Finance Ministry
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167 bank officials suspended for note ban irregularities: FinMin
Feb 08, 2017, 07:27 AM ISTA total of 167 bank officials have been suspended and 41 transferred for their involvement in irregularities relating to demonetisation, MoS for Finance Santosh Kumar Gangwar said in a written reply in the Rajya Sabha on Tuesday.
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As babus protest decisions by GST Council, FinMin warns employees of action for critising govt policies
Feb 06, 2017, 06:55 PM ISTUnion Finance ministry has asked its employees to refrain from criticising the government or its policies, failing which disciplinary action could be taken against them.
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Budget 2017: Tax relief for common man, curbs on political funding
Feb 01, 2017, 06:50 PM ISTFinance Minister Arun Jaitley is expected to present the Budget 2017 on schedule today despite the death of former Union Minister and sitting Member of Parliament (MP) Ahamed’s death, government sources said today.
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GAAR provisions to be effective from April 1, reaffirms CBDT
Jan 27, 2017, 06:24 PM ISTAnnouncing that GAAR will be implemented from April 1, the tax department today said it will not interplay with the investors’ right to choose a method of transaction and won't apply if routing of funds
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Govt yet to take final call on taxing cash deals above Rs 50,000, says FinMin
Jan 25, 2017, 05:03 PM ISTThe government is yet to take a final call on the recommendation of the high-powered chief ministers’ panel to levy a Banking Cash Transaction Tax (BCTT) on cash deals of Rs 50,000, the Finance ministry
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Cooperative Banks can't accept deposits under PMGKY, clarified govt
Jan 24, 2017, 09:31 AM ISTThe Central government has clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS).
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Budget 2017-18: Expect cut in Income Tax rates, higher allocation for Agri, SME sectors
Jan 24, 2017, 12:22 PM ISTDr Brinda Jagirdar, Independent Economist Growth is now the dominant theme and the government needs to show visible proof of its intentions to kick start investment, give a push to growth and generate jobs.
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Demonetisation will widen tax base, lower interest rates: FinMin tells Par panel
Jan 23, 2017, 11:04 AM ISTDemonetisation will lead to a wider tax base and lower interest rates, thus paving the way for "sustainable faster economic growth", the Finance Ministry has said.
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No counterfeit notes seized during demonetisation drive, Finance Ministry tells PAC
Jan 21, 2017, 04:35 PM ISTIn the aftermath of the ban of high value currency notes, the Finance Ministry has informed Public Accounts Committee that no fake currency notes (FCNs) were seized by the agencies during the demonetisation drive from
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Budget 2017: Quick guide to 10 key Budget documents
Jan 18, 2017, 02:42 PM ISTThe budget is not merely a financial document of the government that presents roadmap to be followed by ministries and departments while exercising their rights to pay out expenses from allocated funds for development works.
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Government respects RBI's autonomy and independence, Finance Ministry clarifies
Jan 14, 2017, 06:44 PM ISTA day after the employee unions of the Reserve Bank of India expressed their resentment against alleged interference of the government in the central bank's affairs, the Finance Ministry today said that it fully respects
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Slash corporate tax rate to 18 pc in Budget, CII writes to Finance Ministry
Jan 01, 2017, 12:27 PM ISTCII has demanded from government to lower the corporate tax rate to 18 per cent as more economic activities are entering the tax net post-demonetisation.
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No jail term for holding demonetised notes, minimum fine Rs 10,000: FinMin sources
Dec 29, 2016, 07:10 PM ISTA day after the Union Cabinet cleared an Ordinance to make the possession of a large number of scrapped notes a punishable offence, the Finance Ministry on Thursday clarified that there will be no jail term for holding demonetised notes and the minim
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Centre mulls Rs 50,000 penalty for possession of old notes after Dec 30
India | Dec 27, 2016, 07:03 AM ISTThe government is planning an ordinance to impose penalties on anyone found holding 'high amount' of the junked Rs 500 and Rs 1,000 notes beyond December 30 when the deadline to deposit them in banks
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Old notes can be used for paying tax, penalty under PMGKY
Dec 22, 2016, 11:20 PM ISTGovernment today clarified that payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) can be made with demonetised high value notes.
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Making all efforts to put seized cash into circulation: Govt
Dec 15, 2016, 06:47 PM ISTThe government has said that the enforcement agencies are making all efforts to bring back the seized currency into circulation to meet the cash need post demonetisation.
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Finance ministry to blame for ‘huge collateral damage’ caused by note ban: Swamy
National | Dec 14, 2016, 12:50 PM ISTLaunching a direct attack on the government, firebrand Bharatiya Janata Party MP Subramanian Swamy has said that the demonetisation drive has led to “huge collateral damage” and blamed the Finance ministry for the poor execution.
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Railways mulls fare hike to set up its 1.19 lakh cr 'safety fund' after Finance Ministry rejection
India | Dec 11, 2016, 10:16 AM ISTRailways is mulling to hike passenger fare so as to raise its revenue in a bid to raise resources to create its safety fund after the Ministry of Finance rejected its proposal to provide Rs 1,19,183 crore.
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MEA refers Russia’s protest over demonetisation to Finance Ministry
National | Dec 07, 2016, 03:12 PM ISTThe Ministry of External Affairs (MEA) today said that the letter of Russian Ambassador to India over the cash crunch has been referred to the Department of Economic Affairs, Ministry of Finance, and assured that all problems will be taken care of.
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Demonetisation effect: Nearly Rs 2,000 cr in unaccounted money admitted by taxpayers, says FM
Dec 06, 2016, 07:40 PM ISTThe Ministry of Finance today said that approximately Rs 2000 crore of untaxed income has been disclosed since demonetisation. In a statement issued today, the ministry said that the Income-Tax department probed over 400 cases