2nd GST Council meeting underway to discuss various issues of GST revenue

The 42nd GST Council meeting is underway in New Delhi. Finance Minister Nirmala Sitharaman is chairing the meeting through video conferencing. Minister of State for Finance Anurag Thakur and Finance Ministers of States and Union Territories are present at the meeting. In the last meeting of GST council, Centre had given two borrowing options to States to meet GST compensation requirement for the current financial year. States can borrow either 97 thousand crore rupees from a special window facil...

Govt releases Rs 6,195 cr to 14 states as fifth equated monthly instalment under 15th Finance Commission recommendation

Government has released six thousand 195 crore rupees to 14 states as the fifth equated monthly instalment of the Post Devolution Revenue Deficit Grant as recommended by the 15th Finance Commission. These States are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Tamil Nadu, Tripura, Uttrakhand, West Bengal and Sikkim. In a tweet, Finance Minister Nirmala Sitharaman said, this will provide them additional resources during the Corona crisis. 

FM Sitharaman attends 5th Annual Meeting of Board of Governors of AIIB

PSBs to purchase NBFC Bonds/CPs worth Rs 14,667 cr under extended PCGS: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that the Partial Credit Guarantee Scheme, PCGS was revamped under the Aatmanirbhar Bharat Package to support the liability side of Non Banking Financial Companies, NBFCs. It provides a 20 per cent portfolio guarantee to Public Sector Banks for the purchase of Bonds or Commercial Papers rated AA and below which are issued by NBFCs.   In a tweet, Ms Sitharaman said, as of 10th July, under the extended PCGS, Public Sector Banks have approved the purchase...

PSBs disburse Rs 12,200 Cr to states, UTs so far: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman today said, the Public Sector Banks have disbursed 12,200 crore rupees to the States and Union Territories so far. She also said, PSBs have sanctioned loans worth 24 thousand 260 crore rupees under the 100 per cent Emergency Credit Line Guarantee Scheme including the disbursed amount. Maximum disbursements were made by the State Bank of India followed by Canara Bank. SBI disbursed more than seven thousand five hundred crore rupees whereas Canara bank disbursed...

Govt will continue to engage with industry to fulfill PM's vision of New India: Sitharaman

Finance Minister Nirmala Sitharaman has said that the government will continue to engage with stakeholders and industry to fulfill Prime Minister's vision of 'New India'. Interacting with Trade and Industry Representatives in Kolkata on Budget-2020 on Sunday, she said, the government's role will be that of a technology facilitator. She said that the vision of New India will be successful with initiatives in entrepreneurial and 'Digital India'...

No proposal to bring out White Paper on Economy: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said, there is no proposal to bring out a White Paper on Economy. In a written reply in Lok Sabha, the Minister said, government has initiated several structural reforms in recent years. She added that introduction of Insolvency and Bankruptcy Code is a significant step towards cleaning and strengthening the financial system of the country. The Minister said, implementation of GST stands out as the most important measure for improving ease of doing busines...

Sitharaman asks CCI to ensure that Indian enterprises are not subjected to abuse from entities overseas

Finance Minister Nirmala Sitharaman has asked the Competition Commission of India, CCI to ensure that Indian enterprises are not subjected to abuse from entities overseas.  Speaking at an event to celebrate ten years of Competition Commission of India, in New Delhi, Mrs Sitharaman said the regulator has many challenges in the context of new economy.  Minister of State for Finance, Anurag Thakur said, GST, insolvency bankruptcy code and demonetization have changed the entire business environment.