govt is looking to cut stake

Covid-19 pandemic: Next economic package soon, PM Modi chairs series of meetings with key ministers

Prime Minister Narendra Modi has held a series of meetings with key ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, and top officials of the government to finalise the second economic package targeted at sectors most affected by the lockdown to check Covid-19 spread. The meetings involving Shah, Sitharaman and other officials of the key economic ministries are taking place for the last few days and the idea is to get inputs on the impact of the current lockdown on different segments of the economy and identify immediate measures that may be required as a relief and revival strategy, sources privy to the developments said.Covid-19 pandemic: Next economic package soon, PM Modi chairs series of meetings with key ministers

PM meets FM for second economic stimulus package

The prime minister held discussions with Shah and Sitharaman and is expected to have follow up meetings with ministers of key economic ministries such as Micro, Small & Medium Enterprises (MSME).

Bank transfer of 2nd installment of Rs 500 to women Jan Dhan a/c holders from Monday: FinMin

To help the poor tide over the COVID-19 crisis, the government had on March 26 said ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April.

Retail-focused NBFCs seek refinance window from FM

Para banks have requested that this window be established through MUDRA, Small Industries Development Bank of India, National Bank for Agriculture and Rural Development and National Housing Bank. They are also requesting a special purpose vehicle that would be allowed to leverage about 4 times to provide a funding of ₹50,000 crore to small and medium-sized NBFCs.

PM Modi holds detailed meeting on power sector amid Coronavirus lockdown

Prime Minister Narendra Modi on May 01 held a detailed meeting on the power sector in the view of coronavius lockdown. The Prime Minister also took stock of the impact of COVID-19 pandemic on the sector. The PM discussed various long-term reforms for enhancing sustainability, resilience, and efficiency of the sector. Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and Civil Aviation Minister Hardeep Singh Puri were present in the meeting. Chief of Defense (CDS) Bipin Rawat was also present in the meeting.PM Modi holds detailed meeting on power sector amid Coronavirus lockdown

PM Modi meets HM, FM, Rail Min to discuss post lockdown strategy

Ahead of the scheduled end of the extended nationwide lockdown, Prime Minister Narendra Modi on Friday met key ministers including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman apparently to discuss an exit strategy.

Yes Bank crisis: 'Your money is safe', FM Nirmala Sitharaman assures depositors

In a first statement on the Yes Bank issue, Finance Minister Nirmala Sitharaman today said that depositors money in the troubled bank is safe and the Reserve Bank of India will find the resolution plan soon.Yes Bank crisis: 'Your money is safe', FM Nirmala Sitharaman assures depositors

Don't worry, your money is safe: FM Nirmala Sitharaman assures Yes Bank depositors

RBI has also assured the Yes Bank customer that a swift revival plan will be implemented within 30 days.

Watch: Nirmala Sitharaman holds pre-budget consultations

Union Minister for Finance, Nirmala Sitharaman, held pre-budget consultations with stakeholder groups from various fields including start-ups, fintech and digital on December 16.Watch: Nirmala Sitharaman holds pre-budget consultations

Govt taking steps to boost consumption: Nirmala Sitharaman

The FM said the government has expedited payments to those who have rendered services especially the MSMEs.

Watch: FM Nirmala Sitharaman attends customary halwa ceremony

Finance Minister Nirmala Sitharaman attended the customary halwa ceremony at the Ministry of Finance in Delhi on Monday. The halwa ceremony marks the beginning of the process of printing Union Budget documents. The event assumes significance as once the sweet dish is served, a large number of officials and support staff directly associated with the Budget-making and printing process are required to stay in the North Block till the presentation of the Budget in the Lok Sabha.Watch: FM Nirmala Sitharaman attends customary halwa ceremony

Infra development critical for growth, achieving $5 trillion economy by FY25: FinMin report

Infra development will especially be critical for the success of the Make in India programme as manufacturing competitiveness critically depends on infrastructure, the final report of the task force submitted to Finance Minister Nirmala Sitharaman said.

Don't want law that look at businesses with suspicion: Nirmala Sitharaman

Delivering the Nani Palkhivala Centenary Celebrations Lecture, organised by the Palkhivala Foundation , on "Road Map to $5 Trillion Economy", the Finance Minister said her earnest attempt is to decriminalise matters concerning the Companies Act or other related laws, and also cited Tata Group Head N. Chandrasekharan's speech in Mumbai on Monday where he had said government should trust its own citizens.

Business Correspondents: The neglected COVID warriors

To minimize the difficulties of the poor in nationwide lockdown, the government is giving cash to them through Direct Benefit Transfer (DBT). Around 31 crore beneficiaries have already received the assistance in their bank accounts.

Panel projects Rs 111 Lakh Cr infra investments for year 2020-25

The task force in its final report has suggested setting up for three committees for monitoring, implementation and funding of infrastructure projects. To boost fund flow, the NIP task force, chaired by economic affairs secretary Atanu Chakraborty, also suggested deepening the corporate bond market including municipal bonds.

FM refutes Rahul Gandhi's allegations on 'wilful defaulters and bad loans', tweets 'facts taken out of context'

Finance Minister Nirmala Sitharaman on Tuesday rebutted Congress leaders Rahul Gandhi and Randeep Singh Surjewala's allegations regarding "wilful defaulters, bad loans and write-offs", and stated that they have "attempted to mislead people in a brazen manner". "Rahul Gandhi, MP (LS), and Randeep Singh Surjewala, spokesperson of Congress, have attempted to mislead people in a brazen manner. Typical to Congress, they resort to sensationalising facts by taking them out of context," Sitharaman tweeted.FM refutes Rahul Gandhi's allegations on 'wilful defaulters and bad loans', tweets 'facts taken out of context'

‘Hand-to-mouth’ crisis for MSMEs fuels calls for more fiscal aid in India

As the cash-flow for MSMEs dries up, and in the absence of any fiscal support, many will be forced to cut jobs to curb costs.

Small MFIs turn vulnerable to default, seek relief package

Nearly 100 small MFIs has sought conversion of their outstanding bank loans into equities as their fund dried up.

Small MFIs seek financial package from Centre to tide over COVID-19 crisis

Small micro lenders sought fund from the Centre to meet their operational expenses and requested it to advise their lenders --banks and development finance institutions--to convert their outstanding loans into equity or long term advances with reduced interest rates.

States seek GST compensation beyond 2022 to tide over Covid-19 crisis

State finance ministers, during a video conference on Monday, also discussed issues arising out of the lockdown, including the urgent requirement of some form of aid for micro, small and medium enterprises, which have been affected the most, besides relief for the services sectors.

Bring in more efficient, adaptive tech to further smoothen working of PFMS: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman asked civil accounts officers to focus on bringing in more efficient and adaptive technologies to further smoothen the working of the Public Financial Management System (PFMS). Speaking at a function to mark the 44th Civil Accounts Day, she said there is so much more to be accomplished and officers need to be responsive to the changes.

Digital payment gains should be used to acquire merchants, says Nirmala Sitharaman

The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.

We are not done with stimulus: Nirmala Sitharaman on reviving economy

A personal income tax rate cut for Sitharaman would be difficult at this juncture.

Govt to give extra 5 kg grains, 1 kg pulses for free under PDS for next 3 months: FM Nirmala Sitharaman

FM Sitharaman announced distribution of 5 kg of wheat or rice and one kg of preferred pulses free-of-cost every month over the next three months to 80 crore poor across the country to deal with the economic impact of the lockdown amid coronavirus outbreak.

Govt likely to announce second set of measures to help poor, MSMEs

The government is set to announce a second set of measures in the coming days to counter the impact of the lockdown, which is seen to be essential to prevent loss of lives.

ET GBS 2020: Nirmala Sitharaman, S.Jaishankar, Piyush Goyal to be key speakers

Over March 6-7, a distinguished audience of Indian and global business leaders, policymakers and academia will hear from Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar and Commerce & Railways Minister Piyush Goyal.

Nirmala Sitharaman dismisses reports of ATMs being recalibrated to replace Rs 2,000 notes

Finance Minister Nirmala Sitharaman reacted over the mystery of the disappearing Rs 2000 note, that banks are recalibrating ATMs to replace high-value Rs 2,000 notes. Finance Minister Nirmala Sitharaman said, “As far as I know, no such instruction has been given to banks.” On the other hand, Finance Minister Nirmala Sitharaman directed banks to clear their pending loan cases of Ministry of Micro, Small and Medium Enterprises (MSMEs) by March 15. “Banks have given us information on how many (MSMEs) they have restructured, reached out to, their loans and everything else. Few MSMEs that are lying pending before them, we have requested them to clear out all by March 15”, said Finance Minister Sitharaman while addressing the press conference in New Delhi on February 26. Nirmala Sitharaman dismisses reports of ATMs being recalibrated to replace Rs 2,000 notes

FM Nirmala Sitharaman holds pre-budget meet with BJP leaders

The BJP has been holding a series of meetings with various stakeholders, including business leaders, farmer bodies and trade unions, as part of its per-Budget dialogue. These meetings are being coordinated by party spokesman on economic issues, Gopal Krishna Agarwal.

View: To lock down any further will devastate the economy, almost to a point of no return

The lockdown was like the chakravyuh that you can enter, but never exit. So, cut the Gordian knot.

Government open to further reforms: Nirmala Sitharaman

"I only can invite and assure that the Government of India is committed for further reforms in various sectors whether it is banking, mining or insurance and so on," Finance Minister Nirmala Sitharaman said. She invited Swedish firms to invest in infrastructure development projects. India plans to invest about Rs 1 lakh crore in infrastructure sector in the next five years.

Rs 1 lakh crore fund in the works to repay pending dues to MSMEs: Gadkari

Gadkari said he has devised a scheme to set up the fund, and the proposal may be placed before the Cabinet for approval once the finance ministry gives its go-ahead.

RBI to look into what went wrong at Yes Bank: Sitharaman

The bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis, she said at a press conference. Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said.

Govt decides to suspend up to 1 year IBC provisions that trigger fresh insolvency proceedings: Report

Section 7, 9 and 10 of the IBC would be suspended for six months and the suspension time can be extended up to one year. An enabling provision with respect to extending the time would be part of the ordinance, they added. Suspension of these provisions could be extended up to one year based on the economic situation going forward.

Over 33 crore people get Rs 31,235 crore assistance under PM Garib Kalyan package

As part of the Rs 1.70 lakh crore relief package, the government announced free foodgrains and cash doles to women and poor senior citizens and farmers to mitigate the hardships during the lockdown. The swift implementation of the package is being continuously monitored by central and state governments, the Finance Ministry said in a statement.

Union ministers S Jaishankar, Nirmala Sitharaman condemn violence at JNU campus

"Have seen pictures of what is happening in JNU. Condemn the violence unequivocally. This is completely against the tradition and culture of the university," Jaishankar tweeted.

Deposits in Jan Dhan accounts surge in 1st week of April

According to official data, the total deposits into the accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) increased to Rs 1.28 lakh crore during the week ended April 8, 2020 as compared to Rs 1.20 lakh crore at the end of April 1, 2020. This is probably the biggest weekly increase in deposits of Jan Dhan accounts witnessed in the recent past.

Manish Sisodia meets FM Nirmala Sitharaman, demands Delhi's share in Central taxes

In the meeting, Manish Sisodia also demanded funds for all the three municipal corporations in Delhi, the same way as Centre gives money to civic bodies in other states.

Crude oil price plunges below zero for first time in unprecedented wipeout

The price on the futures contract for WTI crude that is due to expire Tuesday fell minus $37.63 a barrel.

Sunil Mittal, Kumar Birla meet Finance Minister Nirmala Sitharaman amid AGR turmoil

The meeting comes on the back of the fear if the telecom department takes any coercive action, the sector would face a huge blow and it may lead to a private sector duopoly. The govt has called on the cabinet secretary to chalk out steps to try and ensure no telco shuts down, given the fact that a Vodafone Idea collapse will have wide implications across sectors.

All eyes on Nirmala Sitharaman's second Budget for tax relief

Nirmala Sitharaman faced flak for not doing enough to revive a slowing economy in her maiden July 5 Budget.

Government may take up PF for companies with 100+ staff

The labour ministry has already asked the EPFO for data on job losses and salary cuts

Nirmala Sitharaman gives India Rs 102 lakh cr infra push

Finance Minister Nirmala Sitharaman on Tuesday unveiled Rs 102 lakh crore of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector. Addressing a press conference, she said Prime Minister Narendra Modi had in his Independence Day speech spoken of investing Rs 100 lakh crore in infrastructure. Nirmala Sitharaman gives India Rs 102 lakh cr infra push

Covid-19 outbreak: Nirmala Sitharaman says steps soon to ease supply woes, secretaries to meet today

Sitharaman today met industry and trade associations to assess the impact of the virus on businesses. The finance minister said that a meeting of the concerned secretaries will be held tomorrow. The finance minister assured the industry that she will speak to the PMO on steps to provide any relief.

Textiles ministry notifies extension of scheme to rebate taxes on garment exports

Garment exporters will continue to get rebate on central and state taxes on their outward shipments as the government has decided to extend the RoSCTL scheme beyond March 2020 to enhance competitiveness of the labour-intensive textiles sector.

Chidambaram asks govt to act, distribute free food to the poor

Senior Congress leader P Chidambaram on Sunday urged the government to transfer cash and distribute free foodgrains to the poor, saying only a heartless government will not do anything.

Finance Ministry busts fake news, says no proposal to cut govt pensions

"It is being reported that a 20% cut in Central Government Pensions is being planned.This news is FALSE. There will be no cut in pension disbursements," the finance ministry said in a tweet. "It is clarified that salaries and pensions will not be affected by Government Cash Management instructions," the ministry further added.

Centre committed to implement suburban rail for Bengaluru, says Finance Minister Nirmala Sitharaman

The Cabinet has cleared the proposal before it made its way into the budget text, the Minister told reporters in response to a volley of questions on the subject. Out of the Rs 18,600 crore project cost, the Centre and Karnataka will share 20% each, while 60% of the project financing will come from multilateral lending institutions, she said.

Prudent decisions will be protected, FM Nirmala Sitharaman tells bankers

Sitharaman, in a meeting with top executives of public and private sector lenders attended for the first time by the CBI director, Rishi Kumar Shukla, assured the bankers that a distinction would be made between genuine commercial failures and culpability. She further added that there had been concerns and worries among bankers about investigative agencies.

RBI measures to boost liquidity, incentivise banks to lend more to boost economy: Finance Minister

Finance Minister Nirmala Sitharaman said that to ease the worries of MSMEs that are in danger of becoming NPA accounts, it has now been decided that the NPA classification norms will exclude the 3-month moratorium window that banks are allowed to give on loan repayments.

G20 suspends debt payments for poor nations till 2020 end

“We support a time-bound suspension of debt service payments for the poorest countries that request forbearance,” the G20 said in a statement on Thursday after an online meeting of finance ministers and central bank governors aday earlier.

Bengal FM Amit Mitra wants CM relief funds considered under CSR

In a letter to Sitharaman dated March 16, the state minister said not enabling this provision severely jeopardizes the states’ efforts to raise funds for their Covid-19 operations. Misra said the West Bengal State Emergency Relief Fund, set up under the overall umbrella of the CM’s Relief Fund and dedicated to combat Covid-19, had received encouraging response from people and businesses

Covid-19: Govt to transfer financial assistance only through DBT mechanism

New Delhi, Apr 16 () The finance ministry on Thursday clarified that financial assistance to people hit by the Covid-19 crisis will be provided only through the Direct Benefit Transfer (DBT) mechanism and no other means.

"Change law that mandates 120 days' stay in India to qualify as NRIs"

A law requiring 120 days' stay in India to claim Non-Resident Indian (NRI) status needs to be changed, an association representing NRIs has demanded, citing economic disruptions due to the coronavirus pandemic.

Government disburses $3.9 bln mostly as direct benefit transfer to more than 320 mln people

Monetary policy measures taken by the government, the Reserve Bank of India and other regulators have helped de-freeze the market and catalyse credit flows, the minister said, while addressing finance ministers and central bank governors of the G20 on the global economic outlook amid evolving COVID-19 pandemic crisis.

Taxman seek SOPs from CBDT for re-opening field offices amid Covid 19 outbreak

The All India Indian Revenue Service Association said in a letter to CBDT chairman dated April 14 said that till the time the written guidelines are issued from the top most levels, field offices should remain closed, following state issued guidelines.

Remove 18% GST on ads on broadcast media or reduce it to 5%: News Broadcasters Association to FM

​​NBA president Rajat Sharma, in a letter to Sitharaman, said in order to ensure social distancing and for ensuring the safety of the editorial personnel, the news broadcasters have had to take various steps which have resulted in the operating costs going up exponentially during the COVID-19 pandemic.

Bad loans of public sector banks fall to Rs 7.27 lakh crore at end of Sept 2019: Nirmala Sitharaman

"The government has instituted comprehensive reforms in PSBs to improve, governance, underwriting, monitoring and recovery, and has leveraged technology in all aspects of banking, resulting in reduction in their NPAs," Sitharaman said in written reply to a question in the Lok Sabha.

Nirmala Sitharaman condemns Mamata’s UN referendum remark on CAA

Finance Minister Nirmala Sitharaman on Friday condemned Chief Minister of West Bengal, Mamata Banerjee’s referendum remark on CAA and called it ‘irresponsible’ statement. While speaking to ANI, she said, “We never wanted a 3rd party or international fora's interference in our affairs.Nirmala Sitharaman condemns Mamata’s UN referendum remark on CAA

NRC process wouldn’t start without consulting stakeholders: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday said that NRC process will not start without consulting the stakeholders. She said, “Citizenship Act is an Act through which citizenship is given to people who fled persecution. For 70 yrs they've been waiting, it's an Act which will give them citizenship so they can live a life of dignity. NRC process wouldn’t start without consulting stakeholders: Nirmala Sitharaman

Nirmala Sitharaman on govt's plan to move towards an exemption-free income tax regime

She was responding to concerns about will happen to long-term investments that tax payers make for availing of exemptions.

Government clarifies on TDS for employees under new tax regime

Employers will be able to deduct taxes on salaries paid to employees from the beginning of a financial year, basis the individual’s choice of opting for the old or the new taxation regime though a declaration, the Board said in a circular.

Covid count, inflation data, stimulus hopes among key factors that may drive market this week

Indian financial markets will be closed on Tuesday on account of Ambedkar Jayanti.

​30 cr poor gets Rs 28,256 cr financial assistance under Pradhan Mantri Garib Kalyan Yojana

: More than 30 crore poor people have received Rs 28,256 crore financial assistance under Pradhan Mantri Garib Kalyan Yojana. As part of Rs 1.70 lakh crore relief package, the government announced free foodgrains and cash doles to women and poor senior citizens and farmers to mitigate hardship faced due to the lockdown.

Every step is being taken to ensure that economy goes forward: Nirmala Sitharaman

"I don’t think the challenges to the economy and the government’s responses to them are going to be diluted," FM Nirmala Sitharaman said, speaking to an audience via video channels at Times Network's India Economic Conclave 2019. "We can assure every step is being taken in order to ensure that india and the economy goes forwards and benefits all."

Traders move to Nirmala Sitharaman over 40 lakh pending cases on bounced cheques

In a letter addressed to Finance Minister Nirmala Sitharaman, the Confederation of all India Traders (CAIT), has suggested the formation of fast track courts at district level to deal with the cases of bounced cheques on immediate basis and bring amendments in Section 138 of The Negotiable Instrument Act, 1881.

Food cos write to FM Nirmala Sitharaman as GST fears mount

There is widespread speculation that rate increases will be announced at the GST Council meeting on Dec 18.

Fiscal deficit at 5.07% of GDP in February, likely to increase in March

Amid the brunt of the Covid-19 impact and the lockdown, government revenues are likely to take a substantial hit in March. On the other hand, expenditures for the month should rise due to various costs arising from the virus containment efforts and enforcing the lockdown.

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