ll investors related to mutual funds (MF), bank account holders and those who have invested in insurance schemes cannot operate their accounts opened between July 1, 2014 and August 31, 2015, from May 1 if they are not compliant with FATCA — tax information sharing law.
A whopping Rs 5,400 crore worth of "undisclosed income" has been detected by law-enforcing agencies till January 10 since demonetisation came into force last November, the government has told the Supreme Court.
There were over 33 crore beneficiaries of 84 schemes that have been onboarded under the direct benefit transfer (DBT) programme at the end of February 2017, the government said today.
The recent changes made by private banks around charges being imposed on cash transaction have been met with opposition from consumers, with 70 percent saying that these levies should be removed, a survey said.
The 20.6 trillion yen (USD 183.63 billion) surplus reflected the trade balance swinging into surplus on cheaper oil, rising foreign tourists arrivals creating a record travel surplus, and hefty foreign income from overseas investments.
"They had information (about E Ahmed's death) and could have decided yesterday (to make it public) but they put that on hold. They thought they will take a decision after the presentation of the Budget.
Ministry of Finance data showed on Wednesday that exports rose 5.4 percent year-on-year in December, compared with a 1.2 percent annual increase expected by economists in a Reuters poll. It followed an annual 0.4 percent decline in November.
This was a sharp drop from 8.4 percent in 2015 and 8.6 percent in 2014, partly because China's business tax was replaced with a value-added tax, the ministry said in an online statement.
The Cabinet decision to exempt states barring four, Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh, from NSSF investments from April 1, 2016 will help them raise cheaper funds from the market and reduce interest outgo.
Lou Jiwei, former finance minister and now head of the National Council for Social Security Fund, said the World Bank's micro methodology differed from common practices in terms of the scope of indicators and choices of data.
With less than a month remaining for budget presentation, Finance Ministry today invited suggestions from Twitterati on what should be the focus of the Budget for 2017-18 to be unveiled on February 1.
Besides, Public Investment Board (PIB) headed by Expenditure Secretary cleared 12 proposals involving expenditure of Rs 28,673 crore.
India faces the risk of missing a self-imposed deadline to launch the GST from April 2017 after a meeting of federal and state officials ended last Sunday without fixing who would administer the tax.
Labour Ministry today said it will launch a campaign in association with Department of Financial services to open bank accounts of workers, who do not have one till date, in the organised as well as unorganised sector.
Ministry of Finance (MOF) data showed on Monday that exports fell 10.3 percent in the year to October, pulled down by a strong rise in the value of the yen and lower export volumes, much weaker than the expected 8.6 percent drop and September's 6.9 percent decline.
RBI has been advised by Ministry of Finance to set up a Special Cell to monitor the receipt of fake currency notes and inform such instances to the law enforcement and investigative agencies, Finance Ministry said in a statement.
Speaking to CNBC-TV18 Samit Ghosh, CEO & MD of Ujjivan Financial Services, said that they have deferred repayment schedules for his customers following the demonetisation move by the government.
The last time India demonetized high denomination notes was in 1978 when Prime Minister Morarji Desai, also from Gujarat, banned The Indian rupee notes of 1000, 5000 and 10,000 denomination.
Rumours were rife that the government was planning to raise income tax on the earnings of more than 120,000 yuan (USD 18,460) a year, prompting the officials to say that people were putting together two separate things, state-run Global Times reported today.
"Transmission projects worth Rs 50,000 crore would be auctioned. It could be even more than this during this fiscal," Pujari told reporters at a CII conference here.
The Parliamentary Standing Committee on Finance headed by by former Union Minister and senior Congress leader M Veerappa Moily will deliberate on the Budget reforms.
Ministry of Finance (MOF) data showed on Wednesday that exports fell 9.6 percent in the year to August, dragged down by shipments of cars and steel. The year-on-year fall was bigger than a 4.8 percent drop expected by economists in a Reuters poll, following a 14.0 percent decline in July.
On Thursday, China's Ministry of Finance punished at least five car makers, accusing them of cheating its programme to subsidise electric and plug-in hybrid vehicles, receiving roughly 1 billion yuan (USD 150 million) in illegal subsidies.
The ministry previously estimated that setting up such a green fund will entail an expenditure of Rs 5,000 crore.
"In order to build a growth friendly eco-system, financial processes and systems are as important as the fund allocations," the Finance Ministry said in a statement today.