Nirmala Sitharaman News

G20 meetings seem to be degenerating into a juvenile game of passing the parcel. Most theme-oriented working groups have been unable to agree on a communique, with the task left to non-controversial huddles, like on startups.

budget deficit target for this fiscal year is very slim at the moment despite weather hindrances, divestment revenue risks and meek corporate tax collections, thanks to support from the central bank, economists said. “The government has clearly got a much better dividend from the Reserve Bank of India,” Upasna Bhardwaj, Senior Economist, Kotak Mahindra Bank, told ET Online.

A meeting in India of finance chiefs and central bank governors of the Group of 20 leading economies has ended without consensus because of differences over the war in Ukraine

Countries of the G20 grouping could not agree on a joint statement at the end of a meeting of their finance ministers and central bank governors, as the grinding war in Ukraine continued to polarize the bloc, which counts Russia, China, and the US as members. “China stated that the G20 FMCBG (Finance Ministers and Central Bank Governors) meeting is not the right forum to discuss geopolitical issues," said the third G20 FMCBG Outcome Document and Chair’s Summary, which was released late on Tuesday. Meanwhile, Russia dissociated itself from the status of the document.

Nirmala Sitharaman on Tuesday said the issue of cryptocurrencies was discussed at a key G20 meeting here to make a comprehensive, cohesive and coordinated global policy and regulatory framework for these digital assets. She said members of Group of 20 or G20, an intergovernmental forum of the world's major developed and developing economies, reaffirmed their commitment to enhance international economic cooperation.

Punjab National Bank (PNB) launches Mahila Samman Certificate, 2023 for its women customers. PNB is the fourth bank to offer this small savings scheme. Mahila Samman Certificate intends to improve access to the scheme for girls and women. It was announced in the Budget 2023 by the finance minister, Nirmala Sitharaman. The Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices and qualified Scheduled Banks. The Department of Economic Affairs, Ministry of Finance, by an e-gazette announcement published on June 27, 2023, authorised all Public Sector Banks and qualified Private Sector Banks to execute and operationalize the Mahila Samman Savings Certificate, 2023. Earlier, it was offered only by Post Office and has been in operation since April 1, 2023. Under this Scheme, investment can be made by a woman for herself, or by the guardian on behalf of a minor girl on or before the 31st March, 2025. An account opened under this Scheme will be a single holder type account.

Finance Minister Nirmala Sitharaman on Tuesday met her Chinese counterpart Liu Kun and discussed various deliverables under G20 India Presidency, including strengthening Multilateral Development Banks and global debt vulnerabilities. Both ministers met on the sidelines of the ongoing 3rd G20 Finance Minister and Central Bank Governors (FMCBG) meeting and discussed the state of their economies, inflation, trade and recognised the importance of a good business environment for economic growth and development.

multilateral development banks (MDBs) should be explored only after making further progress on reforms in the areas of their vision, incentive structures, operational approaches and financial capacity. Treasury secretary Janet Yellen also said the US is working with India to develop ways to lower the cost of capital and increase private investment to fast track its energy transition.

GANDHINAGAR : India and the US have agreed to collaborate on a range of issues, including strengthening multilateral development banks (MDBs), promoting climate action, and facilitating energy transition, Union finance minister Nirmala Sitharaman said. After a meeting with US treasury secretary Janet Yellen at a G20 event on Monday, Sitharaman said the two countries would also work to smoothen the consensus on indebtedness of low- and middle-income countries and harness opportunities presented by crypto assets and digital public infrastructure for financial inclusion.

After a bi-lateral meeting with India's finance minister Nirmala Sitharaman on the sidelines of a G20 meeting, Yellen said the two nations have been collaborating across a range of economic issues, including commercial and technological collaboration and strengthening supply chains. «In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India's energy transition,» she said in a statement while attending the G20 in Gandhinagar, the capital of Gujarat, one of India's most industrialised states.

The world and India want to move away from fossil ... moreThe world and India want to move away from fossil fuels as soon as possible. This requires massive private investment and ways to lower the cost of capital.

United Arab Emirates to promote local currencies, India has reportedly struck a similar deal with Indonesia, with both countries working on a real-time payment mechanism and local currency trade. A TOI report says that the governments are also looking to expand the scope of digital payments between the countries, bringing the use of UPI and similar tools to the forefront.

NEW DELHI : The government is at an advanced stage of formulating a new piece of legislation to offer investors ready approvals for all requirements and replace the special economic zones (SEZ) Act and non-tax measures remain the preferred route for promoting new investments in the country, revenue secretary Sanjay Malhotra said in an interview. Finance minister Nirmala Sitharaman announced the Development of Enterprise and Service Hubs (DESH) Bill in February 2022. The proposed law will replace the existing one governing SEZs.

financial crimes, money laundering, and tax evasion in a more synchronised and effective manner. «We hope that the G20 continues exploring the options to further strengthen the global architecture to fight financial crime and assist jurisdictions in enhancing their law enforcement capacity,» finance minister Nirmala Sitharaman said at a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering'.

Finance Minister Nirmala Sitharaman on Sunday made a case for further strengthening of global architecture to combat financial crimes, money laundering and sharing of information about different asset classes including crypto currencies. Addressing a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering', the minister exuded confidence that G20 will continue to assist the jurisdictions in enhancing their law enforcement capacity.

Finance Minister Nirmala Sitharaman on Sunday underlined the need for embracing innovative strategies to attract private investment, bridge financing gaps and foster sustainable development of infrastructure in cities. Addressing the 'G20 Infrastructure Investment Dialogue', the minister said that the situation with regard to financing infrastructure has become even more challenging in the wake of monetary policy tightening in key markets.

Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat.

Talking about the steps taken by the Central Government for Middle-Class taxpayers in the last 9 years, Finance Minister Nirmala Sitharaman on Friday (July 14) said the tax-free income limit under New Tax Scheme has been increased to Rs 7.27 lakh.

Mahila Samman Savings Certificate, a small savings scheme for women and girls, was introduced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2023–24. Through an e-gazette announcement published on June 27, 2023, the Department of Economic Affairs, Ministry of Finance, authorised all Public Sector Banks and qualified Private Sector Banks to adopt and operationalize the Mahila Samman Savings Certificate, 2023. The Mahila Samman Savings Certificate scheme can now be purchased at Post Offices and qualified Scheduled Banks.

₹7.27 lakh per annum under the new tax regime. Nirmala Sitharaman also addressed skepticism raised in several quarters when the government decided to provide income tax exemption for those earning up to ₹7 lakh in the Union Budget for 2023-24. “So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn...

Union Finance Minister Nirmala Sitharaman said on Friday. Addressing an intellectuals' meet organised by the district unit of BJP in Udupi, she said the BJP rule was marked by «Seva, inclusion and improvement of Micro, Small and Medium Enterprises (MSMEs).» The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted. She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden.