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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...