Tag: Ministry of Finance

Business Idea For Women: Get Up To Rs 5 Crore Funding From Government- Details | Economy News

India is growing through the innovation and startup revolution. The country has so far more than 100 unicorns. Not only men, women are also leading from the front and making their space in modern society as successful entrepreneurs. If you are a woman and have a business plan, then you can also get things running and funding won’t be an issue. The government of India has already launched several schemes to help startups.

Arti Bhatnagar, Additional Secretary and Financial Advisor, Ministry of Commerce & Industry, recently shared that startups can get up to Rs 5 crore to get their business up and running. “Under the government’s Startup India Seed Fund Scheme, Rs 5 crore can be allocated to each incubator to support startups across the country including women-led startups. This is not just about funding; it’s about equipping women entrepreneurs with the necessary tools, resources, and mentorship to grow their ventures and create a lasting social and economic impact in both rural and urban areas,” she said during UnPollute – a Sustainability Conclave, organized by STEP in partnership with Miranda House, Delhi University.

Bhatnagar further said that women entrepreneurs are not only innovators but the driving force of change in India’s sustainability journey. Reinu Shah, Founder of STEP said that women entrepreneurs are shaping a new narrative of sustainable development. “They are not only beneficiaries of sustainability efforts, but also key drivers of solutions that address the climate crisis,” she said.

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 for Proof of Concept, prototype development, product trials, market entry, and commercialization. It will support an estimated 3,600 entrepreneurs through 300 incubators. The scheme was launched in 2021. Those willing to get the fund can visit the government website seedfund.startupindia.gov.in and apply through the website.

October 5, 2024
Finance Ministry Announces Repayment Plan For ‘8.40% Government Security 2024’ Which Matures In July | Personal Finance News

New Delhi: The Ministry of Finance has confirmed the repayment schedule for the ‘8.40 per cent Government Security (GS) 2024’, which is set to mature on July 26, 2024. According to a press release by the Ministry of Finance, given that July 27 and 28 are non-working days, the repayment will be made on July 26. Investors are advised that no interest will be accrued beyond the maturity date.

According to sub-regulations 24(2) and 24(3) of the Government Securities Regulations, 2007, the maturity proceeds of a Government Security held in a Subsidiary General Ledger (SGL) account, Constituent Subsidiary General Ledger (CSGL) account, or Stock Certificate must be paid to the registered holder through a pay order that includes the necessary bank account details, or by direct credit to the holder’s bank account if electronic fund transfer is available.

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.

If the required bank account details or mandate for electronic fund transfer are not provided, holders should present their duly discharged securities at the Public Debt Offices, Treasuries/Sub-Treasuries, or branches of the State Bank of India where they are registered for interest payments, at least 20 days before the repayment date to ensure timely repayment of the loan, read the press release.

The details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.

July 4, 2024
UPI’s dominance in funds panorama: What knowledge reveals

A current dialogue paper by the Reserve Bank of India sought suggestions on the concept of levying prices on digital funds, together with on UPI. The ministry of finance on Sunday rejected the concept, calling UPI a “digital public good”. The ministry’s clear stance is telling: since its launch in 2016, the UPI-based cost system has turn out to be one of the vital in style modes of funds because of its ease of use, reliability and safety. So a lot in order that three in each 4 digital monetary transactions within the nation at the moment are UPI-based.

The surge has been aided by pandemic-led modifications in buyer’s preferences, rising acceptance by retailers and fintech innovation. The development trajectory is prone to proceed and the digital cost market is prone to triple by 2026, based on a BCG-PhonePe report.

While stakeholders concerned within the funds infrastructure say the rise in UPI additional necessitates transaction prices to cowl prices, the flip facet is that such levies might additionally discourage a digital funds phenomenon whose ubiquity has taken over India within the final yr or so.

Imposing a cost would have hindered the plans of common digitization. Mint explores why UPI issues:

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UPI’s dominance in funds panorama

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August 23, 2022
Push for zero-budget pure farming, to be included in syllabus of agriculture universities

Building on the Modi authorities’s push for natural, zero-budget pure farming, Finance Minister Nirmala Sitharaman on Tuesday mentioned in her finances speech that the agriculture universities within the nation will probably be inspired to incorporate these areas of their syllabus.
The Union authorities has began pushing the idea of zero-budget pure farming as an initiative that can work in direction of making the vocation of farming extra sustainable in addition to bettering the earnings of the farmers by decreasing prices of inputs, along with different areas reminiscent of higher market entry and improved product returns to the farmers.

On December 16 2021, whereas addressing the National Summit on Agro and Food Processing, Prime Minister Narendra Modi emphasised on pure farming in his speech as a ‘promising tool’ in bettering the state of affairs of the farmers.
Following this, Indian Council of Agriculture Research (ICAR), the apex physique for coordinating, guiding and managing analysis and training in agriculture, issued a round to all of the central and state universities to take initiatives to advertise pure farming.

On Tuesday, Finance Minister Nirmala Sitharaman mentioned: “States will be encouraged to revise the syllabus of agricultural universities to meet the needs of natural, zero-budget and organic farming, modern-day agriculture, value addition and management.”
Dr Harihar Kausadikar, director (training), Maharashtra Council of Agriculture Education and Research (MCAER), mentioned that the curriculum of agriculture universities in Maharashtra is revised each 10 years. The final revision occurred in 2009-10 and the method of revising the syllabus is underway. The new syllabus could also be efficient from the upcoming tutorial 12 months scheduled to start in July–August 2022.

“As per the ICAR directives issued in December 2021, the syllabus for postgraduate programmes in agricultural universities must include areas of organic farming, zero-budget farming, and natural farming. The universities are also encouraged to start independent courses on the subject (for instance, MSc organic farming). The new syllabus will become effective from the upcoming academic year for all four agricultural universities in Maharashtra,” mentioned Dr Kausadikar.
According to Dr Kausadikar, the ICAR has constituted 19 BSMA (broad material space) committees with eminent agricultural scientists, lecturers, and material specialists to revise the syllabus.

Zero-budget farming emphasises on a shift of agriculture practices from mono-crops to a diversified multi-cropping system. Cow dung and urine are used to make natural fertilisers reminiscent of Beejamrit, Jivamrit and Ghanjivamrit.
Other conventional practices reminiscent of mulching the soil with biomass or preserving the soil lined with inexperienced cowl across the 12 months, even when water availability is low, are practices that guarantee sustained productiveness even from the primary 12 months of adoption, say consultants.

February 1, 2022
‘20 states express interest to avail extra borrowing’

AS MANY as 20 states have proven curiosity for getting extra borrowing house for the ability sector underneath a central scheme.
The Ministry of Finance had launched a programme in June final 12 months to permit extra borrowing house of Rs 80,000 crore to states, which is conditional on them enterprise and sustaining particular reforms within the energy sector.
REC Ltd is working as nodal company for implementation of the scheme, for the Ministry of Power. An announcement issued by the Power Ministry on Tuesday stated, “This financial year (2021-22), almost 20 states have already shown interest in taking benefit under the scheme.”
Andhra Pradesh is the one state to achieve getting over Rs 2,100 crore underneath the programme, the assertion added. “Based on the recommendations of Ministry of Power in respect of such proposal from Andhra Pradesh state, Ministry of Finance had accorded their approval and the state has already availed borrowings of more than Rs 2100 crore, to partly utilise such allowed additional borrowing space,” it famous.

Manipur and Rajasthan’s proposals are additionally underneath energetic consideration on the Finance Ministry, each of which can be eligible for the utmost restrict of 0.50 per cent elevated borrowing house, primarily based on reforms carried out by them. Rest of the states are additionally submitting their proposals.
Under the programme, the extra borrowing restrict permitted for energy sector reforms is 0.5 per cent of Gross State Domestic Product.
This being the primary 12 months (2021-22) of the present model of the scheme, the necessities of reforms and actions has been stored much less onerous, with the bar raised for future years, pushing the states in the direction of greater stage reforms, it added.

January 18, 2022
Here is how an account aggregator could make your cash life hassle-free

What is an Account Aggregator?

An account aggregator (AA) is a sort of RBI regulated entity (with an NBFC-AA license) that helps a person securely and digitally entry and share data from one monetary establishment they’ve an account with to another regulated monetary establishment within the AA community. Data can’t be shared with out the consent of the person. There might be many Account Aggregators a person can select between. Account aggregators substitute the lengthy phrases and situations type of ‘blank cheque’ acceptance with a granular, step-by-step permission and management for every use of your information.

How will the brand new account aggregator community enhance a mean particular person’s monetary life?

India’s monetary system includes many hassles for shoppers right now — sharing bodily signed and scanned copies of financial institution statements, working round to notarise or stamp paperwork, or having to share your private username and password to provide your monetary historical past to a 3rd get together. The account aggregator community would substitute all these with a easy, mobile-based, easy, and secure digital information entry and sharing course of. This will create alternatives for brand spanking new sorts of companies similar to new kinds of loans.

The particular person’s financial institution simply wants to hitch the account aggregator community. Eight banks have already got—4 are already sharing information based mostly on consent (Axis Bank, ICICI Bank, HDFC Bank, and IndusInd Bank) and 4 are going to have the ability to shortly (State Bank of India, Kotak Mahindra Bank, IDFC First Bank, and Federal Bank).

How is an account aggregator community completely different from Aadhaar eKYC information sharing, credit score bureau information sharing, and platforms like CKYC?

Aadhaar eKYC and CKYC solely permit sharing of 4 ‘identity’ information fields for KYC functions (for instance, identify, deal with, gender, and many others). Similarly, credit score bureau information solely exhibits mortgage historical past and/or a credit score rating. The account aggregator community permits sharing of transaction information or financial institution statements from financial savings/deposit/present accounts.

What sort of information may be shared?

Today, banking transaction information is out there to be shared (for instance, financial institution statements from a present or financial savings account) throughout the banks which have gone dwell on the community. Gradually, the AA framework will make all monetary information obtainable for sharing, together with tax information, pensions information, securities information (mutual funds and brokerage), and insurance coverage information might be obtainable to shoppers. It may also broaden past the monetary sector to permit healthcare and telecom information to be accessible to the person by way of AA.

Can AAs view or ‘aggregate’ private information? Is the info sharing safe?

Account aggregators can’t see the info; they merely take it from one monetary establishment to a different based mostly on a person’s course and consent. Contrary to the identify, they can’t ‘mixture’ your information. AAs usually are not like expertise firms which mixture your information and create detailed profiles of you. The information AAs share is encrypted by the sender and may be decrypted solely by the recipient. The end-to-end encryption and use of expertise just like the ‘digital signature’ makes the method rather more safe than sharing paper paperwork.

Can a client determine they don’t wish to share information?

Yes. Registering with an AA is totally voluntary for shoppers. If the buyer’s financial institution is a part of the AA community, the particular person can select to register on an AA, select which accounts they wish to hyperlink, and share their information from one in every of their accounts for some particular function to a brand new lender or monetary establishment on the stage of giving ‘consent’ by way of one of many AAs. A buyer can reject their consent to share request at any time. Even if a client has agreed to share information in a recurring method over a time frame (for instance, throughout a mortgage tenure), they’ll revoke their consent later.

If a client has shared their information as soon as with an establishment, for the way lengthy can they use it?

The precise time interval for which the recipient establishment can have entry might be proven to the buyer on the time of receiving their consent for information sharing.

How can a buyer get registered with an AA?

You can register with an AA by means of their app or web site. AA will present a deal with (like a username) which can be utilized in the course of the consent course of. Today, 4 apps can be found for obtain (Finvu, OneMoney, CAMS Finserv, and NADL) with operational licenses to be AAs. Three extra apps have obtained in precept approval from RBI (PhonePe, Yodlee, and Perfios) and could also be launching apps quickly.

Does a buyer must register with each AA?

No, a buyer can register with any AA to entry information from any financial institution on the community.

Does a buyer must pay the AA for utilizing this facility?

This will depend upon the AA. Some AAs could also be free as a result of they’re charging a service payment to monetary establishments. Some could cost a small person payment.

What new companies can a buyer entry if their financial institution has joined the AA community of knowledge sharing?

The two key companies that might be improved for a person are entry to loans and cash administration. If a buyer needs to get a small enterprise or private mortgage right now, there are various paperwork that must be shared with the lender. This is a cumbersome and guide course of right now, which impacts the time taken to acquire the mortgage and entry to a mortgage. Similarly, cash administration is tough right now as a result of information is saved in many various places and can’t be introduced collectively simply for evaluation.

Through account aggregators, an organization can entry tamper-proof, safe information shortly and for cheaper, and quick observe the mortgage analysis course of for purchasers. Also, a buyer could possibly entry a mortgage with out bodily collateral, by sharing trusted data on a future bill or money circulation instantly from a authorities system like GST or authorities e market (GeM).

Source: Ministry of Finance

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September 10, 2021
FinMin will get greater: Department of Public Enterprises now a part of Finance Ministry

The authorities has merged the Department of Public Enterprises (DPE) with the Finance Ministry to provide it a greater management over state-owned companies and facilitate its formidable privatisation programme.
Finance Ministry will now have six departments whereas DPE’s hereto father or mother ministry, the Ministry of Heavy Industries and Public Enterprises will now be referred to as the Ministry of Heavy Industries.
Previously, the Disinvestment Ministry – created beneath the Atal Bihari Vajpayee authorities – was merged with the Finance Ministry and is now a division beneath it.
Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of overseas investments was given to the Finance Ministry (FinMin).

The shift of DPE to the Finance Ministry will assist in environment friendly monitoring of the capital expenditure, asset monetisation and monetary well being of the Central Public Sector Enterprises (CPSEs).
“Ministry of Finance (Vitta Mantralaya), after the sub-heading (v) Department of Financial Services (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)” as per the Cabinet Secretariat notification dated July 6, 2021.
The rejig comes forward of Cabinet growth slated later within the day.
The gazette notification issued stated these guidelines could also be referred to as the Government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021.
“They shall come into force at once,” the notification stated.
Presently, the Finance Ministry has 5 departments — Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services.
With the addition, this would be the sixth division beneath the Finance Ministry.
Giving particulars of the capabilities carried out by the DPE, the notification stated coordination of issues of common coverage affecting all Public Sector Enterprises (PSEs), analysis and monitoring the efficiency of PSEs, together with the memorandum of understanding mechanism, overview of capital tasks and expenditure in CPSEs.
Besides, the DPE frames measures aimed toward bettering efficiency of CPSEs and different capability constructing initiatives of PSEs, rendering recommendation referring to revival, restructuring or closure of PSEs together with the mechanisms, counselling, coaching and rehabilitation of staff in CPSEs beneath Voluntary Retirement Scheme and categorisation of CPSEs together with conferring ‘Ratna’ standing, amongst others.
The Heavy Industries Ministry will proceed to be the executive ministry associated primarily to the capital items sector. As many as 44 CPSEs together with Maruti Udyog Limited, BHEL, Cement Corporation, Scooters India, HMT and numerous different subsidiaries could be beneath the Ministry of Heavy Industries.
Many firms beneath the ministry are sick and up on the market beneath the disinvestment programme of the federal government.
Finance Minister Nirmala Sitharaman in her Budget 2021-22 already introduced {that a} revised mechanism for fast-tracking closure of loss making PSUs could be labored out and an incentive package deal could be developed to incentivise states to promote stake in state PSUs.
To monetise lands owned by CPSEs, a particular objective car (SPV) could be developed.
She additionally introduced a big-ticket privatisation agenda, together with privatisation of two public sector banks and one common insurance coverage firm to garner Rs 1.75 lakh crore from stake sale in public sector firms and monetary establishments throughout 2021-22.
As a part of the divestment technique for the monetary sector, the federal government has determined to go for a mega preliminary public providing (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank in the course of the monetary 12 months starting April.

Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, Air India amongst others, could be accomplished in 2021-22.
In September 2020, the federal government had apprised that out of the 34 PSUs authorised for disinvestment thus far, transactions had been accomplished for eight. Transactions for 4 PSUs had been halted as they’re advisable for closure. Two of them had been held up because of litigation, whereas transactions for 20 PSUs are within the course of.

July 7, 2021
Income tax submitting for international remittances relaxed amid new portal woes

Income tax that decision for obligatory on-line submitting of returns for international remittances has been relaxed. Taxpayers can now file Form 15 CA and Form 15 CB manually until June 30, Ministry of Finance stated. The choice was taken in view of rampant glitches on the brand new revenue tax submitting on-line portal.

“As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance,” the ministry stated on Monday.

“In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal, www.incometax.gov.in, it has been decided that taxpayers can submit the aforesaid Forms in manual format to the authorised dealers till June 30, 2021. Authorised dealers are advised to accept such Forms till June 30th, 2021 for the purpose of foreign remittances,” the Finance Ministry additional added.

A facility can be offered on the brand new e-filing portal to add these types at a later date as a way to generate the Document Identification Number.

Any fee made by a resident Indian to a non-resident must be declared in Form 15CA, whereby the resident states that tax on such a transaction has been deducted.

Form 15 CB is a certificates issued by a chartered accountant establishing that the provisions of the Double Taxation Avoidance Agreement (DTAA) and the Income-tax Act have been adopted in tax deductions relating to the international remittances declared in Form 15 CA.

The new e-filing portal stays, launched on June 7 to ease the tax submitting course of and situation of refunds, stays mired in glitches. Even per week after launch, taxpayers are going through difficulties in logging in to the portal. Even in the event that they do handle to get in, finishing up actions like submitting tax return types or responding to tax notices are proving to be troublesome.

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June 14, 2021
Nirmala Sitharaman to deal with post-Budget RBI board meet on Tuesday

Image Source : PTI Nirmala Sitharaman to deal with post-Budget RBI board meet on Tuesday
Finance Minister Nirmala Sitharaman is scheduled to deal with the post-Budget assembly of the RBI’s central board on Tuesday and spotlight key factors of Union Budget 2021-22, together with the fiscal consolidation roadmap.

Fiscal deficit — the surplus of presidency expenditure over its revenues — is estimated to hit a report excessive of 9.5 per cent of the gross home product (GDP) within the present fiscal ending March 31 because of the COVID-19 pandemic.

For the following 2021-22 fiscal, the deficit has been pegged at 6.8 per cent of GDP, which shall be additional lowered to 4.5 per cent by the fiscal ending March 31, 2026. The assembly shall be held just about for the primary time attributable to COVID-19 protocol, sources stated.

Earlier this month, Reserve Bank of India (RBI) Governor Shaktikanta Das stated the central financial institution will in a position to handle the excessive quantum of presidency borrowings at Rs 12 lakh crore for the following fiscal in a “non-disruptive” method.

The governor had stated the extraordinary occasion of the pandemic has resulted in deviation from the fiscal consolidation roadmap however declined to touch upon what view the score companies shall be taking over the excessive fiscal hole at 9.5 per cent in FY21 and 6.8 per cent in FY22.

Das had stated the RBI, being the debt supervisor for the federal government, did focus on the borrowing with the Ministry of Finance even earlier than the Budget.

The authorities was earlier dedicated to getting the fiscal deficit down to three per cent within the medium time period as per the Fiscal Responsibility and Budget Management (FRBM) Act mandate, and now plans to the touch 4.5 per cent by FY26. A wider deficit typically entails larger borrowing by the federal government.

The finance minister would additionally apprise the board of varied different bulletins made within the Budget to revive development by spending extra on infrastructure and attending to the wants of the healthcare sector.

The Indian financial system is anticipated to contract by 7.7 per cent within the present fiscal ending March, hit by the COVID-19 disaster.

The Budget has estimated nominal GDP development fee of 14.4 per cent and income development at 16.7 per cent for the following monetary yr. Real GDP development is anticipated to be within the vary of 10-10.5 per cent.

To enhance development, the finance minister within the Budget elevated spending on capital expenditure to Rs 5.54 lakh crore from Rs 4.12 lakh crore, whereas the well being sector allocation has been hiked to Rs 2.23 lakh crore from Rs 94,000 crore within the Budget estimate for 2020-21.

Also Read: Budget Sammelan 2021: Top Modi ministers decode Union Budget 2021
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February 14, 2021