Government To Soon Appoint Managing – Latest news headlines


Government will soon appoint head of the National Bank for Financing Infrastructure and Development

Finance Ministry will soon start the process for appointing a managing director (MD) and deputy managing directors (DMDs) of the newly set up Rs 20,000 crore development finance institution, namely National Bank for Financing Infrastructure and Development (NaBFID).

Government has envisioned the institution for expediting investment in the fund-starved infrastructure sector.

Last month, the government had appointed veteran banker K V Kamath as the chairperson of NaBFID for three years.

According to sources, the finance ministry will soon intimate the Banks Board Bureau (BBB) about the appointment of MD and DMDs of NaBFID.

The bureau will issue advertisements and undertake a selection process, sources said.

The BBB is the headhunter for state-owned banks and financial institutions.

The MD, DMDs and whole-time directors would not hold office after attaining the age of 65 years and 62 years respectively.

As per the NaBFID Act 2021, the institution would have one managing director and not more than three DMDs.

The government has committed Rs 5,000 crore grant over and above Rs 20,000 crore equity capital.

The central government will provide grants by the end of the first financial year. The government will also provide guarantee at a concessional rate of up to 0.1 per cent for borrowing from multilateral institutions, sovereign wealth funds, and other foreign funds.

The development finance institution (DFI) has been established as a statutory body to address market failures that stem from long-term, low margin and risky nature of infrastructure financing.



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Latest News Today – Government Releases Rs 75,000 Crore To States As GST


Government has released Rs 75,000 crore to states as GST compensation

The Government on Thursday released an amount of Rs 75,000 crore as compensation to states for Goods and Services Tax (GST).

In a statement issued by the Finance Ministry, it was informed that the amount has been released under the back-to-back loan facility in lieu of GST compensation. This release is in addition to normal GST compensation being released every two months out of actual cess collection, it added further.

“Subsequent to the 43rd GST council meeting held on May 28, 2021, it was decided that the Central Government would borrow Rs 1.59 lakh crore and release it to states with legislature on a back-to-back basis to meet the resource gap due to the short release of compensation on account of inadequate amount in the compensation fund,” the statement said.

This amount is as per the principles adopted for a similar facility in 2020-21, where an amount of Rs 1.10 lakh crore was released to states under a similar arrangement, official sources said.

“For effective response and management of pandemic and a step-up in capital expenditure all states have a very important role to play. For assisting the states in their endeavour, the Ministry of Finance has frontloaded the release of assistance under the back-to-back loan facility during 2021-22 of Rs 75,000 crore (almost 50 per cent of the total shortfall for the entire year) released today in a single installment,” it said.

The balance amount will be released in the second half of 2021-22 in steady instalments.



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Latest News Today – Union Cabinet May Clear Dearness Allowance Dues


Union Cabinet is likely to clear Dearness Allowance disbursement prospectively today

In what could be good news for Central Government employees and pensioners, the Union Cabinet is likely to clear the proposal of giving them Dearness Allowance (DA) and Dearness Relief (DR) hike with effect from July 1, 2021.

Sources in the know informed that this is likely to be given prospectively. It could be disbursed from September this year, they added.

The Union Cabinet is meeting today afternoon. This is the second meeting of the newly reshuffled Cabinet in less than a week.

Last week, the Joint Council Machinery for Central Government Employees (JCM) which is headed by the Cabinet Secretary, is learnt to have cleared the proposal for hiking DA and DR.

The proposal is also learnt to have been cleared during a meeting held on June 26 between Finance Ministry and officials of the Department of Personnel and Training.

The JCM consists of representatives of recognised Central Government employees union as well as senior Central Government officials.

The DA and DR instalments are due for four periods namely January 1, 2020, July 1, 2020, January 1, 2021 and July 1, 2021.

Hit by the Coronavirus pandemic, the Centre had last year on April 23, 2020, decided to freeze DA and DR with effect from January 1, 2020 till July 2021, with the aim of saving funds to combat the medical emergency which continues to affect the nation. 



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Latest News Today – Finance Ministry Forms Panel On Holding Bank Exams In


Finance Ministry has formed a panel to study the issue of holding exams in banks in regional languages

The Finance Ministry on Tuesday said that keeping in mind the growing demand for holding clerical cadre examination in public sector banks in local or regional languages, a committee has been formed to look into the matter.

It further said that till the time the committee submits its report, the exams which are conducted by the Institute of Banking Personnel Selection (IBPS), will be put on hold.

In a statement, the ministry said, “the committee will give its recommendations within 15 days. The ongoing process of holding the examination initiated by Institute of Banking Personnel Selection (IBPS) will be kept on hold until the recommendations of the committee are made available.” 

Referring to reports in certain sections of the media regarding IBPS holding exams for recruiting clerical cadre in public sector banks only in Hindi and English when 22 languages are recognised by Indian Constitution, which also cited Finance Minister Nirmala Sitharaman’s statement made in 2019 that banking exams would be held in local languages, the ministry clarified that she had made the comment in context of regional rural banks (RRBs) only.

The Finance Ministry said that in order to provide a level playing field to local youths in employment opportunities, the Government in 2019 had decided that for recruitment of “Office Assistant” and “Officer Scale I” in RRBs, examination will be held in 13 regional languages including Konkani and Kannada, besides Hindi and English.

Since then, examination for recruitments in RRBs are being conducted in regional languages also, the official statement said.



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Latest News Today – Government Could Not Issue Tenders For BSNL, MTNL 4G


Telecom Ministry could not float tenders for 4G spectrum rollout for BSNL, MTNL in 2020-21

The Government has plans to revive its two telecommunication behemoths namely Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL), which have been in the red for a long time now.

In the Union Budget for 2020-21, the Ministry for Telecommunication had been allocated Rs 20,410 crore by the Finance Ministry for capital infusion in both the organisations by providing them with 4G spectrum. Allotment of 4G spectrum to both the entities has been envisaged by the Centre as a step to financially revive them.

However the Finance Ministry shifted the entire amount allotted for the purpose to the current financial year, i.e. 2021-22, as the Telecommunication Ministry could not start the tender process for providing both BSNL and MTNL with 4G spectrum allocation.

Top sources in the Telecommunication Ministry confirmed that there was a delay in the tendering process for allotment of 4G spectrum to the two state-owned communication companies in 2020-21. 

Due to the delay, the ministry could not spend the entire Rs 20,410 crore during the whole of 2020-21, thus forcing the Finance Ministry to shift the allocated amount to the current financial year of 2021-22.

Official sources said that the funds were withdrawn from the Telecommunication Ministry during the Revised Estimate stage. Normally a certain amount is allocated to a department in the Union Budget for meeting its various expenses. This is called Budgetary Allocation in Finance Ministry’s parlance.

During the middle of the financial year, departments seek additional funds from the Finance Ministry depending on their requirements. Sometimes the original amount given under Budgetary Allocation is topped up or is even reduced, after reviewing the spending of the particular department or ministry. This is called Revised Estimate.

In this particular case, the Budgetary Allocation made in the Union Budget 2020-21 was Rs 20,410 crore under the head “Capital Infusion in BSNL and MTNL for 4G Spectrum”. However at the Revised Estimate stage, this was brought down to “zero” as even till January 2021, the Telecommunication Ministry had not spent a single paisa from the allotted amount.

Due to the delay on part of the Telecommunication Ministry in issuing tenders for allocation of 4G spectrum for BSNL and MTNL, the entire amount was shifted as Budgetary Estimate for 2021-22 for the same purpose.



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Latest News Today – Net Direct Tax Collections Of 2021-22 So Far Grow By


Net direct tax collections till June of 2021-22 have shown growth

Net direct tax collections till June 15 during the current fiscal, i.e. 2021-22 stood at Rs 1,85,871 crore, which are an astounding 100 per cent more than Rs 92,762 crore which had been collected over the corresponding period of last year (2020-21).

According to figures released by the Ministry of Finance, the net direct tax collections include corporation tax at Rs 74,356 crore (net of refund) and personal income tax including security transaction tax (STT) at Rs 1,11,043 crore (net of refund).

The gross collection of direct taxes (before adjusting for refunds) for 2021-22 stands at Rs 2,16,602 crore compared to Rs 1,37,825 crore in the corresponding period of the preceding year. 

This includes corporation tax at Rs 96,923 crore and personal income tax including STT at Rs 1,19,197 crore.

The ministry informed that despite extremely challenging initial months of the new fiscal, the advance tax collections for the first quarter of the 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding financial year, showing a growth of approximately 146 per cent.



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Cairn Hopeful Of Solution In $1.2 Billion-Plus Tax | Sidnaz Blog


This month, Cairn filed a case in a U.S. district court to enforce the arbitration award

Cairn Energy Plc said on Sunday it had discussed multiple proposals with Indian government officials in recent days in an attempt to find a “swift solution” to a long drawn-out tax dispute with India. In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty.

This month, Cairn filed a case in a U.S. district court to enforce the arbitration award, taking an initial step in its efforts toward recovering dues. The U.S. court this week issued electronic summons to the Indian government to file its response to the lawsuit within 60 days or face a judgment by default.

In a release on Sunday, Cairn said it had held “cordial and constructive discussions” with officials from the Indian finance ministry.

“We remain hopeful that an acceptable solution can be found, in order to avoid further prolonging and exacerbating this negative issue for all parties,” the company said, adding it is also ready to take all necessary steps to protect the interests of its shareholders.

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The Indian government welcomes Cairn’s move to reach out for a resolution but plans to file an appeal against the arbitration award and contest its sovereign right to tax, said a government official in New Delhi, who asked not to be identified.

Cairn took the case to arbitration in 2015 to fight a demand from Indian authorities in 2014 for Rs 102 billion ($1.4 billion) in taxes that India said it was owed on capital gains related to the 2007 listing of its local unit.

India lost another major international arbitration case last September against telecommunications giant Vodafone over a $2 billion retrospective tax dispute.



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Budget 2021: What Is Halwa Ceremony And What Does It | Sidnaz Blog



Budget 2021 Halwa Ceremony: Ahead of the budget presentation every year, the ceremony recognises the efforts of all staff members and officials who were part of the budget-making process



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Final Stage Of Budget 2021-22 Starts; Ahead of Union | Sidnaz Blog


Budget 2021: Halwa ceremony was held at North block, Ministry of Finance on January 23

Budget 2021 – Halwa Ceremony 2021: The traditional ‘halwa ceremony’ marking the final stage of Budget 2021-22, was held on Saturday, January 23, at the Union Finance Ministry headquarters at North Block in New Delhi. While the traditional ceremony marks the commencement of the printing process of the government’s Budget document, this year’s Union Budget 2021-22 will be delivered in paperless form for the first time ever, on February 1, 2021. Finance Minister Nirmala Sitharaman and Minister of State Anurag Thakur took part in the halwa ceremony. (Also Read: Budget 2021: Budget Will Be Paperless For The First Time Ever )

 A customary halwa ceremony is performed every year before the lock-in process of the Budget preparation begins. According to the ritual, an Indian dessert or sweet dish is prepared in a large vessel and served to the officials of the Finance Ministry. The dessert is prepared in a large vessel and served to those who are directly associated with the Budget making process. The officials are then required to stay in the north block of the Finance Ministry for around 10 days. The lock-in process is observed to maintain the secrecy of the upcoming budget and prevent any leaks before it is presented in the Parliament. 

At the halwa ceremony, the Finance Minister Nirmala Sitharaman was accompanied by Minister of State for Finance and Corporate Affairs Anurag Singh Thakur, Dr A.B. Pandey, Finance Secretary and Secretary (Revenue), T.V. Somanathan, Secretary, Expenditure, Tarun Bajaj, Secretary, Economic Affairs and other top officials of the Ministry of Finance.

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On the occasion, Finance Minister also launched a Union Budget Mobile App for quick and hassle-free access of Budget documents by Members of Parliament as well as the general public. This is the first time in the history of independent India that official budget papers will not be printed.



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