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Grant of Rs. 2427 crore released to States for Urban Local Bodies

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 ...

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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 ...

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India emerges as 5th largest forex reserves holder in the world with $608.99 billion as on June 25, 2021

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 ...

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Cabinet approves Loan Guarantee Scheme for Covid Affected Sectors  and to enhance the corpus of Emergency Credit Line Guarantee Scheme 

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 ...

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Government reaffirms its commitment to continuous improvement in taxpayer services

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 ...

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Expert Committee on Variable Capital Company submits its report to the IFSCA

Dr. K.P. Krishnan headed expert committee on Variable Capital Company has submitted its report on the feasibility of Variable Capital Companies in the International Financial Services Centres to the Chairperson of the International Financial Services Centres Authority (IFSCA), Shri. Injeti Srinivas. International Financial Services Centres Authority constituted a Committee of Experts (‘the Committee’) to examine the feasibility of the Variable ...

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India’s prospective on Blue Economy

Blue Economy is one of the major dimensions of growth. India is having more than 7,500-km-long coastline and its blue economy supports 95% of the country’s business through transportation and contributes an estimated 4% to its Gross Domestic Product. The Blue Economy is the continuous use of ocean resources for economic growth. The concept of the Blue Economy was first introduced ...

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Tariff Notification No.45/2021-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes& Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. ...

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Finance Minister Smt. Nirmala Sitharaman assures industry of Government’s support; Industry should wait & watch to assess the situation

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, here today urged the industry to wait and watch for next few days to assess the situation amid the second wave of COVID-19 pandemic. The Finance Minister also assured the industry of full government support. Addressing the FICCI National Executive Committee Members through virtual mode, Smt. Sitharaman said that with ...

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1,23,902 crore gross GST revenue collected in the month of March 2021

The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods). The government has settled ₹ 21,879 crore to ...

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