The Finance Minister, Mr. Arun Jaitely, has proposed to relax certain conditions for availing 10 percent concession on long-term capitals gain tax. The Ministry has invited stakeholders feedback on draft notification that lists out scenarios wherein individuals need not pay Securities Transaction Tax (STT) at the time of purchase for availing concessional tax rate. In […]
The email address launched by the Finance Ministry for getting tips about black money received over 38,000 emails, but only 16 per cent of them were forwarded for further inquiry, CBDT said in a reply to an RTI query earlier this month. Jitendra Ghadge, a city-based Right To Information activist, had asked for information about […]
In order to encourage digital transactions, the Finance Ministry today asked PSU banks to restrict fees on payments through IMPS and UPI to the extent that is applicable for NEFT fund transfer of over Rs 1,000. As per RBI norms, NEFT transfers of up to Rs 10,000 attract Rs 2.5 fee. From Rs 10,000-1 lakh […]
A recent High Court verdict directing the central revenue authorities to refund service tax collected from three travel portals including MakeMyTrip may be challenged in Supreme Court by the government. Officials sources today said legal experts are going through the High Court order and an appeal challenging the verdict is likely to be filed in […]
Amid tensions between India and China, the Indian finance ministry has proposed putting restrictions on pension fund investments.
The Indian government has come up with new hikes in the interest rate on small savings schemes including public provident fund or PPF and also on Kisan Vikas Patra or KVP. The interest rate of PPF has been altered to 8% interest rate for the October to December quarter, up from 7.6% in the current quarter. On […]
A large proportion of India’s population participates in the several government saving schemes. In this regard, a very important source of savings for the households in the country is made through the small saving schemes (SSSs) that include public provident fund, post office deposits, senior citizens savings scheme, time deposits and much more. The basic […]
China’s Finance Ministry has announced to slash import tariffs for automobiles and car parts thus opening up greater access to the world’s largest auto market amidst easing of trade tensions with the US. The government will cut down imports to 15% from 25% which will be effective from 1 July as an effort to open […]
CEO of Emirates Development Bank, Haitham Kamhiyah, stated, “The Mohammed bin Rashid Innovation Fund (MBRIF) plans to provide financial support aggregating AED 100 million (US $27.2 million) for the year 2018,” following MBRIF’s strategy meeting with associates from the Ministry of Finance and members of its Advisory Board. The MBRIF is an initiative sponsored by the state […]
The Ministry of Finance announced yesterday that it had already provided about 55,000 loans under the Stand-Up India (SUPI) Scheme. The public sector provided the most loan grants with 51,888 loans. The private sector granted only 2,445 loans while the regional banks provided 1,009 loans to support the Stand-up India Scheme. Regional rural banks also […]
The Indian government is taking the offensive against those economic offenders attempting to run away from India. Public sector banks are now directed to collect passport details from borrowers seeking to obtain loans higher than Rs 50 crore. This measure is the next step towards clean and responsible banking, Rajeev Kumar, secretary of Department of […]
With the rolling out of GST on the 1st of July, the small and medium businesses are majorly confused due to a completely new method of indirect tax collection. GST is not only a financial or a compliance reform, but it’s a technological reform, as well. We would like to share some of the best […]