INX media case: ED files charge sheet against former Finance Minister P Chidambaram and son Karti Chidambaram
The duo stand booked by both Central Bureau of Investigation (CBI) and ED in the case. The CBI had registered a first information report (FIR) in May 2017 alleging irregularities in the FIPB clearance and the ED lodged a money laundering case in this regard the next year.
Finance Ministry confirms restrictions on global tenders for amounts up to Rs 200 crore
Further, ministries or departments that needed to flo...
Modifications in National Pension Scheme financially untenable: FM
Manjeet Singh Patel demanded modification in the National Pension Scheme (...
Indian carmakers offer teaser loans as banking sources say RBI softens stance
Teaser loans offer low interest rates for the first few months or years to attract customers, but rates are later rapidly increased. So far, at least Maruti Suzuki, Hyundai and Mercedes Benz have launched such schemes, according to press releases over the past week.
No decision taken on setting up bad bank: Finance Ministry official
Even the Economic Survey 2017 had proposed this idea, suggesting the creation of a bad bank called Public Sector Asset Rehabilitation Agency (PARA) to help tide over the problem of stressed assets.
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.
Environment ministry to amend EIA norms to help businesses
The NK Singh-led FC called for the meeting with the ministry of environment, forest and climate change (MoEFCC) for its inputs regarding grants to cities for improving their air quality (AQ), as part of its recommendations to the government on the five year fiscal roadmap for 2021-26.
Government in talks with over 600 global investors: Piyush Goyal
“Many countries are protecting their domestic industry from opportunistic takeover at a time when valuations are down. It is good if you can bring some restrictions so that companies do not get into hands of certain buyers who would exploit the situation,” Goyal said in an interview.
View: Already in a mega-recession, India needs a venture capitalist of last resort
India must plan for a terrible year ahead in which GDP falls by 5% or more. Bankruptcies are inevitable.
Finance Ministry not considering calamity cess on GST
Ministry sources said that in the present economic scenario during the COVID-19 pandemic, any purported proposal of introducing a calamity cess would be nothing less than an adversity itself. This would prove to be counter-productive, as sales are already at low volume and the industry is facing a deep crisis for want of demand and likely labour challenges, a source said.
Moody’s cuts India rating to lowest investment grade
The government isn’t reading too much into the move, with 35 countries already facing downgrades, said the official cited above. Hong Kong, France, South Africa, Mexico, Thailand and Israel are among those that have faced rating downgrades in the past few months.
Government likely to issue draft defence production and export promotion policy soon
Defence Production Secretary Raj Kumar said that in "addition to indigenisation, to give a push to 'Make in India', to seek substitute of imported items, all those and number of those other similar things will be there as a part of the defence production and export promotion policy".
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.
Unorganised sector workers may get IDs
The new look 'Unorganised Worker Identification Number (U-WIN)' will be seeded with Aadhaar and have expanded coverage. Besides, it would include other information such as qualifications and skill set of the worker.
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.
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