Free Press Journal
  • Arvind Subramanian, CEA Arvind Subramanian

    CEA Arvind Subramanian quits over ‘pressing family commitments’, to return to US: Arun Jaitley announces

    New Delhi: Union Minister Arun Jaitley said today that Chief Economic Advisor Arvind Subramanian will be leaving the finance ministry because of “pressing family commitments” and will return to the US. Subramanian was appointed as CEA to the finance ministry on October 16, 2014, for a period of three years. In 2017 his term was extended for a year.

  • GST leads to formalisation of economy, widening of tax base: Finance Ministry

    New Delhi: The Finance Ministry today said it would be increasingly difficult for businesses to remain outside the tax net as GST is leading to formalisation of the economy. The Goods and Services Tax (GST) was introduced from July 1 last year to subsume plethora of indirect taxes like excise and sales tax.

  • GST collections in May drops to Rs 94,016 crore: Finance Ministry

    New Delhi: GST collections in May declined to Rs 94,016 crore from over Rs 1.03 lakh crore in April, the Finance Ministry said today. As many as 62.47 lakh businesses filed their summary sales return GSTR-3B in the month of May.

  • Karnataka: Congress opens its heart out, gives Finance ministry to JD(S)

    Bengaluru: As news of the success of the ‘Gatbandhan’ working in the Assembly and Lok Sabha by-elections trickled in, the Congress opened its heart out in Karnataka and let go the finance portfolio to its junior partner, the JD(S). The Congress clearly did not want to send out a message that alliances are built using brittle bricks and that the party is ready to be accommodative. But insiders say that the formula of

  • Yes Bank recovers Rs 184 cr from Bhushan Steel resolution

    Mumbai, May 23  Midsize private sector lender Yes Bank today said it has recovered Rs 184 crore through the sale of the bankrupt Bhushan Steel to Tata Steel and it will result in a provision write-back of Rs 36 crore. The city-headquartered bank said it had a claim of Rs 325 crore on the Bhushan Steel account, which was the maiden account to be resolved through the Insolvency and Bankruptcy Code process

  • FinMin expects banks to get back over Rs 1 lakh crore with resolution of 12 major NPAs

    New Delhi: Enthused by successful conclusion of the Bhushan Steel case, the Finance Ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI it its first list. Last week, the Tata Group acquired controlling stake of 72.65 per cent in the debt-ridden Bhushan Steel Ltd for around Rs 36,000 crore, which will help in cleansing the

  • Govt mulls ways to ease banks’ bad loan burden

    New Delhi :  The finance ministry is examining a proposal to find innovative ways for dealing with burden of NPA provisions by issuing provision shore-up certificates (PSC) to banks.

  • Govt collectes Rs 7.41 lakh crore from GST in FY18

    New Delhi: The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry. The government rolled out the GST regime from July 1 last year.

  • Entities with sufficient funds, ability to run Air India can bid: Finance Ministry

    New Delhi: Any entity having adequate finances and ability to run Air India can bid for 76 per cent stake in the national carrier, DIPAM secretary Neeraj Gupta said today. The government had last month floated a preliminary information memorandum inviting bidders to buy 76 per cent stake in loss-making Air India along with transfer of management control.

  • BBB seeks wider  mandate from govt

    New Delhi : Expressing displeasure over lack of communication between Banks Board Bureau (BBB) and the finance ministry, Vinod Rai, former CAG who now heads the advisory body, has said that most of BBB’s recommendations have not received due attention from the government and it has been merely working as an appointment board since inception.

  • Banks to have big borrowers’ passport details

    New Delhi : The Finance Ministry has directed state-owned banks to obtain passport details of all borrowers, who have taken loans in excess of Rs 50 crore, within 45 days with a view to preventing alleged fraudsters like Nirav Modi and Vijay Mallya from fleeing the country, sources said.

  • insurance-fraud-investigations

    NPA accounts above Rs 50 crore to be probed for fraud

    Mumbai: The Finance Ministry has directed the PSBs to probe all NPA accounts of over Rs 50 crore for possible fraud and accordingly report the cases to CBI. State-owned banks, with combined gross NPA of about Rs 8.5 lakh crore,

  • Finance Ministry releases list of high-risk finance companies

    New Delhi: Financial Intelligence Unit (FIU) on Monday released a list of around 9,500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions by the Finance Ministry.

  • PNB Scam: Central Vigilance Commission summons PNB brass, Finance Ministry officials

    Mumbai / New Delhi: The ambit of the PNB fraud has widened: the CBI on Sunday wrote to all banks and asked them to report any irregularities in Letters of Undertaking. The Central Vigilance Commission is also stepping into the PNB fraud to examine the culpability of the senior bank and government functionaries. In a first step in this direction, it has summoned the PNB brass and Finance Ministry officials to depose