Last month, Finance Minister Arun Jaitley had announced an unprecedented Rs 2.11 lakh crore two-year road map for strengthening public sector banks. The plan included re- capitalisation bonds of Rs 1.35 lakh crore.
The meeting assumes significance in the light of the recent government announcement of fund infusion in the public sector banks over a period of two years.
The government announced the recapitalisation plan earlier this week. As part of the plan 1.35 trillion rupees worth of bonds will be issued.
Of this, Rs 14,042 crore is on account of Central GST, while State GST is to the tune of Rs 21,172 crore.
"APY is not only a flagship scheme of the government, it is an important instrument for inclusion...within three years, the scheme has been able to mobilise nearly 69 lakh accounts," Financial Services Secretary Rajiv Kumar said in a video message to an event organised by PFRDA here.
In an exclusive interview to News18 India, the former finance minister said that the first serious task of the government should have been to solve the NPAs issue, plaguing the banking sector and holding back the economy.
The government has said it will borrow 3.72 trillion rupees ($56.92 billion) via bonds during April-September, comprising 64 percent of its full-year borrowing.
Jaitley, who has been holding consultations with his Cabinet colleagues and senior government officials to devise plans to lift the economic growth, said real estate can be brought under the just-introduced Goods and Services Tax.
There is speculation that Subramanian may be given an extension, making his tenure co-terminus with the NDA government’s current term till 2019
The commerce ministry is also holding consultations with exporters to review the foreign trade policy.
Even though independent India's biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers.
The studies, commissioned by the previous UPA regime, were conducted by the Delhi-based National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM), Faridabad.
The Aadhaar matter is before the Supreme Court with next date of hearing posted for November, and the deadline for Aadhaar linking for availing of social sector schemes has been extended till December-end.
"There is no proposal to reintroduce 1,000 rupee note" said Economic Affairs Secretary Subhash Chandra Garg in a tweet.
Last year, the Central Board of Direct Taxes (CBDT) had set up 'local committees' comprising senior officers in each region to dispose such grievance and complaint petitions within a short period of time.
A grant agreement from the Global Environment Facility (GEF) of the World Bank of USD 24.64 million for the project was signed here today, a Finance Ministry statement said.
ICICI Bank had written off the highest amount of loans at Rs 15,175 crore in FY17, while HDFC Bank and Axis Bank had written off Rs 2,386 crore and Rs 2,222 crore, respectively
Last year, the ministry provided capital to banks in two tranches. As many as 13 public sector banks together got Rs 22,915 crore in the first tranche announced in July 2016.
The extant prudential NPA norms were brought in after extensive consultations and were based on the report of the Committee headed by M Narasimham on Banking Sector Reforms, Minister of State for Finance Santosh Kumar Gangwar said in the Rajya Sabha.
Besides, it is working on the Banning of Unregulated Deposit Schemes and Protection of Depositors Interests Bill. The Department of Financial Services (DFS) is preparing a draft Bill in this regard and will shortly approach the Cabinet for its nod, a government official said.
Investors faced problems on the NSE, which had briefly stopped trading in cash and F&O (futures and options) segments. Later, trading activities resumed at 1230 hours. Sources said Sebi is constantly monitoring the situation and this sort of problem is a serious concern for the ministry, hoping that such situations do not happen again.
The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as well, official sources have said.
In a bonanza to central government employees, the Union Cabinet had last month approved recommendations of the CPC with 34 modifications, which will mean an additional annual burden of Rs 30,748 crore on the exchequer.
The decision to introduce Rs. 200 notes was taken by the RBI with the consultation of Finance Ministry in March, reports said. A may be issued by the Reserve Bank of India regarding a new note.
"There are some messages going around in the social media stating that the temple trusts have to pay the GST while the churches and mosques are exempt. This is completely untrue because no distinction is made in the GST law on any provision based on religion," the finance ministry said in a statement.f