The GST Council meeting scheduled on June 12 will be chaired by FinMin Nirmala Sitharaman. Reportedly, GST rate cut on COVID essentials and Black Fungus medicines will be discussed with the ‘Council’ formed in May 28 GST meeting including state ministers and a Group of Ministers to discuss on COVID essentials. The GoM on June 7 submitted its report recommending tax cuts to ease the burden on patients.
Courtesy: The Hindu
Finance Minister Nirmala Sitharaman has urged the heads of insurance companies to quickly settle the pending claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana. FinMin was meeting with heads of insurers under the Pradhan Mantri Garib Kalyan Package scheme. Reportedly, a total of 419 claims amounting to Rs 209.5 crore have been paid under the scheme. Moreover, Sitharaman also assessed the claims made under Pradhan Mantri Suraksha Bima… read-more
FinMin Nirmala Sitharaman on April 27 inaugurated the India's first 3D printed house at IIT-Madras. Made by IIT-Madras alumni founded startup Tvasta Manufacturing Solutions, the 600 square feet house was constructed using indigenous concrete 3D printing technology. The 3D printer extruded specially designed material through a computer generated 3D folder. Tvasta manufacturing Solutions’ co-founder Adithya VS said the technology can help build… read-more
Finance Minister Nirmala Sitharaman has ruled out the possibility of a nationwide lockdown amid the ongoing COVID crisis in the country. The minister stated that small containment zones and localised approach would be in focus to control the COVID-19 transmission. She also reached out to the Federation of Indian Micro and Small & Medium Enterprises (FISME) president Animesh Saxena to discuss about the government's strategies aimed at… read-more
Courtesy: Economic Times
Finance Minister Nirmala Sitharaman on April 13 ruled out the possibilities of a nationwide complete lockdown. In a meeting with World Bank Group president David Malpass, Sitharaman stated, "We don't want to totally arrest the economy... There shall not be lockdown." Measures would be taken at only local level to control COVID-19 cases, she added. Besides, she lauded the efforts of the World Bank for ensuring increased availability of funds… read-more
Courtesy: Hindustan Times
Union Finance Minister Nirmala Sitharaman on April 1 announced the roll back of recent orders related to the slashing of interest rates on small saving schemes. Taking to Twitter, the FinMin stated that "the rates which existed in the last quarter of 2020-21" shall be continued. Earlier, on March 31, the government had slashed the interest rates on small schemes, including PPF and NSC, by up to 1.1%.
Courtesy: Hindustan Times
Finance Minister Nirmala Sitharaman, on March 26, released the BJP's manifesto for Puducherry Assembly Elections. Pointedly women-centric, the manifesto vows loan waivers and interest-free credit for self-help groups, 50% reservation in government institutions, free KG education and public transportation, besides accessible healthcare. Additionally, the manifesto, addressing education, employment and tourism, promised a separate school… read-more
Courtesy: The Hindu
The Centre has increased the deposit threshold limit of provident fund from Rs 2.5 lakh to Rs 5 lakh on March 23. Reportedly, the interest received on the newly exceeded amount would also be tax-exempt. However, the tax exemption can only be enjoyed by only those individuals who do not contribute to the retirement fund. Earlier, the FinMin Nirmala Sitharaman, during budge, vowed to tax individuals for contributions over Rs 2.5 lakh.
Fulfilling this year's budget proposal, the Lok Sabha on March 22 passed the 'Insurance Amendment Bill 2021.' Reportedly, the Bill provisions to increase the FDI limit in the insurance sector to 74% from the earlier 49%. Moreover, it legislated to ensure that key management positions including the board of directors should be Indians with at least 50% directors as Indians. Strengthening ‘Indian Management Control’, the law provides Indian… read-more
Courtesy: Money Control
Finance Minister Nirmala Sitharaman on March 20 stated the government will look for alternative sources of crude oil supply. She said the new chains will ensure a sustained fuel procurement. However, the minister assured that it will not affect the fuel prices in the nation. Meanwhile, both the Centre and State governments will deliberate on the impact of rising fuel prices, She added. Besides, Sitharaman informed, food inflation was being… read-more