Page-4 of Finance Ministry
Government relaxes norms of Atal Pension Yojana to expand coverage
The Union Finance Ministry has relaxed norms of Atal Pension Yojana (APY) to allow small finance banks and payment banks to offer APY distribution. The move is expected to help expand coverage of the scheme and strengthen existing channels of ..
Month: Current Affairs - January, 2018
Income Tax Department launches on-line chat service
Income Tax (IT) Department under the Union Finance Ministry has launched an on-line chat service on its national website www.incometaxindia.gov.in with a prominent icon stating ‘Live Chat Online- ask your query’. It was announced by Minister of State (MoS) for ..
Month: Current Affairs - January, 2018
Shaktikanta Das appointed as India’s G 20 Sherpa
The Union Ministry of Finance has appointed Shaktikanta Das, Former Secretary, Department of Economic Affairs (DEA) as India’s G 20 Sherpa till December 31, 2018 for Development Track of G20. Sherpa is personal representative of leaders participating at G-20 summit ..
Month: Current Affairs - November, 2017
Government constitutes task force for drafting New Direct Tax Legislation
The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser ..
Month: Current Affairs - November, 2017
Logistics sector gets Infrastructure Status
The Union Finance Ministry has granted Infrastructure Status to Logistics sector. Logistics Infrastructure was included by insertion of new item in renamed category of ‘Transport and Logistics’. The inclusion of “Logistics Sector” in the Harmonized Master List of Infrastructure Sub-sectors ..
Month: Current Affairs - November, 2017
Government makes mandatory for Banks to match original IDs with photocopies
The Department of Revenue (DoR), Finance Ministry has made it mandatory for banks and financial institutions to check original identification documents of individuals dealing in cash above prescribed threshold to weed out use of forged or fake copies. In this ..
Month: Current Affairs - October, 2017
Government permits banks to sell more small savings schemes
The Union Finance Ministry has allowed banks, including top three private sector lenders to accept deposits under various small savings schemes in order to encourage savings. Until now, most of the small savings schemes were sold through post offices. This ..
Month: Current Affairs - October, 2017
Government imposes anti-dumping duty on certain Chinese steel products
The Union Finance Ministry has imposed anti-dumping duty on imports of certain steel wire rods from China for five years to guard interest of domestic players from cheap in-bound shipments. The duty will be difference between landed value of steel ..
Month: Current Affairs - October, 2017
Government constitutes GoM to resolve IT challenges faced in GST implementation
Union Finance Ministry has constituted Group of Ministers (GoM) to monitor and resolve IT challenges faced in implementation of Goods and Services Tax (GST). It also Committee on Exports to look into issues of exports. Both committees were constituted following ..
Month: Current Affairs - September, 2017
Government to launch Project Insight
The Union Finance Ministry is planning to launch ‘Project Insight’ from October 2017 to monitor high value transactions and detect tax evaders using technology with a view to curbing circulation of black money. To implement the project government has signed ..