Finance Ministry appoints PR Jaishankar managing director of IIFCL
The appointment comes after the Bank Boards Bureau (BBB), the headhunter for state-run banks and financial institutions, recommended Jaishankar on March 15. The post lied vacant for three years before the appointment.
Hike in GST rates unlikely
If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring dow...
Govt extends deadline to fulfill contractual obligations by up to 6 months
The Expenditure Department, under the ministry, had in February ...
Govt working on National Logistics Policy: Commerce Ministry official
Special Secretary in the logistics division of the ministry, Pawan Agarwal, said the policy will look at several areas such as process re-engineering, digitisation, and focus on multi-modal transport.
Indian Banks may need $20-50 bn capital over next 1-2 years as bad loans set to rise
Fitch Ratings has pegged the total capital requirement for India's banking sector at $50 billion.
Monetise fiscal deficit, financing not a problem: Economists
The Rs 20 lakh crore stimulus package announced by the government will have a much more muted impact on the fiscal deficit than what the headline number suggests, and financing it will not be a problem, Ghosh and Barua pointed out.
Centre's debt drops marginally by 0.1% in FY19: Finance Ministry
Following a similar trend, the general government debt to GDP ratio, which includes the combined debt of the Centre and states, declined by the same percentage from 68.7% in March 2018 to 68.6% or Rs 1.3 crore crore (Rs 130 trillion) in March last year, the paper said.
FM Nirmala Sitharaman urges lenders to ease flow of credit to MSMEs
The 100% guarantee scheme at a concessional rate of 9.25% for MSMEs under the Rs 3 lakh crore scheme was the second-biggest component of the Rs 20 lakh-crore package announced last week.
Banks likely to request Finance Ministry to extend the payment moratorium
Banks are also set to discuss with the finance minister the rolling out of the Rs 3 lakh crore MSME package and the extension of partial credit guarantee scheme to NBFCs. This meeting was earlier slated to happen on May 11.
No restrictions on utilisation of additional borrowing by states: FinMin official
It is to be noted that the basic limit of 3 per cent remains unconditional, while only additional one per cent out of the two is linked to citizen centric reforms. The central government allowed them to go in for additional borrowing of 2 per cent, over and above the regular limit of 3 per cent of the GSDP, subject to certain conditions.
15th Finance Commission to lay out roadmap till FY26
The meeting takes place at a time when the government is facing an extraordinary fiscal constraint due to the Covid-19 pandemic. The meeting is likely to be attended by Ajay Jha and Anoop Singh, members of the 15th Finance Commission (XVFC).
Labour ministry to provide free skills training to job seekers registered on National Career Service portal
The training will encompass modules on corporate etiquette, improving inter personal skills, making impactful presentation including other necessary soft skills needed by the industry. The training module is available in two languages, Hindi and English, on the NCS portal.
CBDT initiates inquiry on IRS officers for unsolicited report on funding COVID relief work
"No permission was sought by the officers before going public with their personal views and suggestions on official matters, which is a violation of extant Conduct Rules. Necessary inquiry is being initiated in this matter," the CBDT said.
No TDS cut for salaried to avoid compliance burden: Finance Secy
The 25% cut in tax deducted at source (TDS) the government has announced as part of the Atmanirbhar Bharat Abhiyan economic stimulus package is not applicable for salaried employees because it would lead to higher compliance burden, finance secretary Ajay Bhushan Pandey has said.
View: What will the RBI do to stop the domino effect of debt defaults?
It will be interesting to see how RBI manages the domino effect of debt default once the the moratorium on interest and principal repayment is over.
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