Department Financial News

The U.S. Department of Treasury is scrapping a requirement for U.S. small businesses to report information about their owners to the federal government. It's the latest twist in an on-again-off-again saga for the fledgling rule.

subsidy program that will benefit satellite internet providers like Elon Musk’s Starlink, but some state and federal officials worry the technology isn’t robust enough to connect Americans on a mass scale and at affordable rates. The Biden administration’s vision for the Broadband Equity and Access Deployment Program (BEAD), designed to deliver fast, reliable home internet service to every US household, leaned heavily on fiber-optic lines, a technology that’s expensive to install but can last for decades. The shift toward satellites is a result of extensive lobbying by Musk and has gained Republican support, including from Senate Commerce Committee Chairman Ted Cruz. State and former federal officials, several of whom spoke to Bloomberg on the condition of anonymity, described pitfalls with Commerce Secretary Howard Lutnick’s new approach, which gives more opportunities for satellite terminals that are initially inexpensive, but can cost more over time. One state official shared internal data that showed satellite service costs consumers 53% more over the course of 30 years. Satellite service would also cost more than twice as much to maintain over that time frame, according the data.

Chandresh Kumar Nigam and three other individuals have settled with Sebi a case of alleged failures in monitoring the activities of dealers, leading to the front-running of Axis Mutual Fund trades. The settlement also includes former compliance officer Darshan Kapadia, ex-head of equity Jinesh Gopani and former dealer at the AMC Pawan Jhangiani, according to a Sebi order passed on Monday. The entities paid a total of Rs 6.29 crore to settle the alleged violations of mutual funds norms, and accordingly, Sebi confirmed that «any proceedings that may be initiated for the violations...are settled in respect of the applicants». The settlement was reached following an application filed by the entities whereby they proposed to settle the alleged violations «by neither admitting nor denying the findings of fact and conclusions of law» through a settlement order.

India Meteorological Department (IMD) has issued a weather update predicting significant changes across various parts of India from March 25 to March 28. The forecast includes thunderstorms, rain, and lightning in several northern states due to the influence of a western disturbance that began on the night of March 24. From March 25 to 27, the states of Jammu and Kashmir, Himachal Pradesh, and Uttarakhand are expected to experience thunderstorms, rain, and even isolated snowfall. Jammu is likely to see heavy rainfall on March 26, while Kashmir may witness heavy rainfall and snowfall in certain areas. The IMD also warned of the possibility of heavy rainfall in Arunachal Pradesh on March 28 and 29, with snowfall likely in isolated pockets of the region.

United Airlines flight from Los Angeles to Shanghai was forced to turn around two hours into its journey after a pilot forgot their passport. The flight had to be diverted to San Francisco due to the issue. This caused significant delays for the passengers. As per reports, the flight UA 198 departed from Los Angeles International Airport (LAX) on Saturday, March 22 at around 2 pm local time. The flight was bound for China’s largest city. However, mid-flight it was discovered that one of the pilots did not have their passport, which would make it impossible for the plane to enter China. A People report stated that the aircraft was then diverted to San Francisco, where it landed at 5:05 pm (local time).

Income Tax Department has also released the FAQs on the same.

income taxpayers, the government has amended the provisions dealing with income tax search cases, as per a supplementary frequently asked question (FAQ) released by the Income Tax Department. In the amended Section 158BA (Assessment of undisclosed income as a result of search), the word ‘total income’ has been replaced with ‘total undisclosed income’.

fitness challenge turned into a medical emergency for a resident of Vladivostok in Russia, after he attempted to complete 2,000 squats as part of a bet. What started as a test of endurance quickly escalated into a life-threatening situation, requiring urgent medical attention. According to the press service of the «Thousand-Bed Hospital,» the young Russian man had confidently accepted the challenge, likely enticed by a tempting reward. However, he underestimated the toll such extreme exertion could take on his body. During the challenge, he began to experience discomfort, but he pushed through, unaware of the severe consequences awaiting him.

Howard Lutnick has revealed some startling details about world's richest man Elon Musk. Lutnick spilled beans before the election and long before the Department of Government Efficiency (DOGE) was established to slash the federal spending, according to TOI. In the All-in podcast, Howard Lutnick confirmed his plans to collaborate with Elon Musk on strategies to reduce government spending if Donald Trump wins the election. Their first meeting was set for October 14, a significant day for Musk, as SpaceX made history by successfully catching a rocket upon landing. ALSO READ:Who is Jeffrey Goldberg, the Atlantic's editor who was 'accidentally' added to top Trump officials' secret Yemen strike chats

Bipartisan Policy Center. That deadline, known as the «X-date» — the moment when the United States is unable to meet its financial obligations and might default on its debt — is a fiscal milestone that's among the most closely watched in Washington and on Wall Street. The date is subject to considerable uncertainty. It relies on estimates of how much wiggle room the Treasury has to use accounting maneuvers — known as «extraordinary measures» — to keep paying the government's bills by shifting money around. The Bipartisan Policy Center, a think tank, provided estimates suggesting that the X-date could come as late as the beginning of October. Efforts to address the debt limit will likely consume Congress and the Trump administration later this year as Republicans race to enact trillions of dollars of tax cuts. The debt limit is a cap on the total amount of money that the United States is authorized to borrow to fund the government and meet its financial obligations.

Louis DeJoy, who led efforts to restructure the money-losing U.S. Postal Service for nearly five years, has resigned effective immediately, the agency said on Monday. DeJoy, a former logistics executive and major Republican political donor who took over in 2020, had clashed with lawmakers over reforms at the agency that has lost more than $100 billion since 2007.

Similarly, small and medium enterprises are reclassified as firms with investments in plant and machinery up to ₹5 crore and ₹125 crore, and turnover of ₹100 crore and ₹500 crore, respectively. «Enhancement in MSME definition addresses the anomaly crept in due to inflation as turnovers ballooned on raw material price hikes. The move also paves the way for MSMEs to build scale and become competitive,» said Anil Bhardwaj, secretary general, Federation of Indian Micro and Small & Medium Enterprises. The reclassification also allows more small enterprises to be eligible under the government's public procurement policy. Earlier, the enterprises exceeding the ₹50 crore turnover threshold for small enterprises couldn't avail benefit of MSE (micros and small) status.

AI) is unlikely to have as much material impact on organised-sector headcount in India as in the West, a top government official said Monday, as far fewer white-collar jobs are potentially at risk here than in the advanced industrial economies. «The reason we don't see it as much of a threat in India is possibly because we don't have as many white-collar jobs at stake, and we don't see as many office jobs at stake,» S Krishnan, Secretary, Ministry of Electronics and IT (MeitY), told delegates at the ETTelecom 5G Congress. «Today's generative AI mostly replaces manual, repetitive work.» Rather, Krishnan said, AI's assistance can enhance workforce productivity. «The application of AI into the real segments of the economy, like manufacturing and agriculture, is really possible when there's an interplay between sensors, IoT devices communicating along 5G and 6G networks, going into a central server, collecting the data and putting it all together, so that it can work,» Krishnan said.

Private Sector Collaborative Forum (PSCF) 2025 of the Financial Action Task Force (FATF) from March 25-27, where issues of global priorities such as payment transparency, financial inclusion and digital transformation of financial systems will be discussed, the finance ministry said in a statement on Monday. The forum will be hosted by the Reserve Bank of India (RBI) and the Department of Revenue, under the finance ministry, in Mumbai. Discussions at the forum will revolve around issues shaping the global anti-money laundering and combating the financing of terrorism (AML/CFT) landscape, it said. «Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities,» it said, adding that the meeting will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms.

H-1B visa registration period for FY 2025 officially ended on March 24, 2025, following a 14-day window that began on March 7, 2025. The US Citizenship and Immigration Services (USCIS) will notify selected applicants by March 31, 2025, allowing successful candidates 90 days to file their H-1B petitions.

Elon Musk work to overhaul the federal government, they’re forcing out thousands of workers with insider knowledge and connections who now need a job, as per a report. For Russia, China and other adversaries, the upheaval in Washington as Musk's Department of Government Efficiency guts government agencies presents an unprecedented opportunity to recruit informants, national security and intelligence experts say, AP reported. Mass layoffs and resignations at the federal government are prompting concerns that a disgruntled former employee may seek to sell secrets to a foreign power. National security experts say that while the overwhelming majority of federal workers are conscientious patriots who would never sell out their country, it would only take one or two informants to cause a significant national security crisis. Counterespionage is a concern even when the federal workforce is stable. But in recent weeks President Donald Trump and Elon Musk’s Department of Government Efficiency have slashed thousands of jobs. National security and intelligence experts say Russia, China and other adversaries will seek to take advantage of the opportunity. “This information is highly valuable, and it shouldn’t be surprising that Russia and China and other organizations — criminal syndicates for instance — would be aggressively recruiting government employees,” said Theresa Payton, a former White House chief information officer under President George W. Bush, who now runs her own cybersecurity firm.

Ajay Seth, a senior bureaucrat, on Monday was designated as the new Finance Secretary, according to an official order.

Shiv Sena (UBT) leader Sanjay Raut on Monday demanded that Maharashtra Chief Minister Devendra Fadnavis recover damages from Shiv Sainiks who vandalised the studio where stand-up comedian Kunal Kamra's show was shot. Speaking to reporters, Raut alleged that there was «gunda raj» (hooliganism) in the state capital and said Fadnavis was incapable of handling the home department. The Mumbai police have registered an FIR against Kamra for allegedly making defamatory remarks against Deputy Chief Minister Eknath Shinde during a show. The police also registered a case against nearly 40 Shiv Sena workers for allegedly vandalising the Habitat Studio in Mumbai's Khar area, where Kamra's show with «gaddar» (traitor) jibe at Shinde was filmed, and a hotel where the studio is located. The comedian taunted Shinde using a modified version of a Hindi song from the film «Dil To Pagal Hai», eliciting laughter from the audience. Raut said Kamra hadn't named anyone in the satire song and questioned the need for the agitated reaction.

Registering for GST as a freelancer or small business owner seems simple on paper. A quick look at the mandatory requirements on the official website shows that you need just two documents–your picture and proof of the residence where you will conduct your business, like an electricity bill or a rent agreement.

Donald Trump and billionaire Elon Musk work to overhaul the federal government, they're forcing out thousands of workers with insider knowledge and connections who now need a job. For Russia, China and other adversaries, the upheaval in Washington as Musk's Department of Government Efficiency guts government agencies presents an unprecedented opportunity to recruit informants, national security and intelligence experts say. Every former federal worker with knowledge of or access to sensitive information or systems could be a target. When thousands of them leave their jobs at the same time, that creates a lot of targets, as well as a counterespionage challenge for the United States. «This information is highly valuable, and it shouldn't be surprising that Russia and China and other organisations — criminal syndicates for instance — would be aggressively recruiting government employees,» said Theresa Payton, a former White House chief information officer under President George W. Bush, who now runs her own cybersecurity firm. Many agencies oversee crucial data Each year an average of more than 100,000 federal workers leave their jobs. Some retire; others move to the private sector. This year, in three months, the number is already many times higher.

Indian Banks' Association (IBA) and the Finance Ministry regarding their demands, including a five-day workweek, according to PTI.