In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.90/2021-Customs(N.T.), dated 3rd November, 2021 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of ...

The release of quick estimates of Index of Industrial Production (IIP) for the month of September, 2021 shows a sustained increase in industrial production. The IIP, in FY 2021-22, has grown from an average of 121.3 in Q1 to 130.2 in Q2. The IIP in Q2 would have been still higher but for heavy monsoons disrupting mining activity, especially coal and consequently electricity generation, ...

The Department of Expenditure, Ministry of Finance has released an amount of Rs.8,453.92 crore as health sector grant for rural and urban local bodies of 19 States.  The grants have been released as per the recommendations of the Fifteenth Finance Commission.  State-wise amount of grant released is enclosed. The Fifteenth Finance Commission (FC-XV) in its Report for the period from ...

Seven States namely, Chhattisgarh, Kerala, Madhya Pradesh, Meghalaya, Punjab, Rajasthan and Telangana have achieved the target set by the Ministry of Finance for the capital expenditure upto 2nd Quarter of 2021-22. As an incentive, these States have been granted permission by the Department of Expenditure on Friday to borrow an additional amount of Rs.16,691 crore. The additional open market borrowing permission ...

   As part of Government’s continuing commitment to public safety, the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recently reviewed the progress made by the Indian Customs in the safe disposal of imports, that are hazardous in nature and which remain uncleared or have been seized or confiscated. The disposal of all types of uncleared or unclaimed ...

The Department of Expenditure, Ministry of Finance today released an amount of Rs. 2427 crore to 11 States for the Urban Local Bodies.  The amount released is the 1st instalment of tied grants for the year 2021-22.  These grants have been provided for the Non-Million Plus cities (NMPCs) including Cantonment Boards. The 15th Finance Commission in its report for the period from 2021-22 to 2025-26 has divided the ...

The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman has said that the JAM (Jan Dhan ­- Aadhaar – Mobile) Trinity has been a game changer for India, enabling us to take forward financial inclusion in a futuristic format. “ By bringing the financially excluded, by saving pilferage and disbursing government benefits to genuine beneficiaries, by providing SMS ...

With India’s forex reserves at $608.99 billion as on June 25, 2021 stood, India has emerged as the fifth largest foreign exchange reserves holder in the world after China, Japan, Switzerland and Russia. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated ...

On account of the disruptions caused by the second wave of COVID 19 specially on healthcare sector, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) enabling funding to the tune of Rs. 50,000 crore to provide financial guarantee cover for brownfield expansion and greenfield projects related to ...

GST is a historic tax reform introduced on the 1st of July 2017. Over the years there has been a reduction in the tax rates, simplification of procedures and a growing economy has also led to an exponential increase in the tax base. GST revenues have steadily grown and have been above the 1 lakh crore mark for eight consecutive ...