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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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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 ..

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