Finance

finance

Income Tax Department to Scrutinize Insurance Companies for Higher Commissions and Deductions

by
Income Tax Department

Income Tax Department The Income Tax Department is set to scrutinize multiple insurance companies for their payment of higher commissions to intermediaries and claims of higher deductions. This move comes as the Central Board of Direct Taxes (CBDT) plans to reassess the tax paid by these companies in certain years before April 1, 2023. It is estimated that demand notices worth a total of ₹25,000 crore will be issued in …

Read more

Boosting Self-Employment through the Mukhyamantri Yuva Udyami Vikas Abhiyan Scheme

by

Mukhyamantri Yuva Udyami Vikas Abhiyan Scheme In a bid to promote entrepreneurship among the youth and drive self-employment, the government of Uttar Pradesh has allocated ₹1000 crore to the newly launched ‘Mukhyamantri Yuva Udyami Vikas Abhiyan’ scheme. This initiative aims to generate employment opportunities in both rural and urban areas by facilitating the establishment of new micro-enterprises. The primary objective of the Mukhyamantri Yuva Udyami Vikas Abhiyan scheme is to …

Read more

Government Launches ‘Bharat Rice’ to Alleviate Rising Prices

by

Bharat Rice The government has taken a significant step to address the impact of rising retail prices of rice by launching ‘Bharat rice’ at a subsidized rate of ₹29 per kilogram. This move aims to ensure that daily food items remain affordable for the common people. The launch of ‘Bharat rice’ is part of the government’s retail intervention under the Price Stabilization Fund (PSF), which aims to benefit a larger …

Read more

Paytm CEO Meets Indian Central Bank to Address Regulatory Concerns

by

Paytm CEO Meets Indian Central Bank Paytm Chief Executive Vijay Shekhar Sharma recently met with the Indian central bank to discuss plans to address regulatory concerns, according to two sources familiar with the talks. This meeting comes just days after the Reserve Bank of India (RBI) imposed restrictions on Paytm’s banking affiliate, Paytm Payments Bank. Last Wednesday, the RBI directed Paytm Payments Bank to cease accepting new deposits in its …

Read more

Gujarat Government Allocates ₹3.32 Lakh Crore Budget for Infrastructure Development

by

Infrastructure Development The Gujarat government recently unveiled its budget for the financial year 2024–25, with a focus on infrastructure development. With provisions for setting up a Fintech Hub at GIFT City, a Semiconductor School at Sanand, and a manufacturing hub for the space sector, the government aims to boost economic growth and create new opportunities in the state. One of the key highlights of the budget is the allocation of …

Read more

Inauguration of Power Plants in Odisha by Prime Minister Narendra Modi

by

Power Plants in Odisha by Prime Minister Narendra Modi Prime Minister Narendra Modi is set to inaugurate three power plants by NTPC Ltd. and one by NLC India Ltd. in Odisha on February 3. This announcement was made in separate press statements by the two public sector undertakings on February 2. The news was initially reported by Moneycontrol on January 29, revealing PM Modi’s plan to launch projects worth nearly …

Read more

India Approves Rs 8,500 Crore Incentives to Promote Coal Gasification

by

Incentives to Promote Coal Gasification In a significant move towards achieving the target of coal gasification in India, the government has approved Rs 8,500 crore in incentives. Coal gasification is a thermo-chemical process that converts coal into a synthesis gas, or syngas, which can be used for various purposes. This technology has the potential to substitute imports worth Rs 1.3 lakh crore in the country. The process of coal gasification …

Read more

Former Punjab and Sind Bank Official’s Assets Attached for Allegedly Breaking Customer FDs

by

Punjab And Sind Bank The Enforcement Directorate (ED) has taken action against a former Punjab and Sind Bank official who is accused of breaking customer fixed deposits (FDs) worth over ₹52 crore and using the funds for online gaming. In response to a case filed under the Prevention of Money Laundering Act (PMLA), the federal agency has attached the assets of the accused bank employee. According to the ED, Bedanshu …

Read more

Switzerland and India Reach Consensus on Free Trade Agreement

by

Switzerland and India After 16 years of negotiations, Switzerland and India have finally reached a consensus on a free trade agreement. This significant development was announced by Swiss Economy Minister Guy Parmelin, who had traveled to India directly after the World Economic Forum in Davos, Switzerland. Parmelin met with his Indian counterpart, Piyush Goyal, and the outline of the deal was agreed upon. Currently, officials from both countries are working …

Read more

India to Allocate $48 Billion for Food and Fertilizer Subsidies in Next Fiscal Year

by

Food and Fertilizer Subsidies As per recent reports from two government sources, the Indian government is planning to allocate a whopping $48 billion towards food and fertilizer subsidies in the upcoming fiscal year. This move is seen as a responsible and well-thought-out measure to exercise fiscal caution ahead of the general elections scheduled for this year. It is worth noting that these subsidies have a significant role to play in …

Read more