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Finance Ministry drafts re-appointment of retired central govt employees rules
When appointed by nomination, the contractual salary should be the person’s last drawn salary at the point of retirement minus the basic pension, it said. Further, the draft guidelines cap re-appointment to not beyond five years after the age of superannuation of 60 years.
GST reduced tax rates, doubled taxpayer base to 1.24 cr: Finance Ministry
In a series of tweets, on the first death anniversary of former Fin...
Finance ministry working on norms for salaries of retired central govt officials re-appointed on contract
In an office memorandum dated Augus...
Government to infuse Rs 20,000 crore in India's state-run banks
In April, Reuters reported that New Delhi had assured state banks that it is ready to provide capital support as the coronavirus pandemic may lead to a surge in bad loans as economic growth slows. The government has already pumped in Rs 3.5 lakh crore in the last five years to rescue its banks.
How the recent decision by GST council has further deepened states' financial woes
For most states, the decision came as a bolt from the blue, throwing into disarray their finances, already severely weakened by the pandemic
Finance Ministry constitutes expert committee to look into loan moratorium concerns
The committee, which has been asked to give its report within a week, has been tasked to measure the impact waiver interest and interest on interest under the COVID-19 related moratorium on the national economy and financial stability and give suggestions to mitigate financial constraints of various sections of society.
Government not considering merger of CBDT, CBIC: Finance Ministry
Reacting to a media report which suggested that a merger of policy making bodies of direct and indirect taxes CBDT and CBIC is on cards, the ministry in a statement said, "The government has no proposal to merge the two Boards created under the Central Boards of Revenue Act, 1963."
Despite states opposition, Centre unlikely to cede ground on GST compensation
Top government officials told TOI that the compensation mechanism and calculations of what it should be has been “hard wired” into the law and the proposals put before the states were based on two rounds of consultation with attorney general K K Venugopal.
Government pushes state-run banks to step up loans to street vendors, say sources
Several branches of state-run banks were open on Sunday to distribute loans, according to one banker and an email seen by Reuters.
Centre writes to states seeking their choice for borrowings to meet GST compensation shortfall
In the second option, state borrowing will be for the full Rs 2.35 lakh crore – shortfall owing to GST implementation (Rs 97,000 crore) and impact of Covid 19 pandemic induced economic slowdown – which will be provided through market borrowing.
Govt plans umbrella body for social security schemes to help unorganised sector
The government proposes to bring at least half a dozen social security schemes, including old age pension and insurance, under the ambit of ...
India witnessing V-shaped recovery, but uncertainty to impact demand: Finance Ministry
Indian economy is likely to see a V-shaped recovery from the record contraction of 23.9% in the April-June quarter, on the back of higher go...
Govt plans to bring social security schemes under one umbrella
The government proposes to bring at least half a dozen social security schemes, including old age pension and insurance, under the ambit of the proposed social security code.
Finance ministry comes out with measures to rationalise non-priority expenditure
The ministry has issued the instructions on expenditure management with a view to improving the quality of public expenditure, containing non-developmental spending and ensuring availability of adequate resources for critical priority schemes
CPSUs are covered under 'govt agencies': Finance Ministry
The finance ministry has clarified that Central Public Sector Undertakings (CPSUs) were also covered under the term ‘government agencies’, in an earlier order regarding government contracts, it said on Friday.