Ministry of Finance News

The anti-dumping duties, effective immediately must be paid in Indian rupees based on the exchange rate.  

Union Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on February 1, 2025, wearing an off-white Madhubani saree gifted by Padma Shri awardee Dulari Devi. Devi, from Bihar's fisherman community, overcame hardships to become an accomplished Madhubani artist. Her paintings, displayed in over 50 exhibitions, promote awareness on social issues. Sitharaman’s saree, featuring fish motifs, continues her tradition of highlighting India’s handloom heritage in budget presentations. (Pictures by PTI)

Department for Promotion of Industry and Internal Trade has created the Startup India Seed Fund Scheme (SISFS) with an outlay of Rs 945 Crore to provide financial assistance to startups.

To facilitate the payment, the original subscriber or any subsequent holders of these Government Securities must provide the relevant bank account information well in advance.

There has been a suspense over whether the banks will be open or closed on January 22 which is Monday.

This decision will directly impact millions of citizens across India who have invested in various small savings schemes. Some popular schemes include the Senior Citizen Savings Scheme, Monthly Income Account Scheme, National Savings Certificate, Public Provident Fund Scheme, Kisan Vikas Patra, Sukanya Samriddhi Account Scheme, among others.

The coin of Rs 75 denomination shall be coined at the Mint for issue under the authority of the Central Government on the occasion of Inauguration of New Parliament Building, said the Finance Ministry.

In 2018, there were 3,362 million pieces of Rs 2000 denomination banknotes in circulation. In 2020, the Rs 2000 notes in circulation came down to 2,739.8 million pieces The Rs 2000 currency notes in circulation declined from 3,362 million pieces in 2018 to 2,142 million pieces in 2022.

Toll-free numbers and voicemail services have been launched for Pensioners. Earlier, Pensioners need to visit centres to register their concerns. The service will ensure quick disposal of grievances.

The SCSS account can be opened with a minimum deposit of Rs 1,000. Senior Citizens’ Savings Scheme (SCSS) comes with a maximum deposit amount of Rs 15 lakhs The investors of the SCSS can also claim a tax benefit Under Section 80C of the Income Tax Act, 1961.

The company reportedly showed expenses of Rs 4.8 crore that the firm failed to justify. The government allegations follow raids by its income tax authorities last month at Huawei's office premises.

The mop up in August is, however, lower than Rs 1.16 lakh crore collected in July 2021. The revenues for the month of August 2021 are 30 per cent higher than the GST revenues in the same month last year. In August 2020, Goods and Services Tax (GST) collection was Rs 86,449 crore.

The body said, "We are sorry to say that nothing has been done so far in this regard." The body also referred to an apex court order where the Supreme Court had held that pension is valuable right vested in a government servant. Bharatiya Pensioners Manch has urged Prime Minister Narendra Modi to exempt pension from income tax.

A two-year-old is set to get world's most expensive drug Finance ministry has decided to waive off import duty

Finance Minister Nirmala Sitharaman has offered to share the CoWIN platform with other nations for free She said that humanitarian needs outweigh commercial benefits She was participating on the second day of the ongoing G20 Finance Ministers and Central Bank Governors Meeting

About 21 lakh new recruits are benefitted so far from ARBY With an outlay of ₹22,810 crore, workers recruited from October 1, 2020 to June 30, 2021, were covered.

The Ministry of Finance announced a reduction in the rate of interest. The ministry has also announced a late fee waiver. Extension of several due dates has also been announced.

Bank unions are now showing their concerns towards bank employees. Bank unions are requesting safety measures for workers. UFBU also requested to allow bank employees to work from home.

"Everybody pays GST on their consumption unless they choose to buy without bills in black, a practice the Government obviously does not condone and which hopeful the ET does not want to encourage. Incidentally, the entitlements under the scheme have been worked out at full cost (i.e. including the GST element in fares)," stated the Finance Ministry.

The search also revealed that the assessee’s children are studying in USA on whom expenditure of approximately Rs 25 lakh per annum is being incurred The expenditure on account of education in USA prima-facie appears to be unexplained/ undisclosed. Further, the assessee is also running a B-Ed College as a Trust along with his mother The Trust is not registered and no return is being filed for the Trust though it has substantial taxable income