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Union Finance Minister Nirmala Sitharaman will chair the 46th meeting of the GST Council in New Delhi today. Union Finance Minister Nirmala Sitharaman will chair the 46th meeting of the GST Council in New Delhi today. Union Ministers of State in the Ministry of Finance, Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad will also attend the meeting. "FM Smt @nsitharaman will chair the 46th meeting of the GST Council in New Delhi, tomorrow. The meeting will be attended by MoS for Finance @mppchaudharyand @DrBhagwatKarad, besides Finance Ministers of States and UTs and Senior officers from Union Government and States," tweeted the Ministry of Finance on Thursday. This meeting holds importance ahead of the Union Budget which is presented on the first day of February by the Finance Minister in Parliament. This will be the fourth budget of the Prime Minister Narendra Modi-led NDA government in its second tenure. On Thursday, Nirmala Sitharaman chaired the pre-budget consultations wit

The seized assets are in the form of shareholdings of Muthu alias MGM Maran in four Indian companies The Enforcement Directorate (ED) on Tuesday said it has seized shares worth Rs 293.91 crore of former Tamil Nadu Mercantile Bank Limited Chairman Nesamanimaran Muthu in connection with a probe against him linked to alleged contravention of the FEMA law. The seized assets are in the form of shareholdings of Muthu alias MGM Maran in four Indian companies: Southern Agrifurane Industries Private Limited, Anand Transport Private Limited, MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited. The agency said in a statement that Muthu had incorporated two companies in Singapore during 2005-06 and 2006-07 financial years and invested SGD 5,29,86,250 (equivalent to Rs 293.91 crore). "This investment was made without taking approval from the RBI. Further, the source of such a huge investment abroad was not disclosed to the Indian regulators," the agency said. S

Return on assets of SCBs improved from 0.2 per cent at end-March 2020 to 0.7 per cent at end-March 2021, aided by stable income and decline in expenditure, states the report The Reserve Bank of India on Tuesday released a report on "Trend and Progress of Banking in India 2020-21". "This Report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions during 2020-21 and 2021-22 so far," said RBI in a statement. Highlights of the report: * During 2020-21, the consolidated balance sheet of scheduled commercial banks (SCBs) expanded in size, notwithstanding the pandemic and the resultant contraction in economic activity. In 2021-22 so far, nascent signs of recovery are visible in credit growth. Deposits grew by 10.1 per cent at end-September 2021 as compared with 11.0 per cent a year ago. * Capital to risk weighted assets (CRAR) ratio of SCBs strengthened from 14.8 per cent at end-March 2020 to 16.3 per cent at

The Indian economy grew at 8.4 per cent in the second quarter of the current fiscal, as against a growth of 20.1 per cent in the April-June quarter The country's real gross domestic product (GDP) is likely to maintain a 9 pc growth rate in fiscal 2022 and 2023, amid concerns over the Omicron variant of COVID-19, says a report. The Indian economy grew at 8.4 per cent in the second quarter of the current fiscal, as against a growth of 20.1 per cent in the April-June quarter. "We are maintaining our forecast of a 9 per cent GDP expansion in FY2022, with a clear K-shaped divergence amongst the formal and informal parts of the economy, and the large gaining at the cost of the small. "Looking ahead, we expect the economy to maintain a similar 9 per cent growth in FY2023," domestic rating agency Icra Ltd Chief Economist Aditi Nayar said in the report. She expects the percentage of double-vaccinated adults to rise to 85-90 per cent by March 2022. While the announcement of bo

Increasing per capita steel consumption and production of special steel as well as enhancing raw material security will remain the key focus areas of the government in 2022. Increasing per capita steel consumption and production of special steel as well as enhancing raw material security will remain the key focus areas of the government in 2022. Minister of State (MoS) Faggan Singh Kulaste said the focus will also be on finding new markets as the production of steel continues to grow in the country. As per the National Steel Policy 2017, the government has set a target to ramp up the country's crude steel production output to 300 million tonnes (MT) by 2030. The policy also seeks to increase the domestic per capita steel consumption to the level of 160 kg by 2030. In an interview with PTI, Kulaste said the per capita steel consumption in the country is at around 72.3 kg at present, while the capacity is at 143.9 MTPA (million tonnes per annum), and the focus will also be on increas

Companies have to inform the ministry of textiles about their annual investment plan. The central government on Tuesday released guidelines for its production linked incentives (PLI) scheme for textiles, asking companies to register between January 1 and January 31 next year on an online portal. If there are not enough applications, the window will be re-opened. Companies have to inform the ministry of textiles about their annual investment plan, expected sales, turnover, expected employment generation and exports during the scheme’s tenure, according to the guidelines. Incentives worth Rs 10,683 crore will be given over five years for manufacturing of man-made fabric (MMF), garments--jerseys, overcoats, trousers, polyester suitings, shirtings, among others. The PLI also supports technical textiles used for personal protective equipment (PPE) kits, airbags, and bulletproof vests. The Cabinet approved the PLI in September to help India regain its dominance in global textiles trade, reac

According to the RBI, banks have written off over Rs 2 lakh crore of bad loans in the fiscal ended March 2021. Find out more about the types of loans and when they are categorized as bad People borrow money for various reasons. It could be to expand their business, to fund higher education, to buy a home or car, to get a ring for their girlfriend or wife. Loans generally fall into two categories, secured and unsecured. Let us first understand what a secure loan is. Secured loans are those for which a borrower keeps some asset as surety or collateral to borrow money. Collateral can be your car, your home, or anything that is valuable. It simply means that in the event of default, the lender can use the asset to repay the funds it has advanced the borrower. Common types of secured loans are mortgages and auto loans, in which the item being financed becomes the collateral for the financing. With a car loan, if the borrower defaults on the payment, the loan issuer can seize the vehicle. Wh

India emerged as the fastest-growing crypto market in the world this year. A Bill to regulate it remained a work in progress. So, what's puzzling the government? And how was the year 2021 for cryptos? Another year has gone by without India getting a firm hold over how to regulate cryptocurrencies. The divide between the government and the Reserve Bank of India persists. The RBI is concerned that cryptocurrencies pose financial risks to the country’s macroeconomic stability. The government, however, is reportedly looking at a more accommodative approach, rather than a ban on all private cryptocurrencies. We don’t know yet what’s inside the proposed Bill to regulate cryptocurrencies. But Indian crypto exchanges have revealed the questions they’re being asked by the government. Broadly, the conversation over how to regulate crypto is around these queries. Which is the best authority to regulate crypto? SEBI, RBI or even the International Financial Services Authority (IFSC) in Gujarat’

The deadline for filing IT return is drawing close. Many wait till the last moment to finish the exercise, but that is not advisable. Find out the different categories of ITR forms that taxpayers fill Economy & Policy : For individuals who are not subject to audit, the income-tax return filing deadline for the financial year 2020-21 was extended by three months from September 30 to December 31. It was first extended from the usual deadline of July 31 because of glitches in the new income tax portal developed by Infosys. Taxpayers also have the option to choose between the old and new income tax regimes while filing the return. Those who choose the new regime will not be able to claim certain deductions such as the standard deduction, house rent allowance and those under Section 80C and 80D. It is also important to select the right ITR form based on your sources of income and residential status. For instance, ITR-1 can only be used by a resident individual having an income of up to

The Indian government is concerned about how Taliban rule could impact security in the region, especially in India's restive northern state of Jammu and Kashmir India seeks to work with Central Asian nations to help provide aid to Afghanistan and ensure a more representative government is in place there, India Foreign Minister Subrahmanyam Jaishankar said on Sunday. “Our concerns and objectives in that country are similar,” Jaishankar told his counterparts from Tajikistan, Kazakhstan, Turkmenistan, Kyrgyz Republic and Uzbekistan at the India-Central Asia Dialogue in New Delhi. “We must find ways of helping the people of Afghanistan.” The Indian minister listed the needs for an inclusive government in Afghanistan, fighting terrorism and drug trafficking, providing unhindered humanitarian assistance and preserving the rights of women, children and minorities as priorities for the Asian neighbours. New Delhi has so far held only one formal meeting with the Taliban group since its take

The rupee closed at 76.09 a dollar, up from its previous close of 76.23 a dollar The Indian rupee was acquired on Thursday later the US Federal Reserve (US Fed) kept its approach rates unaltered while fixing the speed of standardization. Security yields likewise stayed consistent as the US Fed strategy fuelled hazard craving in the developing business sector's (Em's) resources. The US Fed said it would purchase $30 billion less insecurities from the market consistently, while 12 individuals from the 18 directed expected three rate climbs in 2022. Be that as it may, it kept its objective reach for government supports rate at 0-0.25 percent, prompting a convention in EM monetary standards. The dollar index, which measures the greenback’s strength against major global currencies, fell 0.49 percent to 96.04. Most currencies in Asia rose against the dollar, with the Philippines peso leading the gain. The rupee shut down at 76.09 a dollar, up from its past close of 76.23 a dollar. Ca

  Rising consumption in China, India and the United States could bring global coal-fired power demand to a new all-time high this year, the International Energy Agency (IEA) said on Friday. Rising consumption in China, India and the United States could bring global coal-fired power demand to a new all-time high this year, undermining efforts to cut greenhouse gas emissions, the International Energy Agency (IEA) said on Friday. The IEA said global power generation from coal was expected to reach 10,350 terawatt-hours in 2021, up 9%, driven by a rapid economic recovery that has "pushed up electricity demand much faster than low-carbon supplies can keep up." Overall coal demand, including for industries such as cement and steel, is expected to grow 6% this year. Though it will not exceed the record consumption levels of 2013 and 2014, it could hit a new all-time high next year, the IEA report said. IEA Executive Director Fatih Birol said the increase was &qu

  Of these 99 mines on offer, 59 are fully explored mines and 40 are partially explored The government on Thursday launched the fourth round of auction of coal mines for commercial mining under which 99 blocks have been put on sale. With coal mines rolling over from third round of commercial auction and second attempt of second tranche of commercial auctions, there will be total 99 mines on offer, the coal ministry said in a statement. "Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi has launched the fourth tranche of auction of 99 coal mines, including 24 new mines in a function here today," the statement said. Launching the latest tranche, the minister called upon the investors who have already completed successful bidding of coal mines to start production at the earliest for greater self-reliance in this sector. The minister also urged the officials to identify more coal blocks for auctioning. Joshi further pointed out tha