Ministry of Finance: News
14 Dec 2024
National Payments Corporation of IndiaUPI hits record 15,500 crore transactions worth ₹223 lakh crore
The Unified Payments Interface (UPI) has achieved a major milestone by processing 15,547 crore transactions amounting to ₹223 lakh crore between January and November 2024.
02 Dec 2024
Indian GovernmentModi government removes windfall tax on ATF, petrol and diesel
The Indian government has abolished the windfall tax on aviation turbine fuel (ATF), crude products, as well as diesel and petrol.
29 Nov 2024
InsuranceFinance Ministry proposes 100% FDI in insurance sector
India's Ministry of Finance has proposed to raise the foreign direct investment (FDI) limit in domestic insurance companies from 74% to 100%.
25 Nov 2024
ParliamentCounterfeit ₹500 notes up 300% in India over 5 years
The Finance Ministry has revealed a shocking rise in the circulation of counterfeit ₹500 notes in India. In the last five years, there has been a whopping 317% rise in these fake notes.
22 Nov 2024
Ministry of Electronics and ITIndia plans $5B incentive program to boost domestic electronics production
India is gearing up to launch a $5 billion incentive program to boost domestic production of electronic components.
01 Nov 2024
GSTGST collections in October hits 6-month high of ₹1.87L crore
India's Goods and Services Tax (GST) collections for October 2024 have hit a six-month high of ₹1.87 lakh crore, an annual growth of 8.9%.
25 Oct 2024
Nirmala SitharamanFinance Ministry doubles PMMY loan limit to ₹20 lakh
The Indian Finance Ministry has announced a major hike in the loan limit under the Pradhan Mantri Mudra Yojana (PMMY).
07 Oct 2024
Securities and Exchange Board of IndiaFinance Ministry begins search for next SEBI chief: Report
The Indian Finance Ministry has begun the search for a possible successor to Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI).
11 Sep 2024
State Bank of India (SBI)MTNL might be declared NPA due to loan default
Mahanagar Telephone Nigam Limited (MTNL) is facing a severe financial crisis after defaulting on its loan repayments.
04 Sep 2024
Securities and Exchange Board of IndiaSEBI officials flag 'toxic, humiliating' work culture to Modi government
Officials from the Securities and Exchange Board of India (SEBI) have lodged a complaint with the Finance Ministry, alleging a toxic work environment within the organization.
03 Sep 2024
Department of Economic AffairsNew PPF rules effective October 1: How they impact you
The Department of Economic Affairs, under the Ministry of Finance, has announced new guidelines for Public Provident Fund (PPF) accounts.
25 Aug 2024
JioJio Financial Services gets nod to increase foreign investment limit
Jio Financial Services has received authorization from the Department of Economic Affairs, Ministry of Finance, to raise its foreign investment limits.
28 Jul 2024
Indian GovernmentTraveling overseas? Centre says tax clearance certificates are not mandatory
In response to public backlash on social media, the Indian government clarified today that tax clearance certificates are not mandatory for all overseas travelers.
10 Jul 2024
ChennaiWho's Anukathir Surya, IRS officer who changed name, gender officially
In a historic decision, the Ministry of Finance has approved a senior Indian Revenue Service (IRS) officer's request to change her name and gender in all official documents.
24 Jun 2024
Nirmala SitharamanFinance Ministry considers raising standard deduction limit in income tax
The Finance Ministry, led by Nirmala Sitharaman, is contemplating an increase in the standard deduction limit for taxpayers under the new regime.
02 Mar 2024
PaytmFinance Ministry imposes Rs. 5.49cr fine on Paytm Payments Bank
India's Financial Intelligence Unit (FIU) has slapped Paytm Payments Bank, Paytm's banking division, with a hefty penalty of Rs. 5.49 crore for failing to report illegal monetary transactions through its accounts.
23 Feb 2024
Indian GovernmentI-Soon leak: Chinese hackers target India's government offices, corporates
A Chinese hacker group with ties to the Beijing government has reportedly targeted key Indian government offices, including the Prime Minister's Office, and corporates like Reliance Industries and Air India.
23 Jan 2024
IndiaCentre hikes import duty on gold, silver jewelery parts
The Finance Ministry has raised the import duty on gold and silver findings (small parts) and coins of precious metals from 11% to 15%, as per Reuters.
31 Dec 2023
Indian GovernmentArvind Panagariya appointed as 16th Finance Commission Chairman
The Indian government has appointed Arvind Panagariya, a former NITI Aayog Vice Chairman and Columbia University professor, as the Chairman of the 16th Finance Commission.
04 Dec 2023
BusinessIndia to become $5tn economy in 'Amrit Kaal': MoS Finance
Pankaj Chaudhary, the Minister of State for Finance, stated that India is poised to become a $5 trillion economy in the early stages of "Amrit Kaal."
21 Nov 2023
InflationIndia may face recession risks in 2024, warns Finance Ministry
The Ministry of Finance's latest monthly review warns of a potential recession in 2024 due to uncertainties surrounding rising food and energy costs amid geopolitical tensions.
16 Nov 2023
IndiaFinance Ministry to present concise economic report before Interim Budget
The Indian Finance Ministry is planning to release a concise report outlining the nation's economic status prior to the Interim Budget on February 1, Moneycontrol has reported.
10 Nov 2023
Employees' Provident Fund Organisation (EPFO)Centre begins crediting interest to PF accounts ahead of Diwali
The process of depositing interest into provident fund (PF) accounts for the fiscal year 2022-23 has begun, as reported by the Employees' Provident Fund Organisation (EPFO) in an official announcement.
31 Oct 2023
Indian GovernmentCentre's fiscal deficit widens to Rs. 7L crore in April-September
The Indian government's fiscal deficit expanded to Rs. 7.02 lakh crore during April-September, up from Rs. 6.43 lakh crore in April-August, as reported by the Controller General of Accounts.
20 Sep 2023
Reserve Bank Of India (RBI)Government's borrowing plan for H2 FY24 to remain unchanged
The Ministry of Finance is unlikely to alter the government's borrowing plan for the second half of FY24, maintaining the scheduled Rs. 6.55 lakh crore announced in late March.
30 Jun 2023
PAN CardDeadline for PAN-Aadhaar linking ends today: How to complete process
The deadline to link the Permanent Account Number (PAN) to Aadhaar ends today (June 30), as per the announcement by the Ministry of Finance.
22 May 2023
InflationAll commodities likely to become cheaper in 2023: Finance Ministry
The prices of all commodities, except precious metals, are expected to see a drop in 2023, the Finance Ministry said in the April edition of its Monthly Economic Review.
28 Mar 2023
Income Tax Return10 income tax rule changes from April 1: Know here
The new financial year 2023-24, which starts on Saturday (April 1), will see the Ministry of Finance bring about many changes to the income tax rules.
28 Mar 2023
PAN CardPAN-Aadhaar linking deadline extended to June 30, 2023
The deadline to link the Permanent Account Number (PAN) to Aadhaar has been extended to June 30, 2023, the Ministry of Finance announced on Tuesday.
28 Mar 2023
Employees' Provident Fund Organisation (EPFO)EPFO fixes 8.15% interest rate on Employees' Provident Fund
The Employees Provident Fund Organization (EPFO) has fixed an 8.15% interest rate on the Employees' Provident Fund (EPF) for 2022-23, reported NDTV.
23 Mar 2023
Unified Payments Interface (UPI)Over 95,400 UPI-related frauds reported in 2022-23: Centre
A total of 95,402 cases of Unified Payments Interface (UPI) transaction-related frauds were recorded in the country in 2022-23, the Finance Ministry told the Parliament on Wednesday.
08 Mar 2023
CryptocurrencyGovernment imposes anti-money laundering provisions on cryptocurrency, virtual assets
In the latest blow to the cryptocurrency sector in the country, the Indian government has imposed money laundering provisions on the industry.
01 Mar 2023
GSTFebruary GST collections up 12%, third-highest of all time
Goods and Services Tax (GST) collections increased by 12% to over Rs. 1.49 lakh crore in February 2023, the Finance Ministry informed on Wednesday.
31 Jan 2023
ParliamentParliament Budget Session begins; President Murmu calls government fearless, decisive
The Budget Session of the Parliament kicked off on Tuesday with President Droupadi Murmu's maiden address to a joint sitting of Lok Sabha and Rajya Sabha.
17 Jan 2023
Union BudgetCentre mulling over reducing income tax rates under new regime
The central government is mulling over lowering income tax rates in order to make the new direct tax regime more attractive, as per a report by Reuters.
16 Dec 2022
Indian GovernmentCentre cuts windfall tax on oil companies amid falling prices
The Indian government has slashed the windfall taxes imposed on domestic crude oil exports, diesel, and Aviation Turbine Fuel (ATF).
21 Nov 2022
Nirmala SitharamanUnion Budget 2023: Finance Minister Nirmala Sitharaman begins pre-budget talks
Union Finance Minister Nirmala Sitharaman on Monday, as part of pre-Budget 2023-24 consultations, virtually held discussions with experts and industry leaders in infrastructure and climate change areas.
13 Oct 2022
Government of IndiaEducation loan guarantee limit will be Rs. 10 lakh: Report
The Government of India is considering raising the guarantee limit for education loans from Rs. 7.5 lakh to Rs. 10 lakh, according to The Indian Express report.
05 Aug 2022
CryptocurrencyMoney laundering: ED freezes crypto exchange WazirX chief's bank assets
The Enforcement Directorate (ED) on Friday froze the bank assets of cryptocurrency exchange WazirX heads in an ongoing money laundering probe.
19 Apr 2022
Sri LankaSitharaman assures Sri Lanka of all possible assistance from India
Finance Minister Nirmala Sitharaman on Tuesday "assured all possible cooperation" to her Sri Lankan counterpart Ali Sabry on the sidelines of IMF-WB Spring Meetings in the US.
01 Feb 2022
Nirmala SitharamanUnion Budget 2022: Here are the key takeaways
Union Finance Minister Nirmala Sitharaman on Tuesday (February 1) presented the Budget for the upcoming fiscal year, 2022-2023.
11 Jan 2022
Central Board of Direct Taxes (CBDT)Income Tax Returns deadline extended to March 15
The central government on Tuesday extended the due date for filing Income Tax Returns for Assessment Year 2021-22 to March 15, 2022.
27 Dec 2021
Nirmala SitharamanGST changes from January 1: Here's how it impacts prices
The Goods and Services Tax (GST) regime will witness a host of tax rate and procedural changes starting January 1, 2022.
29 Nov 2021
IndiaNo proposal to recognize Bitcoin: Finance Ministry tells Parliament
The Centre said Monday that it has no proposal to recognize Bitcoin as a currency in the country.
04 Nov 2021
Fuel Price Hike9 BJP-ruled states cut petrol, diesel rates further
Several states have announced additional relaxations for prices in petrol and diesel shortly after the Centre cut excise duty on fuel.
03 Nov 2021
Government of IndiaPetrol, diesel made cheaper before Diwali; excise duty slashed
The central government on Wednesday announced a reduction in the excise duty on petrol and diesel.
21 Oct 2021
Dearness AllowanceCabinet approves 3% DA hike for central government employees
The Union Cabinet on Thursday approved a 3% hike in dearness allowance (DA) and dearness relief (DR) for central government employees and pensioners.
13 Oct 2021
IndiaSitharaman rubbishes reports of coal shortage as 'baseless'
Finance Minister Nirmala Sitharaman on Tuesday denied reports of coal shortage in the country and said these are "absolutely baseless."
05 Oct 2021
Central Board of Direct Taxes (CBDT)Pandora Papers: Government orders multi-agency probe led by CBDT
The Centre on Monday ordered a multi-agency probe to investigate the revelation made by media organizations, dubbed the "Pandora Papers," about the hidden wealth of global elites, including 380 Indians, in offshore accounts.
16 Sep 2021
Nirmala SitharamanNirmala Sitharaman announces Rs. 30,600 crore guarantee for 'bad bank'
To reduce the non-performing assets (NPA) of public sector banks, the Union Cabinet approved a plan to set up the National Asset Reconstruction Company Limited (NARCL) or the "bad bank."
15 Sep 2021
Supreme Court Of IndiaCentre 'cherry-picking' candidates for tribunal appointments; SC warns contempt proceedings
The Supreme Court Wednesday came down heavily on the Centre for "cherry-picking" appointments from its tribunal waitlist rather than appointing persons recommended by the Search and Selection Committees (SCSCs).
23 Aug 2021
Nirmala SitharamanSitharaman launches National Monetization Pipeline to monetize under-utilized assets
Finance Minister Nirmala Sitharaman on Monday launched the National Monetization Pipeline worth Rs. 6 lakh crore.
16 Aug 2021
Nirmala SitharamanNo excise cut on fuel; Sitharaman blames UPA-era oil bonds
Finance Minister Nirmala Sitharaman on Monday blamed the former Congress-led United Progressive Alliance government for the soaring fuel prices.
26 Jul 2021
Indian EconomySpike in rural unemployment; urban unemployment rises marginally: CMIE
Rural India is witnessing a spike in the weekly unemployment rate, according to data from the Centre for Monitoring Indian Economy (CMIE).
25 Jul 2021
Reserve Bank Of India (RBI)Salary, pension, EMI rules changing; all you need to know
All important banking transactions such as salary, pension, and Equated Monthly Installment (EMI) payments will take place 24X7 from August 1.
14 Jul 2021
Anurag ThakurDearness Allowance for government employees hiked from July 1
The Union Cabinet on Wednesday approved a hike in the Dearness Allowance (DA) and Dearness Relief (DR) for employees of the central government and pensioners.
03 Jul 2021
Tax Deducted at Source (TDS)TDS rules change from this month. Check details here
In the Union Budget 2021, the Finance Ministry has introduced a fresh rule to deduct Tax Deducted at Source (TDS) at a higher rate for those who failed to file their income tax returns for the past couple of years.
28 Jun 2021
Nirmala SitharamanFM announces Rs. 1.1 lakh-crore loan guarantee for COVID-hit sectors
Union Finance Minister Nirmala Sitharaman addressed a key press conference on Monday, announcing a slew of economic relief measures.
01 Apr 2021
Nirmala SitharamanWithin hours, Modi government rolls back small savings rate cut
Less than 12 hours after announcing a steep reduction in small savings interest rates, the government has scrapped the order, saying it was issued by oversight.
01 Feb 2021
Indian RailwaysBudget 2021: Rs. 1.1 lakh crore plan for Indian Railways
Union Finance Minister Nirmala Sitharaman on Monday announced a record sum of Rs. 1.10 lakh crore for the Indian Railways in her Budget 2021 speech.
01 Feb 2021
Nirmala SitharamanBudget 2021: What gets more expensive and what gets cheaper?
Union Finance Minister Nirmala Sitharaman on Monday presented the Union Budget for the financial year 2021-2022.
01 Feb 2021
Nirmala SitharamanBudget 2021: What is the voluntary vehicle scrappage policy?
During her Union Budget 2021 speech, Finance Minister Nirmala Sitharaman on Monday announced a voluntary vehicle scrappage policy.
01 Feb 2021
Nirmala SitharamanBudget 2021: Infrastructure gets big boost
Union Finance Minister Nirmala Sitharaman on Monday unveiled India's first post-COVID-19 Union Budget for the financial year 2021-2022.
19 Jan 2021
ReutersIndia to hike import duties on smartphones, electronics, etc.: Report
India is reportedly considering a hike in import duties by 5-10% on smartphones, electronic components, and appliances among more than 50 items in the upcoming Union Budget.
