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The Latest Breaking News from The Finance Ministry

Retirement savings plan tipped for 2027

The Finance Ministry expects the new tax-deductible retirement savings scheme, known as the Thailand Individual Savings Account (TISA), to become available in the next tax year, according to the Fiscal Policy Office (FPO) chief.

Bangkok Post

Tragedy in India: Finance Ministry Officer Navjot Singh Killed, Wife Injured in BMW Crash

Finance Ministry officer Navjot Singh killed in BMW crash in India; wife injured. BMW driver booked for homicide as investigation unfolds amid growing public concern.

International Business Times UK

Thailand's ex-Prime Minister Yingluck ordered to pay for losses from a rice subsidy program

A Thai court has ordered exiled former Prime Minister Yingluck Shinawatra to pay more than $304 million to compensate for losses incurred by a money-losing rice farming subsidy program that her government had implemented more than a decade ago

The Independent UK

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Over 14 kg gold seized from Kannada actress at Bengaluru airport; Details...

The Finance Ministry said lady passenger has been arrested and remanded to judicial custody. A must must read on Dynamite News:

Dynamite News

Manmohan Singh: Architect of key reforms, last PM to take a press conference

Towards the fag end of his second and final term as Prime Minister, Manmohan Singh had said that he did not believe that he was a weak PM, and that “history will be kinder to me than the contemporary media or for that matter the opposition in Parliament”.

Newslaundry

France asks EU for extra time before submitting crucial budget deficit plan

France has asked the European Commission to extend beyond a 20 September deadline for submitting a plan to reduce its public deficit to align with Paris' 2025 draft budget.

Radio France Internationale

Nicolai Tangen runs Norway's $1.7 trillion investment fund. Can he use that leverage to change business's bad habits?

Under Tangen, the giant asset manager NBIM is increasingly backing shareholder activists on climate action and corporate governance.

Fortune

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VAT on postal imports sent starts in May

The Customs Department will start collecting of value-added tax (VAT) for imported goods sent through postal services, regardless of the value of the goods, starting in May.

Bangkok Post

33 loss-making firms donated electoral bonds worth ₹582 crore, 75% went to BJP | Data

At least 45 companies that donated electoral bonds to the BJP have suspect funding sources. Thirty-three companies which had negative or near zero profit after tax donated to the ruling party

The Hindu

India's outlook for next fiscal positive: Finance Ministry

The Finance Ministry's Monthly Economic Review said with an uptick in private investment and inflation trending down, India’s outlook for the next fiscal looks positive

The Hindu

SBI’s arguments for extension of time to provide details on electoral bonds are flawed: Congress

Congress criticizes SBI for delaying disclosure of electoral bond details, accusing PM Modi of hiding corporate donors.

The Hindu

Pension concerns: On the EPFO recommendation

The doubling of minimum pension will not result in a strain

The Hindu

The dispute on India’s debt burden

To avoid worst-case scenarios, the need for fiscal correction is all the more vital this election year

The Hindu

Debt debate: On the IMF’s latest India consultation details, Finance Ministry’s response

Despite the Finance Ministry’s views, in the broader picture, IMF staff’s perceptions of India’s fiscal position have actually improved over the past year

The Hindu

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The Hindu

Revenue rebound: On GST collections

The entire bump up in October’s GST revenues, stemming from transactions undertaken in September, may not be ascribed to a consumption spike at the onset of the festive season

The Hindu

MGNREGS is a demand-driven scheme, no question of deficit in it: Rural Development Minister Giriraj Singh

Union Minister Giriraj Singh says MGNREGS is demand-driven, no scope of deficit. Finance Ministry has given blank cheque to meet shortfall. Govt. has shifted to DBT & Aadhaar seeding of job cards to bring transparency.

The Hindu

Finance Ministry seeks applications for post of whole-time member at IRDAI

Finance Ministry invites applications for IRDAI Whole-Time Member (Distribution). Must have 25+ yrs exp. & min. 3 yrs at senior level. Last date for applications: Oct. 30, 2023. Salary: Rs. 4 lakh/month. Age limit: 60 yrs. No person can hold office after 62 yrs. Led by Chairman Panda & 5…

The Hindu

Ahead of festive season, Nepal to import 20,000 MT sugar from India

Nepal imports at least 70% sugar from India.

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The Hindu

Ahead of Joe Biden visit, India drops tariff hikes on U.S. almonds, lentils

India raised import duties on 28 American products including almonds in June 2019, after the U.S. had hiked its customs duties on certain steel and aluminium products. In a notification issued on September 5, the Finance Ministry dropped some of these tariff hikes.

The Hindu

Inflation pressures may linger, but food prices to cool soon: FinMin

India's inflation woes may be transitory due to global uncertainties and domestic disruptions. The Finance Ministry noted the 11.5% food inflation rate and 4.9% core inflation rate, and cautioned that global monetary tightening could hurt stock markets in emerging economies. Government efforts to reduce food inflation expected to materialise in…

The Hindu

Update us on money laundering case involving Arunachal Public Service Commission, Gauhati HC tells Finance Ministry and ED

The Gauhati High Court has asked the Finance Ministry and the Enforcement Directorate (ED) to update it on the status of the investigation into a money laundering case involving the Arunachal Pradesh Public Service Commission (APPSC).

The Hindu

In Telangana, few funds, but many promises

With more welfare schemes likely to be announced in Telangana, the government would do well in making sure that its finances are in place before any announcement is made

The Hindu

GST revenues register three-month high in July

India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross ₹1.65 lakh crore in July. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues from the same month last year. Overall GST Compensation Cess levies, which will…

The Hindu

Interest of national security from Defence perspective is more important than public interest: Karnataka High Court

The interest of national security from the Defence perspective assumes greater national significance than the public interest, the High Court of Karnataka has said while quashing a tender awarded by the BHEL to a private company, having consortium agreement with a Chinese company, contrary to the Union government’s restriction imposed…

The Hindu

No review of Uniform Civil Code impact on HUFs: Finance Ministry

Under the Income Tax Act, an HUF is treated as a ‘person’ and is assigned a separate entity for the purpose of assessment. Read more details on The Hindu

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