Pankaj Chaudhary News

Finance Ministry has launched a revamped e-auction portal named 'BAANKNET' to further streamline the listing and auctioning of banks' assets, Parliament was informed on Monday. The revamped e-auction portal was launched on January 3, 2025, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha. The platform 'e-BKray' was launched in February 2019, he said. The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of non-performing asset (NPA) cases, he added.

Subscribe to enjoy similar stories. New Delhi: A string of measures in the field of information technology has suddenly pivoted India into a friendlier place for American Big Tech firms to do business in—moves that policy stakeholders believe are timely and useful, given US president Donald Trump's impending tariff hikes.

India Budget: Union Finance Minister Nirmala Sitharaman chaired the fourth Pre-Budget Consultation meeting on Thursday with stakeholders and experts from the export, trade, and industry sectors in preparation for the Union Budget 2025-26.

GST Council Meeting Live Updates: Union Finance Minister Nirmala Sitharaman is chairing the 55th meeting of the Goods and Services Tax (GST) Council which is underway in Jaisalmer of Rajasthan on Saturday.The participants in the meeting include the Minister of State for Finance, Pankaj Chaudhary, Chief Ministers of Goa, Haryana, Jammu and Kashmir, Meghalaya and Odisha.The Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan and Telangana are also present in the meeting along with the Finance Ministers of States/UTs, Secretary of Department of Revenue, Chairmen and Members of Central Board of Indirect Taxes & Customs (CBIC) and other senior officials of the Finance Ministry.GST Council Meeting Live Updates: The Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan and Telangana are also present in the meeting along with the Finance Ministers of States/UTs, Secretary of Department of Revenue, Chairmen and Members of Central Board of Indirect Taxes & Customs (CBIC) and other senior officials of the Finance Ministry.GST Council Meeting Live Updates: Finance Minister Nirmala Sitharaman on Saturday said that states did not agree on bringing aviation turbine fuel under the ambit of Goods and Services Tax."States did not feel comfortable.

PM Vishwakarma scheme as of October 31, Minister of State for Finance Pankaj Chaudhary said on Tuesday. In a written reply to a question in the Rajya Sabha, he said the government has taken various measures to overcome the challenges faced by borrowers, particularly in rural areas and to facilitate easy flow of credit to cater to the needs of population. As per the data shared by Chaudhary, over 2.02 lakh accounts have been opened under PM Vishwakarma scheme with sanctioned loan amount of Rs 1,751.20 crore. The government launched PM Vishwakarma on September 17, 2023 to provide end-to-end support to artisans and craftspeople who work with their hands and tools.

public sector banks (PSBs) stood at Rs 3.16 lakh crore as of September 30, which is 3.09 per cent of the outstanding loans, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said in the Rajya Sabha that as per provisional data of the Reserve Bank of India (RBI), gross NPAs of PSBs and private sector banks as on September 30, 2024 were Rs 3,16,331 crore and Rs 1,34,339 crore, respectively. Further, gross NPAs as percentage of outstanding loan was 3.09 per cent in public sector banks and 1.86 per cent in private sector banks. Chaudhary further said as of March 31, 2024, 580 unique borrowers (excluding individuals and overseas borrowers), each having loan outstanding of more than Rs 50 crore, were classified as wilful defaulters by Scheduled Commercial Banks.

8th Pay Commission as it will help revise their basic pay, allowances, pension, and other benefits. Pankaj Chaudhary, Minister of State in the Ministry of Finance, said in response to a Rajya Sabha question that no proposal for the establishment of the 8th Central Pay Commission is presently being considered. Legislators Javed Ali Khan and Ramji Lal Suman asked whether the Centre was thinking of making an announcement about the new pay commission in the Union Budget 2025–26, which is likely to be presented on February 1, 2025. The Seventh Pay Commission revamped salary structures, allowances, and pensions, prioritising pay parity. This overhaul positively impacted both central government employees and retired pensioners

GST on life and health insurance will be placed before the GST Council when received, Parliament was informed on Monday. The issue of exempting/reducing GST on life and health insurance was placed before the GST Council in its 54th meeting on September 9, 2024. After detailed deliberations, the Council recommended constituting a GoM to holistically look into issues pertaining to GST on life and health insurance. Accordingly, a GoM was constituted under the Chairmanship of Samrat Chaudhary, Deputy Chief Minister of Bihar. First meeting of the GoM was held on October 19, 2024 at New Delhi where issues of GST rate on health and life insurance policies were discussed, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha.

Answering «whether the government is actively considering to release 18 months dearness allowance /relief of central government employees/pensioners which were withheld during COVID outbreak,» Pankaj Chaudhary, Union Minister of State (Finance) said, «No». Explaining the rationale behind it, Chaudhary said in his written reply in the Parliament, «The decision to freeze three installments of Dearness Allowance {(DA)/Dearness Relief (DR) to Central Government employees/pensioners due from 01.01.2020, 01.07.2020 & 01.01.2021 was taken in the context of COVID-19, which caused economic disruption, to ease pressure on Government finances...As the adverse financial impact of the pandemic in 2020 and the financing of welfare measures taken by the Government had a fiscal spillover beyond FY 2020-21, arrears of DA/DR were not considered feasible.» <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid»

India currently has no plans to introduce legislation regulating crypto sales and purchases, a Finance Ministry minister said.

Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2023-24, banks loan write off was at Rs 1.70 lakh crore, as against Rs 2.08 lakh crore in the previous fiscal, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Rajya Sabha. Write-off was highest at Rs 2.34 lakh crore during 2019-20, which came down to Rs 2.02 lakh crore in the following year and to Rs 1.74 lakh crore in 2021-22. As per the RBI guidelines and policy approved by banks' boards, NPAs, including those in respect of which full provisioning has been made on completion of four years, are removed from the balance-sheet of the bank concerned by way of write-off, he said.

revenue collection from BCCI during 2022-23 and 2023-24 fiscal years was Rs 2,038.55 crore, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said BCCI, which is the apex body for the promotion of cricket in India, is an autonomous body registered under the Tamil Nadu Societies Registration Act, 1975. «Services by way of admission to sporting events like Indian Premier League attract GST @ 28 per cent. During Financial Years 2022-23 and 2023-24, Gross GST revenue collection from BCCI was Rs 2,038.55 crore,» Chaudhary said in a written reply in the Rajya Sabha. He said the Income Tax department has denied tax exemption to BCCI under Section 11 of the I-T Act, and the matter is now sub judice. Section 11 of the I-T Act deals with charitable institutions.

₹185 trillion, or 56.8% of the GDP, during 2024-25, minister of state for finance Pankaj Chaudhary said in a written reply to the Lok Sabha on Monday. According to the International Monetary Fund, World Economic Outlook, April 2024, India's GDP at current prices has already reached $3.57 trillion in 2023-24. Experts said the Centre could look to stabilise the fiscal deficit at 4% after 2025-26, by targeting a range of 3.7%-4.3%.

Nirmala Sitharaman on Saturday chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam. The meeting is organised by the Ministry of Finance and Corporate Affairs with the finance ministers of all states and UTs, along with other stakeholders, for suggestions for the upcoming Union Budget. The Finance Ministry had consulted with various stakeholders of the economy a few days ago. Sitharaman has met economists, finance and capital market experts and industry bodies. The first pre-budget meeting was chaired by the FM on June 19. The meeting was attended by Union Minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser.

finance ministry on Tuesday said tax reforms, a sharp hike in capital spending “without weakening fiscal discipline” and robust public digital infrastructure are among a raft of steps initiated by the Modi government that would help India emerge as a $5-trillion economy. In a written reply in the Rajya Sabha, minister of state for finance Pankaj Chaudhary said India is projected to become the third-largest economy in FY28 with a gross domestic product (GDP) of $5 trillion (from about $3.7 trillion in FY23), citing the International Monetary Fund’s forecast. Taxation measures “Direct tax measures such as the restructuring of the corporate tax rates, reduced tax litigation and removal of tax uncertainties have considerably reduced the compliance burden and resulted in high growth of revenues,” he said. Similarly, indirect tax measures include the implementation of Goods and Services Tax (GST), which has realised the goal of the One Nation, One Tax and OneMarket, expanded formalisation of the economy and ensured a high collection of GST revenue, Chaudhary added. The sharp hike in the government’s capital expenditure—from Rs 4.1 lakh crore in FY21 to the budgeted Rs 10 lakh crore in FY24 (BE)—has supported growth and also initiated the crowding-in of private sector investment, he said.

About a third of these purchases, or worth about Rs 46,013 crore, were from the micro, small and medium enterprises this fiscal, minister of state for finance Pankaj Chaudhary said in a written reply to the Lok Sabha. The government has raised the mandatory minimum purchases from MSMEs by various government departments and CPSEs to 25% from 20% earlier, the minister said. It then tightened the monitoring of the compliance of the rule in a bid to support these small players. The total purchases by CPSEs through the GeM platform had exceeded the Rs 1-lakh-crore mark for the first time in FY23. The government had launched the GeM portal in August 2016, as it wanted to enhance transparency in purchases of various goods and services by all ministries, departments and public-sector firms and state governments, in addition to providing a modern platform for official procurement.

₹1.12 lakh crore during FY23 and FY24. The total tax evasion detected by central GST officers in the current fiscal (till October) is ₹1.51 lakh crore. “71 show cause notices involving GST to the tune of ₹1,12,332 cr have been issued to online gaming companies during financial years 2022-23 and 2023-24 (up to October 2023).

GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said the GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023. «GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f.

women entrepreneurs to succeed online, Flipkart said. "This collaboration between NRLM and Flipkart represents a powerful stride towards uplifting rural communities.

Financial Intelligence Unit (FIU) will send reports, including that of suspicious and high-value cash transactions, to GST Network (GSTN) if there is a case of GST evasion. Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha Prevention of Money Laundering Act (PMLA) aims to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering.

finance ministry said on Tuesday. In a written reply in the Rajya Sabha, minister of state for finance Pankaj Chaudhary said the road map also relies on a “virtuous cycle of investment and growth”. It also promotes the digital economy and fintech, technology-enabled development, energy transition and climate action, Chaudhary added.