In order to plan coordinated execution of infrastructure projects, project identification for PM Gati Shakti National Master Plan is ongoing based on inputs from Infrastructure and Economic Ministries. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. The Minister stated that the progress so far under PM Gati Sakti Master Plan is as under:- Bhaskaracharya National Institute for Space Applications &..
As per information received from Pension Fund Regulatory and Development Authority (PFRDA), 71,06,743 subscribers have been enrolled under Atal Pension Yojana (APY) up to 24.01.2022, during the financial year 2021-22. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha. Giving more details, the Minister stated the number of subscribers enrolled under APY during last five years, given as under: ..
Rs. 3.22 lakh crore sanctioned under PMMY against target of Rs. 3.50 lakh crore in FY 2020-21 Over 32.53 crore loans with sanctioned amount of Rs. 17.32 lakh crore extended under PMMY since inception Under Pradhan Mantri Mudra Yojana (PMMY), the Government allocates annual targets for the amount to be sanctioned by more than 150 Member Lending Institutions (MLIs). This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabh..
As per Reserve Bank of India (RBI) data on global operations, gross non-performing assets (GNPAs) of scheduled commercial banks (SCBs) have declined from Rs. 9,33,779 crore (GNPA ratio of 9.07%) as on 31.3.2019 to Rs. 8,00,463 crore (GNPA ratio of 6.93%) as on 30.9.2021. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. Further, the Minister stated, GNPAs of Deposit Taking-NBFCs and Non-Deposit taki..
Government takes several initiatives to enhance collaboration between small business and e-commerce platforms Drives being conducted under One District - One Product (ODOP) initiative across States to facilitate on-boarding on e-Commerce platforms Special focus being placed on onboarding artisans and handicraftsmen, especially those manufacturing Geographical Indication (GI) goods and toys Government has taken several initiatives to enhance collaboration between small business and e-com..
Government takes several steps to boost Indian exports New Logistics division created under Department of Commerce for integrated development of the logistics sector Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and Rebate of State and Central Levies and Taxes (RoSCTL) Scheme being implemented with effect from 01.01.2021 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans Districts as..
The Monthly Account of the Union Government of India upto the month of December, 2021 has been consolidated and reports published. The highlights are given below:- The Government of India has received Rs. 17,61,692 crore (89.1% of corresponding BE 2021-22 of Total Receipts) upto December, 2021 comprising Rs. 14,73,809 crore Tax Revenue (Net to Centre), Rs. 2,59,414 crore of Non-Tax Revenue and Rs. 28,469 crore of Non Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loa..
Cabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the payment of ex-gratia amount of Rs. 973.74 crore pertaining to remaining claims submitted by Lending Institutions (LIs) under Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six mo..
Investor Education and Protection Fund Authority (IEPFA) signs MoU with Indira Gandhi National Open University (IGNOU) for promoting Investor Education and Financial literacy among youth through Gyan Darshan channel The Investor Education and Protection Fund Authority (IEPFA) under the aegis of Ministry of Corporate Affairs has signed a Memorandum of Understanding (MoU) with Indira Gandhi National Open University (IGNOU) through a virtual event here today. The objective for signing the MoU is..
Income Tax Department conducts searches in Andhra Pradesh and Telangana The Income Tax Department carried out search and seizure operation on 05.01.2022 on three real estate developers, engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana. More than two dozen premises have been covered in the search operation spread over Kurnool, Ananthapur, Kadapa, Nandyal, Bellary, etc. During the co..
International Financial Services Centres Authority (IFSCA) issues Request For Proposal (RFP) for Supervisory Technology (SupTech) System The International Financial Services Centres Authority (IFSCA) has been established as a unified financial sector regulator at GIFT-IFSC, Gandhinagar, Gujarat for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India. IFSCA seeks to implement a s..
The Income Tax Department carried out search and seizure operations on 22.12.2021 on two prominent groups of Raipur and Korba, engaged in the business of manufacturing of iron & steel products, coal washery and transportation, etc. The search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh. During the course of the search action, in one of the groups, various incriminating documents and digital evidences have been found and se..
The Income Tax Department carried out search and seizure operations on 22.12.2021 on two business groups of Nandurbar and Dhule districts of Maharashtra. These groups are engaged in the business of civil construction and land development. The search operation covered more than 25 premises spread across Nanndurbar, Dhule and Nashik. During the search and seizure operation many incriminating documents, loose papers, and digital evidences have been found and seized. In the cas..
The Income Tax Department carried out search and seizure operations on 22.12.2021 on two groups and their business entities. One group is engaged in the business of manufacturing electrical switches, wires, LEDs, real estate and hotel business in Rajasthan, Maharashtra and Uttarakhand whereas, the other group is engaged in money lending business in Jaipur and nearby cities. The search action has covered more than 50 premises spread over various locations including Jaipur, Mumbai, and Haridwar. ..
The Income Tax Department carried out search and seizure operation on 16.12.2021 on two prominent Asansol based groups, engaged in business of iron and steel products, infrastructure, cement, poly fabs, agro-tech & food processing, etc. The search action covered more than 30 premises spread over West Bengal. A large number of incriminating evidences in the form of documents and digital data stored in SD cards, WhatsApp chats, etc. have been found and seized. The search team has dete..
The Income Tax Department carried out search and seizure operation on 16.12.2021 on a Neyveli based group, engaged in the business of chit funds, finance and real estate. The group also runs educational institutions through its trusts. The search action covered around 30 premises located at various places like Neyveli, Chennai, Coimbatore, Nilgiris, etc. During the course of the search operations, a remotely located cloud server containing parallel set of books of account secretly maintained ..
The Income Tax Department carried out search and seizure operations on 08.12.2021 on four Asset Reconstruction Companies (ARCs). Total of 60 premises spread over Mumbai, Ahmedabad, Delhi, etc. have been covered. The search action has revealed that the ARCs had adopted various unfair and fraudulent trade practices in acquiring the Non-Performing Assets (NPA) from the lender banks. It has been found that an unholy nexus existed between the borrower groups and ARCs and in the process, a maze of ..
The Income Tax Department carried out search and seizure operations on 02.12.2021 on four Bangalore based Credit Cooperative Societies (CCS) and their associates. These search actions have revealed gross irregularities in the operations of these CCS and involvement of their promoters in siphoning-off funds of depositors for personal usage. The promoters of these CCS took advantage of the relaxed KYC norms while operating the CCS and several accounts have been opened without obtaining PAN. The..
Income Tax Department conducts search operations in West Bengal The Income Tax Department initiated search operation in the case of two major manufacturers and suppliers of refined lead, lead alloys and lead oxides on 07.12.2021. The search operation covered 24 premises spread over in the states of West Bengal and Uttar Pradesh. During the search and seizure action, it has been noticed that these groups are involved in the suppression of taxable income by resorting to bogus ..
The Income Tax Department initiated search and seizure operations on a prominent business group, engaged primarily in the manufacturing of stainless steel and metal pipes, in Ahmedabad on 23.11. 2021. The search operation covered more than 30 premises in Ahmedabad and Mumbai. During the course of the search operation, a large number of incriminating documents, loose sheets, digital evidence etc. have been found and seized. These evidences contain detailed records of the group’s unaccoun..
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